(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.
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.
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.
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