image analysis software Market

The global image analysis software market is expected to grow from US$ 3,970.93 million in 2021 to US$ 7,672.16 million by 2028; it is estimated to grow at a CAGR of 9.9% from 2021 to 2028.

Market Dynamics

The integration of AI into processes can add value and impact across all areas of a company, and AWS, Microsoft, and Google are investing in their image analysis software solutions for retail performance. The COVID-19 pandemic has increased demand for cloud-based services. Intelligence Retail provides merchandising solutions using IBM's cloud and analysis solution, including advanced GPUs, to help businesses improve performance, increase sales, reduce audit costs, and enhance customer loyalty. In 2019, Trax partnered with Google Cloud to leverage Google's cloud and edge computing technologies and Trax's image recognition and machine learning capabilities to manage in-store inventory and provide real-time insights on every SKU on the shelf. Such strategies are expected to drive the growth of the image analysis software market in the forecast period.

Regional Overview

Although China is a major manufacturing and industrial hub and the largest trading country in the world, it has been severely impacted by the COVID-19 pandemic, and the other major economies in the APAC region, including India, South Korea, Australia, and Japan, have also experienced a decline in economic growth due to the pandemic. The Center for Strategic and International Studies (CSIS) has revised down its estimates of China's growth, and its GDP dropped in 2020. The increasing number of COVID-19 cases and high death rates in certain regions, such as India and other Southeast Asian countries, has caused mobility restrictions and the cancellation or postponement of various business conferences and events. This has had a slight impact on the overall market growth in 2020. However, the shift to remote work and the demand for cloud-based services, including image analysis software, has gradually increased even during the pandemic. As a result, the image analysis software market has not been significantly disrupted and has continued to grow. The ongoing mobility restrictions and cancellations/postponements of business conferences and events due to the pandemic have affected the market, but the disruption has had little effect on image analysis software market growth.  

Market Players 

Various companies holding a notable market share in the image analysis software market have been identified through secondary research, such as 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.

The image analysis software market size is determined using primary and secondary sources. The research process begins with extensive secondary research from internal and external sources to gather qualitative and quantitative information related to the market. This process helps to provide an overview and forecast for the market in relation to all regional segments. Additionally, multiple primary interviews are conducted with industry experts, such as VPs and business development managers, to validate the data and gain more analytical insights into the market. External consultants specializing in the image analysis software market, including valuation experts, research analysts, and key opinion leaders, are also involved in this process.