New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Image Recognition Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374557/?utm_source=GNW
, Slyce Acquisition Inc., Wikitude GmbH, Huawei Technologies Co. Ltd., Toshiba Corporation, Oracle Corporation, Partium.io, INTEL CORPORATION, Ricoh innovations Ltd., Clarifai Inc. and Deepomatic.
The global image recognition market is expected to grow from $34.49 billion in 2021 to $40.78 billion in 2022 at a compound annual growth rate (CAGR) of 18.25%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The image recognition market is expected to reach $80.21 billion in 2026 at a compound annual growth rate (CAGR) of 18.43%.
The image recognition market includes revenues earned by entities by code recognition, digital image processing, and sensors.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Image recognition is a machine or software’s ability to identify an image’s contents.The contents can be objects, places, persons, and so on.
The image recognition technology can be paired with built-in cameras to perform desired activities. These are used to perform machine-based visual tasks such as labeling the content of images with meta-tags, performing image search, remotely guiding robots or self-driving cars, and so on.
North America was the largest region in the image recognition market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main techniques of image recognition are QR/ barcode recognition, object recognition, facial recognition, pattern recognition, and optical character recognition.The QR/barcode recognition are used for tracking and storing product information in supply chains.
A QR code is a type of code that stores information as a series of pixels in a square-shaped grid and can be read by digital devices easily.The image recognition is deployed on cloud and on-premises using image recognition hardware, software, and service.
The image recognition is applied in augmented reality, scanning and imaging, security and surveillance, marketing and advertising, and image search. The image recognition is used by retail and e-commerce, media and entertainment, BFSI, automobile and transportation, IT and telecom, government, healthcare, and other verticals.
The increasing demand for security applications and products enabled with image recognition functions is driving the image recognition market forward.Security applications of image recognition include facial recognition services.
Facial recognition is the use of image recognition technology to identify people in images.Facial recognition has increased due to the rise in terrorist acts, cyberattacks, and identity theft worldwide.
For instance, in 2020, according to a report by the U.S. Government Accountability Office, a department of the U.S. government, out of 24 surveyed agencies, 18 were using facial recognition technology for security purposes and 10 agencies were planning to expand their use of FRT throughout 2023. As a result, the growing demand for security applications enabled with image recognition is propelling the image recognition market forward.
Technological advancements are a key trend gaining popularity in the image recognition market.Major companies in the image recognition market are introducing new technologies such as augmented reality to sustain the market.
The fusion of digital data with the user’s surroundings in real time is known as augmented reality (AR).AR users encounter a real-world environment with created perceptual information superimposed on top of it using visual, audio, or other sensory data onto the physical world.
For instance, in June 2019, Blippar, a UK-based company specializing in augmented reality content creation, launched WebAR.WebAR is an augmented reality platform that uses object and image recognition.
By using a user’s smartphone or desktop camera, WebAR uses a web link or QR code to activate brand experiences without the necessity of an additional app. With the integration of image recognition and SLAM technology, the company is developing the technology considerably further to enable full augmented reality rendering via a web browser, which was previously only feasible on native apps.
In July 2021, FORM, a US-based integrated task management and image recognition company, acquired ShelfWise for an undisclosed amount.The acquisition would enable FORM to create an end-to-end platform for making frontline work even easier for enterprise teams across various sectors.
ShelfWise is a US-based image recognition platform to recognize products and prices on retail shelves.
The countries covered in the image recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The image recognition market research report is one of a series of new reports that provides image recognition market statistics, including image recognition industry global market size, regional shares, competitors with a image recognition market share, detailed image recognition market segments, market trends and opportunities, and any further data you may need to thrive in the image recognition industry. This image recognition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06374557/?utm_source=GNW
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