Image Recognition Market Size is Expected to Reach USD 77.69 billion by 2025
The global image recognition market size is expected to reach USD 77.69 billion by 2025, according to a new report by Grand View Research, Inc., reporting a 19.2% CAGR during the forecast period. Image recognition technology plays a crucial role in information technology (IT) and online visual revolution, owing to growth in digitization. Rising popularity of media cloud services and mobile devices equipped with cameras has resulted in the growing trend of experience sharing on the web. This, in turn, has resulted in increased digital data, particularly unstructured multimedia data, which majorly comprises images and videos. Images and videos reflect a good part of human conversations, interactions, and knowledge, which have led to substantial opportunities to create new products, applications, and use cases. This has driven the growth of image recognition technology. However, large storage requirement for multimedia data and analyzing low-resolution images may pose a challenge to ...