Image Recognition Market size worth $ 115.56 Billion, Globally, by 2028 at 18.25% CAGR: Verified Market Research®

JERSEY CITY, N.J, Oct. 4, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Image Recognition Market" By Technology (Object Recognition, Facial Recognition, Digital Image Processing, Code Recognition), By Application (Security & Surveillance, Scanning & Imaging, Image Search, Augmented Reality), and By Geography. According to Verified Market Research, the Global Image Recognition Market size was valued at USD 30.28 Billion in 2020 and is projected to reach USD 115.56 Billion by 2028, growing at a CAGR of 18.25% from 2021 to 2028.

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Browse in-depth TOC on "Image Recognition Market"

202 - Pages
126 – Tables
37 – Figures

Global Image Recognition Market Overview

Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology.

Image recognition solutions are revolutionizing the way companies manage customer interactions, market products online and offline, and manage store inventory. Image recognition technology is increasingly being used to search for products online for purchase. For example, Snapchat's parent company, Snap, is currently working on developing a visual product feature in Snapchat that will leverage image recognition technology and help users to take pictures of products in the real world; and identify, browse, and purchase items on Amazon. With the boom in the e-commerce industry, even more so during the pandemic, entrepreneurs and retailers have realized that conventional strategies of sales promotions, marketing, and visual merchandising will not be sustainable in the industry in the long term. Hence, retailers are quickly adapting to the new era of AI and image recognition to deliver a next-level customer experience.

Key Developments in Image Recognition Market

• Trax acquired Survey.com in March 2020 to merge the two firms' technologies, respond to the demands of rising food merchants, and strengthen its position in the retail image recognition sector.
• Trax collaborated with Google Cloud in early 2019 to use Google's cloud and edge computing technology, as well as Trax's image recognition and machine learning capabilities, to successfully manage in-store inventory and every SKU on the shelf with actionable real-time data.

The major players in the market are Google, LLC, NEC Corporation, Qualcomm Technologies, Inc., LTU Technologies, Catchoom Technologies S.L., Honeywell International Inc, Hitachi, Ltd., Slyce, Wikitude GmbH, and Attrasoft, Inc.

Verified Market Research has segmented the Global Image Recognition Market On the basis of Technology, Application, and Geography.

• Image Recognition Market, By Technology
• Object Recognition
• Facial Recognition
• Digital Image Processing
• Code Recognition
• Others
• Image Recognition Market, By Application
• Security & Surveillance
• Scanning & Imaging
• Image Search
• Augmented Reality
• Marketing & Advertising
• Others
• Image Recognition Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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Top 7 speech and voice recognition companies powering users' lives

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