Market for Image Recognition Technologies Projected to Reach $53 Billion by 2025, Driven by Growth in Retail and Security

The global image recognition market is expected to reach USD 53.0 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 15.1% from 2020 to 2025, according to a new report by MarketsandMarkets™. This growth is attributed to the increasing demand for efficient and compliant retail execution processes, as well as the widespread adoption of image recognition technologies in response to the COVID-19 pandemic.

Services Segment to Experience the Highest Growth

The report highlights that the services segment of the image recognition market is expected to register the highest growth rate during the forecast period. This growth is attributed to the rising adoption of image recognition software, which necessitates services such as implementation, deployment, maintenance, and consulting. These services help companies enhance their overall revenue and performance.

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BFSI Sector to Hold the Largest Market Share

The BFSI (banking, financial services, and insurance) sector is estimated to hold the largest market share during the forecast period. This is due to the increasing adoption of innovative technologies by the BFSI sector, driven by factors such as centralization, computerization, and the need for secure online transactions. Image recognition technology is used in the BFSI sector for electronic data and content management, automation of services, and secure online transactions.

North America to Remain the Largest Market

North America is expected to hold the largest market share throughout the forecast period. This is due to the strong economic conditions in the region, the presence of major players, and significant investments in research and development (R&D) activities. However, the report also cautions that the COVID-19 pandemic has significantly impacted North America, leading to concerns about customer privacy.

Key Players in the Market

The report identifies several key players in the image recognition market, including:

  • Micro Focus (UK)
  • Broadcom (US)
  • Microsoft (US)
  • IBM (US)
  • Google (US)
  • Qualcomm (US)
  • Trax (Singapore)
  • Catchoom (Spain)
  • Slyce (US)
  • LTU Tech (France)
  • Imagga (Bulgaria)
  • Vispera (Turkey)
  • Blippar (UK)
  • Ricoh Innovations (US)
  • Clarifai (US)
  • Deepomatic (France)
  • Wikitude (Austria)
  • Huawei (China)
  • Honeywell (US)
  • Toshiba (Japan)
  • Oracle (US)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Posted in Default Category on March 05 2024 at 08:51 PM

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