According to a new report, published by KBV research, The Global Image Recognition Market size is expected to reach $150.5 billion by 2031, rising at a market growth of 16.3% CAGR during the forecast period.
The Cloud segment is showcasing a CAGR of 16.6 % during the forecast period. Cloud-based solutions offer several advantages that make them appealing, including scalability, flexibility, and reduced need for on-site hardware. They allow businesses to leverage powerful image recognition capabilities without the upfront investment in physical infrastructure.
The BFSI segment is generating the highest revenue in the Global Image Recognition Market by Vertical in 2023; thereby, achieving a market value of $30 billion by 2031. The growth of the segment aligns with its growing use of image recognition to enhance security measures, such as fraud detection, secure customer identification, and document verification processes.
The Hardware segment is registering a CAGR of 15.9 % during the forecast period. This component includes cameras, sensors, and other physical devices for capturing images. The hardware is essential for the foundational aspects of image recognition systems, especially in sectors like automotive (for ADAS systems), surveillance, and healthcare diagnostics.
The Scanning & Imaging segment led the Global Image Recognition Market by Application in 2023; thereby, achieving a market value of $45.8 billion by 2031. Image recognition technology is transforming scanning and imaging applications across various sectors with its ability to enhance precision and efficiency. In healthcare, it is crucial for improving the clarity and accuracy of diagnostic images such as MRI and CT scans, facilitating quicker and more precise diagnoses.
The Code Recognition segment is growing at a CAGR of 14.8 % during the forecast period. Code recognition technology is widely used across various industries for applications such as scanning QR codes, barcodes, and other coded information types. This technology is essential in retail for inventory management, logistics tracking shipments, and manufacturing for assembly line automation.
Full Report: https://www.kbvresearch.com/image-recognition-market/
The North America region dominated the Global Image Recognition Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $58 billion by 2031. The Europe region is anticipated to grow at a CAGR of 15.9% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 17.2% during (2024 - 2031).
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