Growing Demand for Image Analysis-Enabled Security Applications and Products to Create Growth Opportunities foIr mage Analysis Software Market during 2021–2028.
According to our latest market study on “Image Analysis Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment Type, Image Dimension, and Industry Vertical,” the image analysis software market was valued at US$ 3,970.93 million in 2021 and is projected to reach US$ 7,672.16 million by 2028; it is expected to grow at a CAGR of 9.9% from 2021 to 2028.
Companies have started to see the potential in deriving resources from unstructured data. They can use photos or videos to create a unique and engaging consumer experience in retail, entertainment, insurance claims, and other industries. Image analysis is used to support an increasing number of corporate use cases. These practical applications of deep learning and image analysis result from advancements in machine learning algorithms, the availability of datasets, and the existence of robust technology with platforms that allow real-time processing. Many airports in the US are upgrading their equipment to enable biometrics, such as finger or iris scanning, as an alternative security screening technique. Companies anticipate significantly increasing capacity by deploying image analysis technology to transfer passengers from arrival through security to their departure gate.
For instance, facial recognition technology is used to locate missing people in Australia. The Missing Persons Action Network (MPAN) uses Facebook to quickly distribute a message by befriending missing people to expand their network via Invisible Friends. They can identify persons in photograph backgrounds using Facebook's face recognition technologies. All these factors are driving the growth of the image analysis market.
The image analysis software market is segmented on the basis of deployment type, image dimension, industry vertical, and geography. Based on deployment type, the image analysis software market is bifurcated into cloud-based and on-premises. In 2021, the on-premises segment led the market and accounted for a larger market share. Based on image dimension, the image analysis software market is segmented into 2D, 3D, and 4D. In 2021, the 2D segment led the market and accounted for the largest market share. Based on industry vertical, the image analysis software market is segmented into healthcare and life science, manufacturing, academia, minerals, metals and oil, and others. Geographically, the image analysis software market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the market.
Impact of COVID-19 Pandemic on Image Analysis Software Market
The COVID-19 pandemic has benefited the industry for image analysis solutions. Businesses face new challenges due to the COVID-19 pandemic and the development of remote work environments. Further, the pandemic arrival in 2020 prompted a slew of challenges for global image analysis software market operations. Healthcare infrastructures collapsed in developed economies due to the rising cases of COVID-19. Therefore, public healthcare emergency requires the government and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period. In addition, the increased investments bode well for the industry in the following years.
The overall impact of the COVID-19 pandemic in 2020 was minimal on the image analysis software market. Also, the adoption of enhanced analysis solutions in the healthcare and life science, security, and academia sectors created lucrative growth opportunities for the market.
ADCIS SA; Bio-Rad Laboratories, Inc.; Oxford Instruments; Clemex Technologies, Inc.; Media Cybernetics, Inc.; MIPAR Software LLC; Olympus Corporation; Pax-it; PerkinElmer, Inc.; TissueGnostics GmbH; Leica Microsystems GmbH; MVTec Software GmbH; Carl Zeiss AG; Scale AI, Inc.; Labelbox, Inc; and V7 Ltd. are a few key players operating in the global image analysis software market. Several other market players have been analyzed to understand the image analysis software market.
Image Analysis Software Market - by Geography, 2021 and 2028 (%)
Image Analysis Software Market Growth & Forecast Report 2028
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