The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Robust Growth Trajectory: Market Overview

• The image recognition market has witnessed rapid expansion, with a rise from $46.53 billion in 2023 to a projected $54.54 billion in 2024, boasting a compound annual growth rate (CAGR) of 17.2%.
• Historic growth drivers include advancements in deep learning, surge in computer vision technologies, and increased adoption in various sectors such as healthcare and e-commerce.
• Forecasts indicate accelerated growth, with the market poised to reach $105.59 billion by 2028, driven by integration in autonomous vehicles, augmented reality applications, and security systems.

Facial Recognition in Security Applications

• Rising Security Concerns: Demand for image recognition escalates with the need for security solutions.
• Facial recognition, a prominent feature, aids in identifying individuals in images, bolstering security measures.
• Wide adoption observed in airports and border controls signifies the growing significance of facial recognition technology.

Augmented Reality’s Transformative Influence

• Technological Advancements: Augmented reality (AR) emerges as a key trend, enhancing image recognition capabilities.
• AR integrates digital data seamlessly with real-world environments, offering immersive experiences.
• Qualcomm’s Snapdragon Spaces XR Developer Platform exemplifies the integration of AR into developer kits, fostering innovation and user engagement.

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Strategic Acquisitions and Market Expansion

• Form’s Acquisition: FORM’s strategic acquisition of ShelfWise enriches enterprise efficiency through improved image recognition.
• ShelfWise’s image recognition platform enhances FORM’s capabilities in frontline work management across diverse sectors.
• Strategic acquisitions drive innovation and market consolidation, paving the way for enhanced image recognition solutions.

Market Segmentation and Regional Dynamics

• Technique: QR/Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition.
• Deployment: Cloud, On-Premises options cater to diverse business needs.
• Component: Hardware, Software, and Services play pivotal roles in image recognition ecosystems.
• Application: Augmented Reality, Scanning and Imaging, Security and Surveillance, Marketing and Advertising, Image Search.
• Vertical: Retail and E-commerce, Media and Entertainment, BFSI, Automobile and Transportation, IT and Telecom, Government, Healthcare, among others.
• North America led the image recognition market in 2023, with Asia-Pacific poised for significant growth in the forecast period.

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The Image Recognition Global Market Report 2024  provides an overview of the image recognition market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The image recognition market forecast analyzes image recognition market size, image recognition market share, leading competitor and their market positions.

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