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Image Recognition Market worth $98.6 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, March 27, 2024 /PRNewswire/ -- Advances in AI and deep learning, integration with AR/VR, growth into many industries, and a focus on ethical use, real-time analysis, and integration with IoT and robots are what will define the future of the Image Recognition Market. It will also have a major impact on environmental monitoring, healthcare, and tailored user experiences, spurring innovation and change in a number of industries. The global Image Recognition Market will grow from USD 46.7 billion in 2024 to USD 98.6 billion by 2029 at a compounded annual growth rate (CAGR) of 16.1% during the forecast period, according to a new report by MarketsandMarkets™. Browse in-depth TOC on "Image Recognition Market" 250 - Tables Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=222404611 Scope of Report
The software segment is expected to capture the highest CAGR during the forecast period by offering. The software type segment of the Image Recognition Market includes hardware, software, and services. The services segment accounted for a significant CAGR during the forecasted period. Services in the Image Recognition Market encompass a wide range of offerings that contribute to professional and managed services. Moreover, professional services include implementation, deployment, product upgrades, maintenance, and consulting. The surge in image recognition software has led to the proliferation of related services, enabling organizations to increase their overall revenue and enhance performance. In some cases, vendors in the Image Recognition Market opt to deliver services through channel partners, who can help broaden the geographical reach of solution providers and enhance the cost-effectiveness of their software offerings. The rising demand for rich media will prompt companies, including Partium, to offer integrated training, professional services, and support and maintenance solutions. Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=222404611 Based on the application, the scanning & imaging segment is expected to hold the second-largest market share during the forecast period. The Image Recognition Market, by application, is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing and advertising, and other application areas. During the forecast period, the scanning and imaging segment holds the second-largest market size and share in the Image Recognition Market. The growing implementation of scanning and imaging in document processing will drive demand for image recognition. With image recognition, scanned documents can undergo intelligent processing, such as detecting specific document types, extracting relevant metadata, and triggering automated workflows based on predefined rules or conditions. By analyzing the content of scanned documents using image recognition, organizations can gain valuable insights into patterns, trends, and relationships within their data; this enables informed decision-making and strategic planning. Asia Pacific to grow at a higher CAGR during the forecast period. Asia Pacific region has a thriving technology ecosystem with countries such as China, Japan, South Korea, and India leading in innovation and research. Tech giants such as Alibaba, Tencent, and Baidu in China, and Sony and Panasonic in Japan, are investing heavily in artificial intelligence, including image recognition, to stay competitive in the global market. Further, rapid digital transformation across industries in Asia Pacific is fueling the demand for image recognition technology across various industries. For instance, Alibaba's e-commerce platform Taobao utilizes image recognition to enhance product search capabilities, while hospitals in India are adopting AI-powered image recognition systems for medical imaging analysis. Additionally, the growing smartphone penetration and internet connectivity in the region are creating vast amounts of visual data, further driving the need for advanced image recognition solutions. As governments in the region prioritize investments in digital infrastructure and innovation, this is expected to offer opportunities for image recognition software and services. Top Key Companies in Image Recognition Market: Some of the significant image recognition vendors, Google (US), Qualcomm (US), AWS (US), Microsoft (US), Toshiba (Japan), NVIDIA (US), Oracle (US), NEC (Japan), Huawei (China), Hitachi (Japan), Trax (Singapore), Samsung (South Korea), STMicroelectronics (Switzerland), ON Semiconductor Corporation (US), Snap2Insight (Portland), Attrasoft (US), Sterison (India), Unicsoft (UK), ParallelDots (US), Vue.ai (US), Catchoom (Spain), Wikitude (Austria), Ximilar (Czech Republic), Imagga Technologies (Bulgaria), Blippar (UK), Clarifai (US), LTU Technologies (France), and DeepSignals (US). Recent Developments:
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Report Objectives
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting Related Reports: Decision Intelligence Market - Global Forecast to 2028 Large Language Model Market - Global Forecast to 2030 Multimodal Al Market - Global Forecast to 2028 Bot Services Market - Global Forecast to 2027 Cognitive Computing Market - Global Forecast to 2025 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
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