(MENAFN- GlobeNewsWire - Nasdaq) Westford,USA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Image Recognition market will attain a value of USD 177.1 billion by 2031, with a CAGR of 18.3% over the forecast period (2024-2031). The rising use of digital cameras and smartphones and the increasing use of artificial intelligence and machine learning technologies are projected to drive the demand for image recognition over the coming years. Rapid digitization of multiple industry verticals is also forecasted to offer a lucrative business for image recognition companies in the long run. Download a detailed overview:
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Image Recognition Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 42.69 billion |
| Estimated Value by 2031 | $ 177.1 billion |
| Growth Rate | Poised to grow at a CAGR of 18.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Component, Deployment Mode, Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Integration with computer vision and machine vision technologies |
| Key Market Drivers | Growing use of digital cameras and smartphones |
Digital Image Processing Technology Leads the Global Image Recognition Market Growth
Digital image processing is forecasted to bring in the most revenue for image recognition companies owing to its extensive use in digital cameras and smartphones. Advancements in digital image processing pipelines and surging sales of digital cameras and smartphones are estimated to help this segment maintain its high market share in the future.
Use of Image Recognition for Augmented Reality is Slated to Rise at a Notable Pace in the Future
Advancements in augmented reality technology and growing use of the same in multiple applications are forecasted to help this segment emerge as a highly opportune one for image recognition companies. The growing availability of augmented reality headsets and rising demand for augmented reality content are also expected to create new opportunities for image recognition companies in the long run.
Quick Adoption of Advanced Technologies Allows North America to Lead Image Recognition Market Development
North America is estimated to spearhead the demand for image recognition on a global level. The presence of key image recognition providers, high use of advanced technologies to improve retail experience, and rising investments in the development of autonomous driving technologies are all expected to aid the dominance of this region. The United States is projected to be the leading market for all companies operating in the North American region.
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Image Recognition Market Insights:
Drivers
Rising demand for digital cameras and smartphones Growing use of image recognition to train artificial intelligence models Increasing use in autonomous driving technologies
Restraints
High costs of development and installation Ethical concerns regarding use of image recognition technologies
Prominent Players in Image Recognition Market
The following are the Top Image Recognition market Companies
Google LLC Microsoft Corporation IBM Corporation Amazon Web Services, Inc. Intel Corporation Qualcomm Technologies, inc. Honeywell International Inc. Catchoom Technologies S.L. LTU Technologies (A Datalogic Company) Slyce Inc.
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Key Questions Answered in Image Recognition Market Report
What drives the global image recognition market growth?
Who are the leading image recognition providers in the world?
Which region leads the demand for image recognition in the world?
This report provides the following insights:
Analysis of key drivers (growing use of smartphones and digital cameras, rising use in autonomous technologies), restraints (ethical concerns regarding use of image recognition, high costs of development and implementation), and opportunities (integration with machine and computer vision technologies) influencing the growth of Image Recognition market. Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Image Recognition market. Market Development: Detailed analysis of potential regions where the market has potential to grow. Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets. Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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