Image recognition technology applies machine learning or deep learning algorithms to selected images for extracting features, which are further utilized for achieving valuable insights. The global face and image recognition market is expected to reach US$109.4 billion by 2027 at a CAGR of 18.8%. The development of AI-driven applications including deep learning, neural networks, computer vision, and machine vision has significantly augmented the demand for image identification tools. One of the popular application areas is autonomous or driverless vehicles, where image acknowledgment technology plays a crucial role.
In various industries, this technology is used for validating different data. The key players operating in the e-commerce, retail, advertising, healthcare, and automotive sectors are rapidly adopting image recognition-based applications. These applications are helping enterprises to improve business processes and productivity. The growing potential of computer vision is attracting substantial investments in image detection technologies. The widespread applications of image processing include medical image analysis, face detection, gesture recognition, and driverless car vision.
Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.
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