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Published Date: 18/06/2024
The image recognition market is expected to grow rapidly, driven by increasing demand for security applications and augmented reality. Facial recognition, object detection, and pattern recognition are major trends in the forecast period.
The image recognition market is expected to grow rapidly, driven by increasing demand for security applications and augmented reality. Facial recognition, object detection, and pattern recognition are major trends in the forecast period.
The image recognition market size is expected to reach $105.59 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to rise in advances in deep learning and neural networks, growth in computer vision technologies, increase in image data availability, adoption of image recognition in healthcare, expansion of e-commerce and visual search.
The image recognition market is segmented by technique, deployment, component, application, and vertical. Major companies operating in the image recognition market include Attrasoft Inc., Google LLC, Catchoom Technologies S. L., Hitachi Ltd., Honeywell International Inc, Amazon Web Services Inc., and Qualcomm Technologies Inc.
Facial recognition's role in the growing demand for image recognition in security applications is a key driver of the market. Facial recognition technology is used to identify people in images and has increased due to the rise in terrorist acts, cyberattacks, and identity theft worldwide.
Augmented reality is a prominent trend gaining popularity in the image recognition market. Major companies are introducing new technologies such as augmented reality to sustain the market. The fusion of digital data with the user's surroundings in real time is known as augmented reality (AR). AR users encounter a real-world environment with created perceptual information superimposed on top of it using visual, audio, or other sensory data onto the physical world.
The Business Research Company has revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033. The image recognition market report includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
"Q: What is the expected growth rate of the image recognition market?
A: The image recognition market is expected to grow at a compound annual growth rate (CAGR) of 18.0%.
Q: What are the major segments of the image recognition market?
A: The image recognition market is segmented by technique, deployment, component, application, and vertical.
Q: What is the role of facial recognition in the image recognition market?
A: Facial recognition is used to identify people in images and has increased due to the rise in terrorist acts, cyberattacks, and identity theft worldwide.
Q: What is augmented reality and its significance in the image recognition market?
A: Augmented reality is the fusion of digital data with the user's surroundings in real time, and it is a prominent trend gaining popularity in the image recognition market.
Q: Who are the major companies operating in the image recognition market?
A: Major companies operating in the image recognition market include Attrasoft Inc., Google LLC, Catchoom Technologies S. L., Hitachi Ltd., Honeywell International Inc, Amazon Web Services Inc., and Qualcomm Technologies Inc."
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