The global image recognition market will grow at an annual rate of 21.8 percent between 2018 and 2025, when it will be worth $86 billion, according to a new forecast from Allied Market Research.
Cloud-based image recognition services will grow the fastest, according to the firm’s report, with a CAGR of 23.3 percent over the forecast period. And healthcare will be an important sector for the overall market, with computer vision expected to play an increasingly important role in clinical applications; the sector will see a CAGR of 28.4 percent over the forecast period.
Other important sectors expected to drive the market include retail, transportation and logistics, telecommunications, BFSI, government, entertainment, and manufacturing.
Allied Market Research also predicts that facial recognition will show some of the fastest growth in terms of the kinds of image recognition technologies driving the overall market, with a CAGR of 26.1 percent over the forecast period.
Breaking down the growth regionally, Allied Market Research’s report says North America held 46.7 percent of total market share last year, but the APAC region will demonstrate the fastest CAGR over the forecast period, at 25.4 percent. The latter’s explosive growth will be driven primarily to securitization against terrorism and the rise of e-governance.
The full report, entitled “Image Recognition Market by Deployment Mode (On-Premise and Cloud), Component (Hardware, Software, and Services, Industry Vertical (IT & Telecom, BFSI, Healthcare, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, and Others), Technology (Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, and Optical Character Recognition), and Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented Reality, Marketing & Advertising) : Global Opportunity Analysis and Industry Forecast, 2018 – 2025”, is available from the Allied Market Research website.
November 1, 2018 – by Alex Perala