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(I-SoftwareNews.Com, April 12, 2024 ) According to a research report "Image Recognition Market by Offering (Hardware, Software, Services), Technology (QR/barcode, Digital Image Processing, Facial Recognition ), Application Area ,Organization Size, Vertical and Region - Global Forecast to 2029" published by MarketsandMarkets, the global image recognition market will grow from USD 46.7 billion in 2024 to USD 98.6 billion by 2029 at a compounded annual growth rate (CAGR) of 16.1% during the forecast period.
Browse 250 market data Tables and 56 Figures spread through 280 Pages and in-depth TOC on "Image Recognition Market - Global Forecast to 2029"
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The software segment is expected to capture the highest CAGR during the forecast period by offering.
The software type segment of the image recognition market includes hardware, software, and services. The services segment accounted for a significant CAGR during the forecasted period. Services in the image recognition market encompass a wide range of offerings that contribute to professional and managed services. Moreover, professional services include implementation, deployment, product upgrades, maintenance, and consulting. The surge in image recognition software has led to the proliferation of related services, enabling organizations to increase their overall revenue and enhance performance. In some cases, vendors in the image recognition market opt to deliver services through channel partners, who can help broaden the geographical reach of solution providers and enhance the cost-effectiveness of their software offerings. The rising demand for rich media will prompt companies, including Partium, to offer integrated training, professional services, and support and maintenance solutions.
Based on the application, the scanning & imaging segment is expected to hold the second-largest market share during the forecast period.
The image recognition market, by application, is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing and advertising, and other application areas. During the forecast period, the scanning and imaging segment holds the second-largest market size and share in the image recognition market. The growing implementation of scanning and imaging in document processing will drive demand for image recognition. With image recognition, scanned documents can undergo intelligent processing, such as detecting specific document types, extracting relevant metadata, and triggering automated workflows based on predefined rules or conditions. By analyzing the content of scanned documents using image recognition, organizations can gain valuable insights into patterns, trends, and relationships within their data; this enables informed decision-making and strategic planning.
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Asia Pacific to grow at a higher CAGR during the forecast period.
Asia Pacific region has a thriving technology ecosystem with countries such as China, Japan, South Korea, and India leading in innovation and research. Tech giants such as Alibaba, Tencent, and Baidu in China, and Sony and Panasonic in Japan, are investing heavily in artificial intelligence, including image recognition, to stay competitive in the global market. Further, rapid digital transformation across industries in Asia Pacific is fueling the demand for image recognition technology across various industries. For instance, Alibaba's e-commerce platform Taobao utilizes image recognition to enhance product search capabilities, while hospitals in India are adopting AI-powered image recognition systems for medical imaging analysis. Additionally, the growing smartphone penetration and internet connectivity in the region are creating vast amounts of visual data, further driving the need for advanced image recognition solutions. As governments in the region prioritize investments in digital infrastructure and innovation, this is expected to offer opportunities for image recognition software and services.
Key Players
Some of the significant image recognition vendors, Google (US), Qualcomm (US), AWS (US), Microsoft (US), Toshiba (Japan), NVIDIA (US), Oracle (US), NEC (Japan), Huawei (China), Hitachi (Japan), Trax (Singapore), Samsung (South Korea), STMicroelectronics (Switzerland), ON Semiconductor Corporation (US), Snap2Insight (Portland), Attrasoft (US), Sterison (India), Unicsoft (UK), ParallelDots (US), Vue.ai (US), Catchoom (Spain), Wikitude (Austria), Ximilar (Czech Republic), Imagga Technologies (Bulgaria), Blippar (UK), Clarifai (US), LTU Technologies (France), and DeepSignals (US).
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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