The global image recognition market size is expected to reach USD 77.69 billion by 2025, according to a new report by Grand View Research, Inc., reporting a 19.2% CAGR during the forecast period.
Image recognition technology plays a crucial role in information technology (IT) and online visual revolution, owing to growth in digitization. Rising popularity of media cloud services and mobile devices equipped with cameras has resulted in the growing trend of experience sharing on the web. This, in turn, has resulted in increased digital data, particularly unstructured multimedia data, which majorly comprises images and videos.
Images and videos reflect a good part of human conversations, interactions, and knowledge, which have led to substantial opportunities to create new products, applications, and use cases. This has driven the growth of image recognition technology. However, large storage requirement for multimedia data and analyzing low-resolution images may pose a challenge to the growth of market.
Image recognition technology detects and identifies objects and features in a digital image and works with the help of various types of algorithms, such as optical character recognition, pattern matching and gradient matching, and face recognition, which are being developed on a daily basis. It has numerous applications such as publishing, traffic management, advertising, e-commerce, and security. Image recognition technology has witnessed several opportunities, such as big data analytics and effective branding of products and services, owing to the extending reach of image database. Some of these databases, such as ImageNet and Pascal VOC, are freely available. The database contains millions of keyword-tagged images that describe objects present in the image. It forms the basis for image recognition and enables computers to accurately and quickly identify objects in the picture.
Rising popularity of image recognition technology is encouraging manufacturers to invest in research and development for creating reliable, cost-effective, and improved products and solutions. Existing players are continuously making substantial investments to develop new products for providing enhanced user experience.
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https://www.grandviewresearch.com/industry-analysis/image-recognition-market
Further key findings from the report suggest:
- Easy Internet accessibility, along with growing popularity of social media, has led to growth in demand for image recognition technology
- Rising use of smartphones and large investments made by smartphone vendors such as Huawei and Apple to add AI capabilities to their smartphones are fueling market growth
- Increasing demand of the virtual market and rising number of unstructured multimedia data are creating immense market potential for image recognition solutions
- Growing integration of image recognition and mobile computing platforms in various applications such as digital shopping and document verification are propelling market growth
- Key industry participants include Catchoom (Spain); Google, Inc. (U.S.); LTU Technologies (France); NEC Corporation (Japan); and Qualcomm Incorporated (U.S.).
For More Information: www.grandviewresearch.com
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