Artificial intelligence in Agriculture Market Size Worth $2.9 Billion By 2025

The global artificial intelligence in agriculture market size is expected to reach USD 2.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 25.4% from 2019 to 2025. Artificial intelligence solutions in the agricultural industry are emerging in various forms, such as soil and crop monitoring, agricultural robots, and predictive analytics. Farmers and agribusiness corporations are increasingly using soil sampling and artificial intelligence -enabled sensors for data gathering for better analysis and processing. The availability of these processed data has paved the way for the deployment of artificial intelligence in agriculture and farming.

Rapidly increasing global population is one of the key factors driving the need for artificial intelligence in agriculture. The global population is expected to reach 9.8 billion by 2050, according to the UN. Subsequently, food production must increase significantly as well. Artificial intelligence enables efficient and potential farming techniques for increased crop productivity and yield. For instance, the artificial intelligence Sowing App developed by Microsoft sends sowing advisories on the optimal date for crop sowing to farmers. It enhances the farmers’ efficiency in terms of planting and forecasting weather conditions.

The Asia Pacific market is expected to witness substantial growth over the forecast period, owing to increasing adoption of artificial intelligence -enabled solutions and services by agriculture-technology-based companies in emerging economies. Emerging economies such as India and China have started implementing artificial intelligence technologies such as machine learning and computer vision to increase crop yield. Favorable regulations and standards in these countries encourage the implementation of modern techniques in farming and agriculture. For instance, in July 2019, the government of India began the use of artificial intelligence for yield estimation and crop cutting to cut down the cost of farming and increase productivity.

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https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-in-agriculture-market

Further key findings from the report suggest:

Surge in the deployment of predictive analytics solutions in the farming and agriculture industry has created massive potential for artificial intelligence solutions in the agricultural industry
Several benefits of artificial intelligence, such as prevention of cost overruns, weather forecasting, remote monitoring, weed detection, and irrigation management encourages the implementation of artificial intelligence in agriculture for increased productivity
Market players are focusing on providing advanced artificial intelligence and big data in the agricultural industry, which offers advanced features such as crop scouting, field mapping, and yield monitoring
Key market players are considering partnerships and acquisitions of startups providing innovative products to expand their range of artificial intelligence solutions for the agricultural industry
Key competitors in the market are IBM Corporation; Microsoft; Deere & Company; AgEagle Aerial Systems Inc.; The Climate Corporation; Granular, Inc.; Descartes Labs, Inc.; Prospera Technologies; Taranis; aWhere Inc.; GAMAYA; ec2ce; PrecisionHawk; VineView; and Tule Technologies Inc.; among others.

Digital Forensics Market Worth $4.24 Billion By 2026

The global digital forensics market size is expected to reach USD 4.24 billion by 2026, exhibiting a CAGR of 12.3% during the forecast period, according to a new report by Grand View Research, Inc. Rising internet penetration, advancements in computing technology, and instances of cyberattacks are some of the key growth driving factors. Additionally, increasing demand for sophisticated cybersecurity tools to detect and investigate cyberattacks and financial frauds among large as well as small and medium enterprises is expected to drive the market growth.

Digital forensic tools assist in lost data analysis, reconstruction, and evidence collection from digital devices. Enterprises across the globe focus on adopting these tools to identify and avoid cyberattacks. The enterprises have to follow several regulations and compliances regarding consumer data privacy, such as General Data Protection Regulation (GDPR), California Consumer Privacy Act of 2018 (CCPA), and Personal Information Protection and Electronic Documents Act (PIPEDA), among others. This is expected to encourage the adoption of digital forensic solutions and services.

The foremost application of digital forensics is found in private and criminal investigation. Factors, such as rising internet penetration, usage of electronic devices, and smart devices, among others have led to a surge in cyberattacks across the globe. Rising intensity of cyberattacks is anticipated to further propel the demand for digital forensic tools over the forecast period. Digital forensics tools are increasingly being used to resolve issues related to cyber threat in the enterprises. The tools aid in investigating data stored in digital devices, examine suspect data, and then use it as a digital evidence in the court.

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https://www.grandviewresearch.com/industry-analysis/digital-forensics-market

Further key findings from the report suggest:

The service segment is expected to expand at the highest CAGR of 13.1% over the forecast period, as the services provide broad reporting capabilities for authenticating the regulatory compliance with security policies for users
The cloud forensics segment is anticipated to expand at the fastest CAGR of 13.3% over the forecast period, attributed to rising adoption of cloud technologies in enterprises globally, which have led to a rise in number of cyberattacks
Review and reporting segment is expected to register highest growth over the forecast period as it provides effective evidence analysis and also helps jurists make fact-based decisions
In BFSI sector, digital forensics solutions and services are being widely adopted owing to increasing number of financial frauds and rising demand to investigate these frauds globally
North America dominated the market in 2018 and is expected to maintain its dominance over the forecast period, attributed to presence of large number of digital forensics solution and services providers and robust infrastructure for adopting these solution and services
Key players in the digital forensics market include Guidance Software Inc.; LogRhythm Inc.; Accessdata; Paraben Corporation; FireEye Inc.; Digital Detective Group Limited; MSAB; and Oxygen Forensics Inc.

BFSI Security Market Size Worth $74.3 Billion By 2025

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth. Data related to the banking, financial services and insurance security (BFSI) industry is highly sensitive in nature as it contains personal or financial credentials. Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.

Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market. For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered. The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers. A generic solution would not have been enough to track this malware and that would have led to loss of large amounts of sensitive financial data.

Banking and insurance payment gateways require robust safety solutions to prevent breaches and enable secure transactions. Financial databases stored on cloud create need to verify safety systems of the cloud service provider. The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.

Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software. It has caused various companies to make huge investments in cybersecurity. Furthermore, governments across the globe have laid down stringent regulations to protect digital data related to BFSI. Such regulations have mandated response testing of threat management systems used in banks and insurance companies.

The industry includes a large number of Tier 1 companies that account for a majority share in the market. Industry giants acquire or collaborate with smaller players for sharing expertise and resources. Collaborations among big and small market players enable development of innovative products and services. The market is highly competitive in nature owing to the presence of major market players offering advanced safety solutions to the BFSI industry. Companies invest in R&D to develop innovative products for financial institutions. In addition, they adopt business strategies such as mergers and acquisitions to expand their product portfolio and gain a competitive edge.

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https://www.grandviewresearch.com/industry-analysis/bfsi-security-market

Further key findings from the report suggest:

The Physical Security Information Management (PSIM) segment is expected witness the CAGR of 18.7% over the forecast period owing to increasing cybercrimes in financial institutions
The encryption software segment is anticipated to exhibit the highest CAGR of 17.5% over the forecast period owing to rising need for preventing unauthorized access and hacking of data
Asia Pacific is estimated to be the fastest-growing regional market due to growth of fintech companies encouraging implementation of threat management solutions
Key market players in the BFSI security market include DXC Technology Company; Axis Communications; Honeywell International, Inc.; McAfee, Inc.; Sophos Ltd.; Symantec Corporation; IBM Corporation; Dell EMC; Bosch Security Systems; and Booz Allen Hamilton, Inc.

Advanced Process Control Market Size Worth $24.9 Billion By 2025

The global advanced process control market size is expected to reach USD 24.9 billion by 2025, registering a CAGR of 9.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness considerable growth across the globe owing to the growing emphasis of several end use industries on the improvement and optimization of the production process. Advanced process control solutions enable organizations to significantly improve the accuracy of product testing, enhance quality, and reduce error.

As companies seek ways of improving the quality of their products and reduce the cost of operations to be able to maintain their competitive edge, the demand for advanced process control systems is likely to continue to rise in the near future. Furthermore, the increasing adoption of advanced process control systems across industries such as nuclear power, chemical, and semiconductor is encouraging APC companies to invest in research and development activities to develop systems with enhanced capabilities. These factors are anticipated to further propel the growth of the global market over the forecast period.

APC is a software-based closed-loop feedback-based process control system that helps increase productivity, minimize waste, and improve quality assurance under real-world operating conditions. By enabling the easy deployment of technologies such as model predictive control and advanced computing systems in the processing and manufacturing sectors, the use of APCs has enabled companies to increase the affordability of products. Moreover, APC systems also aid in lead time reduction to decrease the operational cost associated with it.

Additionally, APCs have a significant demand in the oil and gas sector and are used for optimization and control of a variety of processes. The steady expansion of the chemical industry is also anticipated to drive the adoption of APCs over the forecast period to stabilize industrial operations and optimize plant performance by minimizing the fluctuations of key process variables. Increasing competition has compelled process industries to adopt advanced process control systems to bring about an improvement in economic performance to maintain their competitive edge. However, the need for high initial investments could restrain the growth of the APC market to a certain extent over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/advanced-process-control-apc-market

Further key findings from the report suggest:

In terms of product type, the hardware segment is anticipated to witness high CAGR over the forecast period. This can be attributed to the increasing adoption and deployment of advanced process control systems in various verticals such as nuclear power plants, petrochemicals, oil and gas upstream, downstream, and processing operations
Of the key end use segments covered in the report, the energy and power segment is expected to witness significant growth during the forecast period. This can be attributed to the significant adoption of advanced process control systems in nuclear power plants and other alternative sources of power generation
The Asia Pacific APC market is anticipated to witness high CAGR over the forecast period owing to robust industrialization in countries such as China and India and the higher adoption rate of advanced process control systems in several industries
The APC market is oligopolistic and is dominated by companies such as Schneider Electric, Siemens, Rudolph Technologies, Aspen Technology, Inc., Emerson Electric Co., ABB, Yokogawa Electric Corporation, Panasonic Corporation, Rockwell Automation, Inc., and Honeywell International Inc. Collectively, these companies account for nearly 80% of the market
Leading Advanced Process Control (APC) market players are in the process of acquiring small startups for technological advantage, provision of better services, and regional expansion.

Indoor Farming Market Size Worth $50.3 Billion By 2025

The global indoor farming market size is estimated to reach USD 50.3 billion by 2025, exhibiting a CAGR of 9.19% from 2019 to 2025, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This in turn is driving demand for indoor farms to produce food. In addition, challenges, such as rising global temperature and extreme weather conditions, act as a barrier in the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an environment-friendly way.

Indoor farming increases the crop yield and reduces farming impact on the environment by reducing the distance traveled in the supply chain. It reduces need for the land space required to grow plants compared to traditional farming methods by using growing shelves mounted vertically. Rising consumer awareness regarding consumption of healthy and fresh food is anticipated to positively influence the market for indoor farming over the forecast period. Furthermore, the use of technology, such as LED indoor farming to create nature-like conditions will help farmers meet the expected demand for food supply in near future.

Europe dominated the indoor farming market in 2018 and is anticipated to remain dominant over the coming years, owing to the continuous adoption of advanced technologies such as LED lighting, controlled environment agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2019 to 2025, owing to the increasing indoor farms in countries such as China and Japan. Increasing adoption of greenhouses and vertical farms is projected to bode well for the regional growth. In addition, the rising demand for pesticide-free, fresh vegetables and fruits is expected to fuel the regional market growth.

The key players operating in the market include Netafim (Israel), Richel Group (France), PRIVA (Netherlands), and Argus Control System Limited (Canada). Companies across the globe, such as Signify Holding and Osram GmbH, are working on developing innovative lighting systems for indoor farming.

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https://www.grandviewresearch.com/industry-analysis/indoor-farming-market

Further key findings from the study suggest:

The greenhouses segment dominated the market in terms of revenue in 2018 as these facilities produce higher yields. Greenhouses offer a stable and highly controlled environment for the cultivation of flowers, vegetables, and fruits
The fruits, vegetables, and herbs segment is estimated to register the fastest CAGR over the forecast period, owing to the increasing food consumption along with growing consumer awareness regarding the importance of healthy eating, especially in regions such as Europe and Asia Pacific
The climate control systems segment is projected to expand at the highest CAGR during the forecast period, as the crop development can be controlled by adjusting and monitoring the concentration of minerals
Some of the key players operating in the indoor farming market include LumiGrow (U.S.), Illumitex (U.S.), Hydrodynamics International (U.S.), and Agrilution (Germany)

Flexible Printed Circuit Boards Market Size Worth $26.8 Billion By 2025

The global flexible printed circuit boards market size is projected to reach USD 26.8 billion by 2025, expanding at a CAGR of 11.2% over the forecast period, according to a study published by Grand View Research, Inc. Growing demand for compact and flexible electronic devices is the major factor driving demand for flexible Printed Circuit Boards (PCBs) worldwide. Regulated demand from the IT and telecom sector in view of growing need for circuits with higher data processing speed and higher working temperature is further augmenting the growth.

Flexible printed circuit boards (FPCBs) are thin and lightweight and can save up to 60% of the space and weight in comparison to rigid printed circuit boards. In addition, benefits offered in terms of durability and cost has further augmented their adoption across different end use industries. Demand for miniature, flexible electronics in automotive industry for use in advanced navigation displays and other automotive electronics has had positive impact on the demand.

Flexible PCBs are also used in medical equipment and health monitoring devices, such as pacemakers, defibrillators, neuro-stimulation, modulation devices, and external hearing devices. Benefits offered in terms of packaging flexibility and performance are expected to augment adoption of flexible printed circuit boards across multiple industry verticals. Companies are emphasizing on attaining advances in the fabrication technology and material substrates used to manufacture flexible PCBs. Various manufacturers offer tailored and/or dedicated flexible printed circuit boards as per the specifications led by the Original Equipment Manufacturers (OEMs).

The adoption of flexible printed circuit boards has surged over the last few years on account of growing awareness among OEMs regarding the superior benefits offered by flexible PCBs, in terms of weight, circuit complexity (elimination of mechanical connectors), wiring errors, and operating temperature range among others.

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https://www.grandviewresearch.com/industry-analysis/flexible-printed-circuit-boards-fpcb-market

Further key findings from the study suggest:

The double-sided circuit segment held the largest flexible PCBs market share of approximately 45% in terms of revenue in 2018. This is due to the superior elasticity in terms shape restoration and greater efficiency offered by these circuits
The consumer electronics segment dominated the market in 2018 and is projected to expand at the fastest CAGR over the forecast period, owing to the rising popularity of wearables and proliferation of consumer electronics like laptops and smartphones among others
Asia Pacific is expected to account for the largest market share followed by North America during the forecast period. The regional growth is accredited to the huge consumer electronics market and high concentration of electronic manufacturers in countries, such as China, Japan, and South Korea
Key players operating in the flexible printed circuit boards market include AT&S, Benchmark Electronics, Cicor Management AG, Eltek Ltd, TTM Technologies, IEC Electronics, and Flex Ltd

Smart Stadium Market Worth $21.00 Billion By 2025

The global smart stadium market size is expected to reach USD 21.00 billion by 2025, expanding at a 20.9% CAGR over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing focus on engaging and entertaining the fans at stadiums, coupled with stringent security regulations framed by sports governing bodies are among the key factors driving the market growth. Additionally, growing demand for data-driven operations and upcoming international and national sports events are anticipated to increase the demand for smart stadiums.

Stadiums across the developing and developed economies are being renovated to offer facilities such as smart parking, fan experience, operational efficiency, enhanced security, and next-generation viewing experience, among others. Smart stadiums include many surveillance solutions, parking solutions, sensors, and digital signs, among other solutions. These solutions deliver real-time information such as in-stadium merchandise pricing, lines at concession stands, and available parking, thus enhancing the fans’ overall experience. Additionally, smart stadiums support green initiatives navigating fans to dispose of waste in dustbins and allowing only disposable items in the stadium.

In 2018, Europe accounted for a majority stake of the smart stadium market, attributed to the high adoption of smart stadium solutions owing to a large number of stadiums across the region. The region has over 1,200 stadiums and has the highest number of professional sports teams and leagues. In 2018, Germany held the majority share in the Europe market.

Asia Pacific, on the other hand, is projected to grow at a considerable CAGR and is anticipated to account for 29.8% of the market revenue in 2025. The strong growth is attributed to the digitalization of sports, increasing penetration of internet and cloud technology, and the emergence of professional leagues in the region. Moreover, sports organizations, including Melbourne Cricket Association, New Zealand Cricket, and Sahara Force India, among others use advanced technologies for hosting tournaments. Singapore, Australia, Japan, India, and China are some of the countries focused on building new smart stadiums and renovating the existing stadiums with improved technology.

Some of the key players operating in the market are Cisco Systems, Inc.; Apple, Inc.; Telefonaktiebolaget LM Ericsson; Fujitsu Ltd.; Fitbit, Inc.; NXP Semiconductors; IBM Corporation; NEC Corporation; Johnson Controls; and Intel Corporation. The market is moderately consolidated owing to the existence of a few solution providers that account for the majority share of the market revenue.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/smart-stadium-market

Further key findings from the report suggest:

Software segment is expected to continue leading the smart stadium market over the forecast period owing to increasing focus on fan engagement by providing them better experience. The segment is expected to reach USD 12.97 billion by 2025
On premise segment is estimated to dominate the market over the forecast period. The smart stadium comprises of a large number of cameras, digital signs, and sensors, connected to wireless and wired servers and networks
Asia Pacific is estimated to expand at a significant CAGR of 23.5% over the forecast period. Emerging countries such as Japan, India, ASEAN, and Australia are swiftly adopting digital technologies in stadiums for enhancing the fan experience and increasing safety and security
Prominent market players include IBM Corporation; Intel Corporation; NEC Corporation; Cisco Systems, Inc.; Telefonaktiebolaget LM Ericsson; among others

Smart Ticketing Market Size Worth $33.7 Billion By 2026

The global smart ticketing market size is expected to reach USD 33.7 billion by 2026, registering a CAGR of 14.9% from 2019 to 2026, according to a new report by Grand View Research, Inc. Increase in demand for smart ticketing solutions in the travel and tourism industry owing to its ease of use and convenience, and growing reliance on online transactions are expected to drive the market over the forecast period. In addition, upsurge in intelligent transportation systems across the globe is further fueling the market growth.

Smart transit systems allow passengers affordable access to rapid transit systems, also known as metro or subway. These systems store a ticket electronically on a microchip, which is embedded onto a smart card. This allows passengers to load or credit it in advance for their travel, reducing the time spent in queues and speeding up the boarding process. Public transportation authorities across the globe are emphasizing on implementing these systems to reduce traffic in congested city areas and to deliver solutions that are environment-friendly. Numerous public transportation agencies are promoting the use of these solutions as they are easy to use, reliable, and more secure as compared to traditional magnetic stripe cards or tickets. These solutions are also highly durable and have a longer life span than their traditional paper counterparts.

Continuous innovations take place in this field with the view to improving customer experience. For instance, the South Western Rail in U.K. launched Tap2Go, which removes the need for customers to buy a ticket before their journey. Passengers touch their card at the gates and validators at the start and end of their journey. The system then calculates the best fare and the payment is deducted from their account the day after their travel. It is also linked to PayPal to make transactions easier.

These solutions offer high operational efficiency and increased security against fraud, which, in turn, is expected to contribute to the market growth over the forecast period. Moreover, these solutions require low maintenance compared to systems that use magnetic stripe technology. Furthermore, these smart solutions allow quick payment transactions and offer passengers with flexible travel options such as part-time season passes or carnets. This is subsequently expected to drive the demand for these solutions over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/smart-ticketing-market

Further key findings from the report suggest:

The software component segment is expected to witness significant growth over the forecast period owing to increased demand for payment gateways and other connected systems such as cards through servers and smartphones
An e-ticket offers various advantages such as flexibility, security, and convenience for both transport agencies and travelers, which would encourage them to adopt these solutions
Smart card systems enable transport service providers to reduce cash flows and implement flexible tariffs. These systems provide the added benefit of convenience as the fare payment can easily be made at the customer’s point of entry into the transit system; for example, at the subway gate or before boarding a bus. As a result, smart card systems are widely adopted by transport service providers across the globe
The sports and entertainment segment is expected to register the highest growth rate over the forecast period. Increase in adoption of verified e-tickets procured from authentic apps on mobile devices helps lessen fraudulent activities and resale of tickets online or outside an event venue at inflated prices
The growth of the Europe market is attributed to the thriving tourism industry, continuous innovations of these systems and their adoption in urban areas, and simplified technology ecosystem in the region. In U.K. for instance, the National Rail has incorporated a range of technologies such as platform and ticket validators at their train stations that enable the use of these systems
Smart ticketing market key players include CPI Card Group Inc.; Cubic Corporation; Confidex Ltd.; Gemalto NV; Giesecke & Devrient GmbH; Infineon Technologies AG; and NXP Semiconductors.

Revenue Assurance Market Size Worth $8.71 Billion By 2027

The global revenue assurance market size is projected to reach USD 8.71 billion by 2027, expanding at a CAGR of 11.1% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Revenue assurance is a prime factor that upholds operators’ margins. It mainly focuses on the important areas such as detecting leakage of revenues, correcting, or fixing the issue and then ensuring that changes are made to avoid recurring issues. It is imperative for operators to assess the complete lifecycle of capturing and identifying data leakages and recovering them to prevent revenue loss and establish a building block for fee or income transparency.

The telecommunication industry has undergone a rapid evolution. Technological advancements in regards with artificial intelligence (AI) capabilities, 5G networks, and IoT have mainly been led by the need to offer tailored services and applications effortlessly to users in a pervasive manner. Significant changes are expected to take place in existing telecommunications networks and service infrastructure for offering new and converged services across the heterogeneous access networks to a wide range of end users. For instance, changes in voice calling and networks have exposed many carriers to revenue losses. The deficiency of quality arises from concerns such as call routing across multiple networks. Poor or inadequate call quality compromises the customer experience and revenue is often delayed through inter-carrier differences over fair charges and the service quality delivered. This transformation in itself is a huge challenge for operators since they need to safeguard their unique and evolving infrastructure from fraud and revenue assurance threats.

Growing business complexities are expected to catapult the demand for revenue assurance solutions and services over the forecast period. An increase in complication of networks and services, coupled with rising usage of technology by fraudsters, is also expected to boost the demand for revenue assurance over the forecast period. The revenue streams processes have become complex due to rising number of participants and types of services being offered. Despite the improved technology infrastructure, revenue leakage occurs at several points alongside the revenue flow and are possibly very significant.

Nevertheless, lack of organizational empowerment and shortage of skilled personnel may pose a challenge to market growth. End-use industries often lack their responsibility towards empowering their resources and refuse to spend extra in investing in revenue assurance solutions and services, which is expected to restrain the demand in the years to come. Additionally, with millions of subscribers, a range of new and innovative products, customized solutions, operational support services, including order fulfillment, service configuration, billing, and customer care, are becoming complex. Hence, the cost of handling these operations requires skilled resources, thereby increasing the financial overhead. Lack of emphasis on change frequently leads to severe instances, which have a financial impact like unexpected revenue leakages that affect billing due to changes in the network, particularly if risk management activity is absent or weak. This is further projected to pose a challenge to market growth.

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https://www.grandviewresearch.com/industry-analysis/revenue-assurance-market

Further key findings from the report suggest:

By deployment model, the cloud segment is expected to expand at the fastest CAGR of 13.21% over the forecast period. Owing to rising inclination towards cloud-based solutions, major players in the market are investing in cloud-based applications and are supporting the telecom operators to reduce revenue frauds
Based on end-use vertical, the telecom sector accounted for 35.04% share in 2019 and is expected to witness fastest growth over the coming years as revenue assurance is one of the major concerns affecting the telecom industry worldwide
Asia Pacific is expected to expand at the highest CAGR of 15.1% over the forecast period owing to the high amount of revenue leakages in the region.

Image Recognition Market Worth $109.4 Billion By 2027

The global image recognition market size is expected to reach USD 109.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 18.8% from 2020 to 2027. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a 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.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

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https://www.grandviewresearch.com/industry-analysis/image-recognition-market

Further key findings from the report suggest:

Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of the technology that has improved user experience and drawn the customers’ attraction toward this technology
Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at major public spaces or events
Advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the development of image processing software with multiple functions such as facial and object recognition, and landmark detection
Growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling the image recognition market growth
Key players in the market are Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH; among others.