The image recognition market is anticipated to experience substantial growth, expected to increase by $59.81 billion from 2022 to 2027, according to a report released by Technavio. "The image recognition market is expected to grow rapidly," the company said.
A significant contributor to this extreme growth is the US market, with its increasing adoption of technologies in homeland security. According to a Cision's PR Newswire article, this surge is largely driven by an increasing need for personal defense and greater emphasis on implementing image recognition technologies in various security systems, including border security and passport identity fraud detectors.
In addition, rising instances of identity theft are pushing up the demand for image recognition. The article further notes that as more users engage with websites and web applications like social networks and gaming websites, cases of identity and data theft are consistently on the rise. This has led end users to seek secure authentication solutions, leading consequently to an escalation in complexity of the identity theft cases encountered.
Technavio prides itself as a global leader in providing comprehensive market research reports based on four fundamental principles; ease of access to reports, robust industry coverage focusing on new and emerging technologies at competitive prices. "We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions," Technavio says on their online About Us page. Established in 2003 offering personalized reports then branching out into ready-made reports by 2008.