Image Recognition Market size to grow from $26.2 billion in 2020 to $53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1 %.
Northbrook, IL 60062 -- (SBWIRE) -- 04/18/2022 -- According to a new market research report "Image Recognition Market by Technology (Digital Image Processing, Facial Recognition, Pattern Recognition), Component (Hardware, Software, and Services), Deployment Mode (On-premises & Cloud), Application, Vertical, and Region - Global Forecast to 2025" published by MarketsandMarkets™, the market size projected to grow from USD 26.2 billion in 2020 to USD 53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. High technological advancements in image recognition technology to drive market growth.
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By service, the professional service segment to register the highest growth rate during the forecast period
Professional services include integration and deployment, support and maintenance, and consulting services related to image recognition solutions. Image recognition vendors provide technical support during the implementation and use of image recognition solutions. Maintenance services include providing enhancements to solutions and assisting in resolving issues in deployed solutions and is forecasted to have the highest CAGR among the other professional services. The demand for professional services is expected to increase with the deployment of image recognition solutions.
Based on vertical, healthcare to grow at the highest CAGR during the forecast period
The healthcare vertical comprises hospitals, health clinics, medical and dental practices, healthcare equipment and services providers, pharmaceutical companies, biotechnology companies, and providers of related life sciences services. The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience. Image recognition solutions help healthcare organizations address the security issues related to users' credentials and help them deliver an enriched experience to their patients. Therefore, healthcare registers the highest growth rate during the forecast period.
North America to hold the largest market share during the forecast period
North America has the presence of several prominent market players delivering image recognition solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the image recognition market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of image recognition and services.
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Key and innovative vendors in the image recognition market include IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), Trax (Singapore), NEC Corporation (Japan), Catchoom (Spain), Slyce (US), LTU Tech (France), Vispera (Turkey), Blippar (UK), Clarifai (US), Wikitude (Austria), Huawei (China), Honeywell (US), Toshiba (Japan), Oracle (US), Trigo (Israel), INFFRD (US), AIRY3D (Canada), Standard Cognition (US), Unispectral LTD (Israel), Snap2Insight (US), restb.ai (Spain), Vize by Ximilar (Czech Republic), Mirror that Lock (US).
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