Image Recognition Market Worth $ 98.47 Billion, Globally, by 2027 at 18.24% CAGR: Verified Market Research
Factors such as the increasing need for security applications and demand for the products enabled with image recognition function, In addition, utilization of the data service with high bandwidth, are primarily driving the market.
JERSEY CITY, N.J., Feb. 3, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Image Recognition Market" By Technology (Object Recognition, Facial Recognition, Digital Image Processing, Code Recognition, and Others), By Application (Security & Surveillance, Scanning & Imaging, Image Search, Augmented Reality, Marketing & Advertising, and Others), and By Geography. According to Verified Market Research, the Global Image Recognition Market was valued at USD 30.28 Billion in 2020 and is projected to reach USD 98.47 Billion by 2027, growing at a CAGR of 18.24% from 2021 to 2027.
The increasing need for security applications and demand for the products enabled with image recognition function is the major factor propelling the growth of the market. In addition, the utilization of the data service with high bandwidth is another factor fueling the growth of the market. Image recognition solutions are revolutionizing the way companies manage customer interactions, market products online and offline, and manage store inventory. Image recognition technology is increasingly being used to search for products online for purchase. For example, Snapchat's parent company, Snap, is currently working on developing a visual product feature in Snapchat that will leverage image recognition technology and help users to take pictures of products in the real world; and identify, browse, and purchase items on Amazon. With the boom in the e-commerce industry, even more so during the COVID-19 pandemic, entrepreneurs and retailers have realized that conventional strategies of sales promotions, marketing, and visual merchandising will not be sustainable in the industry in the long term. Hence, retailers are quickly adapting to the new era of AI and image recognition to deliver next-level customer experience. The use of image recognition for shelf recognition, product placement, and maintaining compliance with merchandising standards is quickly gaining momentum. Image recognition technology is assisting manufacturers, retailers, and marketers to understand their market and react dynamically.
The major players in the market are Google, LLC, NEC Corporation, Qualcomm Technologies, Inc., LTU Technologies, Catchoom Technologies S.L., Honeywell International Inc, Hitachi, Ltd., Slyce, Wikitude GmbH, Attrasoft, Inc.
Verified Market Research has segmented the Global Image Recognition Market On the basis of Technology, Application, and Geography.
Image Recognition Market by Technology
Digital Image Processing
Image Recognition Market by Application
Security & Surveillance
Scanning & Imaging
Marketing & Advertising
Image Recognition Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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