Report Ocean has released a market research report on the Image Recognition industry, covering 150+ countries and analyzing over 1,00000 published and forthcoming reports per year. The report, prepared by subject matter experts, researchers, and market research professionals, utilizes various methodologies and analytical approaches, including S.W.O.T. and P.E.S.T.E.L. analysis and regression analysis, to forecast market growth. It also examines the industry’s regulations and policies and potential future advancements.
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The Global Image Recognition Market, valued at approximately USD 22.9 billion in 2018, is projected to grow at a robust rate of over 20% during the forecast period from 2019 to 2026. Image recognition technology identifies logos, places, people, buildings, objects, and various other elements in images. With the proliferation of mobile phones equipped with cameras, there is an increasing creation of digital images and videos. Image recognition systems utilize data shared by users through platforms like apps, social networks, and websites.
The market is driven by the rising demand for internet access, the higher adoption of social media and web platforms, and the increasing need for data analytics and advanced machine learning across various sectors such as BFSI and retail. The ability of image recognition technology to identify people and objects in images and comprehend their context significantly boosts market growth. Additionally, high demand from data centers is expected to create substantial growth opportunities in the coming years. The facial recognition segment is particularly anticipated to experience expansive growth during the forecast period.
Regionally, North America holds the largest market share due to the growing production of high mobile computing platforms in digital shopping and e-commerce activities.
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Meanwhile, the Asia-Pacific region is expected to exhibit the highest growth rate (CAGR) over the forecast period. Factors such as rapid urbanization, increasing disposable incomes, expanding industrial activities, and growing demand for data analytics are poised to drive significant growth in the Image Recognition market across the Asia-Pacific region.
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