Image Recognition Market to hit USD 88.52 Bn at a CAGR of 16 percent by 2029

(IT-NEWSWIRE.COM, March 31, 2023 ) As per Maximize Market research, the total global market for “Image Recognition Market” was USD 29 Bn in 2021 and is expected to grow at a CAGR of 16 percent over the forecast period to reach USD 88.52 Bn by 2029.

Image Recognition Market Report Scope and Research Methodology

The report includes external and internal factors affecting the Image Recognition Market positively and negatively in detail, which makes it an investor’s guide. It covers all the major aspects of the Image Recognition industry with an in-depth study of market players including new entrants, followers and market leaders. The bottom-up approach was used to estimate the Image Recognition market size.

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Image Recognition Market Dynamics

The high installation cost of image recognition services is hampering the Image Recognition market growth. The high investments by major cloud businesses such as Microsoft, Google and AWS in the market in order to enhance online and in-store retail execution is expected to provide various growth opportunities for the image recognition market.

Image Recognition Market Regional Insights

The North America region dominated the market with the largest Image Recognition Market share in 2021 and is expected to grow at a significant rate during the forecast period.

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Image Recognition Market Segmentation

By Technology

Object Recognition

Code Recognition

Facial Recognition

Digital Image Processing

Others

By Outlook

Service

Software

Hardware

By Application

Marketing & Advertising

Scanning & Imaging

Image Search

Augmented Reality

Security & Surveillance

Others

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Image Recognition Market Key Competitors include:

Wikitude

Huawei

Honeywell

Toshiba

Oracle

Trigo

INFFRD

AIRY3D

Standard Cognition

Unispectral LTD

Snap2Insight

restb.ai

Vize by Ximilar

Mirror that Lock

IBM

Google

Qualcomm

Microsoft

AWS

Trax

NEC Corporation

Catchoom

Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:

Digital Identity Solutions Market- The market size is expected to reach USD 77.90 billion by 2029 at a CAGR of 16.3 percent during the forecast period.

Facial Recognition Market- The market size is expected to reach USD 16.59 billion by 2029 at a CAGR of 17.8 percent during the forecast period.

About Maximize Market Research:

Maximize Market Research provides B2B and B2C research on 6,500 high-growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.

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dy@maximizemarketresearch.com

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