Image Analysis Software Market is expected to reach US$ 7,672.16 million by 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.
Market Segmentation
The image analysis software market is categorized by deployment type, image dimension, industry vertical, and geography. The market is divided into cloud-based and on-premises segments based on deployment type, with the on-premises segment leading in 2021. The market is divided into 2D, 3D, and 4D segments based on image dimension, with the 2D segment leading and accounting for a larger market share in 2021. The industry vertical segment is divided into healthcare and life science, manufacturing, academia, minerals, metals and oil, and others. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with North America having a significant share of the global image analysis software market in 2021. North America has a significant share of the global image analysis software market due to various factors, including the presence of major players and early adopters of advanced technologies in the region, the availability of advanced healthcare infrastructure and facilities, and increasing demand for image analysis solutions in various industries such as healthcare, manufacturing, and academia. Additionally, the region's supportive regulatory environment and favorable government initiatives aimed at promoting the adoption of advanced technologies have further fueled the growth of the image analysis software market in North America.
Market Dynamics
The rising demand for cloud-based image analysis solutions has surged due to the advent of COVID-19. AI has become a crucial component in digital transformation, delivering value and impact across various aspects of a company. Major companies such as AWS, Microsoft, and Google are investing in their image analysis software solutions to enhance in-store and online retail performance. Intelligence Retail, a provider of computer vision and AI solutions for merchandising, uses IBM's cloud and analysis solution, which includes advanced Graphics Processing Units (GPUs), to help businesses improve their performance, reduce audit costs, increase sales, and customer loyalty. In addition, the partnership between Trax and Google Cloud in 2019 utilized Google's cloud and edge computing technologies along with Trax's image recognition and machine learning capabilities to efficiently manage in-store inventory and real-time insights on every SKU on the shelf. These tactics are expected to drive the growth of the image analysis software market in the projected period.
Impact of COVID-19
The image analysis software market has been positively impacted by the pandemic, as businesses have had to face new challenges and adopt remote work environments. The outbreak has emphasized the need for companies in various industries to utilize digital technologies and image analysis solutions to optimize operations and reduce costs, ultimately increasing ROI on IT tools. Due to the collapse of healthcare infrastructures in developed economies from rising COVID-19 cases, the public healthcare emergency necessitates government and market players to collaborate in research and development initiatives to revive market operations and revenue during the forecast period until 2028. This intervention and increased investments are expected to have a positive impact on the industry in the coming years.
Overall, the image analysis software market was minimally affected by the COVID-19 pandemic in 2020, but it did create an attractive growth opportunity for advanced analysis solutions in the healthcare and life science, security, and academic sectors.
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