The field of image recognition has gained widespread acclaim in the past few years. Consumers are increasingly demanding a variety of image recognition applications and technologies in mobile computing devices and gaming consoles. Businesses have started recognizing the numerous benefits of collecting digital info from images. This digital info can help enhance customer experience and offer new ways to approach customers.
Image recognition refers to technologies that identify places, logos, people, objects, buildings, and several other variables in images. Users are sharing vast amounts of data through apps, social networks, and websites. Additionally, mobile phones equipped with cameras are leading to the creation of limitless digital images and videos. The large volume of digital data is being used by companies to deliver better and smarter services to the people accessing it.
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The fields of security and surveillance, defense, automatic automobiles, financial services, health care, and education are also deriving many definitive benefits from advancements in image recognition. A variety of image recognition software products and services are being employed by companies for enhancing many industry-specific business processes. As such, the global market for image recognition is witnessing expansion at an exponential rate.
The report gives a thorough overview of the present state of the image recognition market, which is still in its nascent phase. A detailed overview of technological and product advancements has been included in the report, with a thorough outline of the growth trajectory exhibited by the market in the past few years. The major end-use areas and technologies, the key regional markets, and the factors that are expected to lead to the most lucrative growth opportunities in the global image recognition market are analyzed at length.
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Global Image Recognition Market: Trends and Opportunities
The rising sophistication of image recognition technologies is creating a plethora of growth opportunities in several fields. In the field of digital shopping, e-commerce companies can easily target the rising number of users shopping online from their smartphones or other mobile computing devices. This expanding group of potential consumers can be attracted by making the digital space more interactive and making everything easily searchable, and thus purchasable. The market also has a huge scope of development in the field of health care, where the rapid adoption of electronic health records and remote health care practices are boosting the scope of utilization of various image recognition products and services.
Over the report’s forecast period, the market is expected to gain substantial revenue from applications in end-use sectors of automatic vehicles, smartphones, e-commerce, health care, and wearable devices. Other key end-use segments of the global image recognition market include academia/government, media, financial services, gaming, education, and libraries and archives.
Some of the major applications of image recognition are industrial automation and inspection, face recognition, code recognition, surveillance and security, visual geolocation, object recognition, gesture recognition, medical and biomedical image analysis, automotive driver assistance, traffic management, and road surveying.
On the basis of mode of deployment, the global image recognition market can be segmented into on-premise and cloud-based products and services.