From GlobeNewswire: 2024-11-14 09:00:00

The Image Recognition Market, valued at USD 45.6 billion in 2023, is projected to reach USD 165.2 billion by 2032, with a CAGR of 15.4% from 2024 to 2032. Technological advancements and demand for automation are driving growth in various industries like retail, marketing, security, healthcare, and automotive.

Governments worldwide are supporting the integration of image recognition technologies, enhancing public safety, medical services, and smart city initiatives. Japan and South Korea are investing heavily in image recognition for smart city and self-driving vehicle applications. With government backing and rising industry demand, the market is set for significant growth.

Key players in the Image Recognition Market include Google, Microsoft, AWS, Qualcomm, NVIDIA, Huawei, Toshiba, NEC Corporation, Hitachi, and Oracle. These companies offer a range of solutions like Google Lens, Azure Computer Vision, Amazon Rekognition, and more to cater to various industry needs.

The Image Recognition Market is segmented by technique, with facial recognition holding the largest share in revenue at 23% in 2023. Applications like security surveillance, identity verification, and consumer interaction drive the use of facial recognition. In marketing and advertising, image recognition enhances consumer engagement and personalization, while the retail sector leverages it for inventory management and personalized shopping experiences. E-commerce companies utilize image recognition for product searchability, enhancing the shopping experience. Market segmentation includes techniques like QR/barcode recognition, facial recognition, and more. By application, image recognition is used in augmented reality, marketing, and security. North America leads the market, while Asia-Pacific shows significant growth potential driven by e-commerce expansion and AI advancements.

Recent developments include Klarna’s “Shopping Lens” tool and Panasonic’s hyperspectral imaging technology. The market report covers segmentation by component, technique, deployment, application, and vertical. SNS Insider offers consulting services like Go-To-Market assessment and Competitive Benchmarking. SNS Insider provides market research and consulting services globally, aiming to equip clients with accurate market data and insights for confident decision-making.



Read more at GlobeNewswire: Image Recognition Market Projected to Reach USD 165.2