Image Recognition Market Worth $77.69 Billion By 2025
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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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.).
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
