The Global Digital Image Processing Market size is expected to reach $19.6 billion by 2030, rising at a market growth of 19.1% CAGR during the forecast period.
The increasing need for digital image processing in the healthcare sector indicates a more extensive pattern toward technology-driven progress to optimize healthcare delivery, enhance diagnostic precision, and improve patient care. Consequently, the healthcare segment would generate approximately 25.90% share of the market by 2030. It is anticipated that as technology progresses, additional advancements in digital image processing will have a growing significance in influencing the trajectory of healthcare. Some of the factors affecting the market are advancements in AI and ML in digital image processing, increasing rate of mobile usage, and high initial cost of digital image processing.
Advancements in AI and machine learning have significantly transformed the landscape of digital image processing, revolutionizing how visual data is analyzed, interpreted, and utilized across various industries. These advancements have led to several significant developments within the market. Therefore, integrating AI and ML in the market is driving the demand for the market. Moreover, Smartphones are equipped with increasingly sophisticated cameras capable of capturing high-resolution images. This surge in image quality has expanded the scope for digital image processing techniques as more detailed visual data is available to analyze and manipulate. There's a proliferation of consumer-oriented image editing apps and software available on smartphones. Hence, the increasing rate of mobile usage is driving the growth of the market.
However, the installation price of digital image processing systems can be perceived as relatively high due to various factors, the costs can vary based on the system's complexity, the specific requirements of the application, and the technology employed. Deploying quality cameras and sensors essential for capturing and processing high-resolution images or videos can incur significant costs. Therefore, the high initial cost is hindering the growth of the market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include NVIDIA Corporation, Canon, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Panasonic Holdings Corporation, Cognex Corporation, Teledyne Technologies, Inc., IBM Corporation, Microsoft Corporation, Nikon Corporation, Seiko Epson Corporation.
The increasing need for digital image processing in the healthcare sector indicates a more extensive pattern toward technology-driven progress to optimize healthcare delivery, enhance diagnostic precision, and improve patient care. Consequently, the healthcare segment would generate approximately 25.90% share of the market by 2030. It is anticipated that as technology progresses, additional advancements in digital image processing will have a growing significance in influencing the trajectory of healthcare. Some of the factors affecting the market are advancements in AI and ML in digital image processing, increasing rate of mobile usage, and high initial cost of digital image processing.
Advancements in AI and machine learning have significantly transformed the landscape of digital image processing, revolutionizing how visual data is analyzed, interpreted, and utilized across various industries. These advancements have led to several significant developments within the market. Therefore, integrating AI and ML in the market is driving the demand for the market. Moreover, Smartphones are equipped with increasingly sophisticated cameras capable of capturing high-resolution images. This surge in image quality has expanded the scope for digital image processing techniques as more detailed visual data is available to analyze and manipulate. There's a proliferation of consumer-oriented image editing apps and software available on smartphones. Hence, the increasing rate of mobile usage is driving the growth of the market.
However, the installation price of digital image processing systems can be perceived as relatively high due to various factors, the costs can vary based on the system's complexity, the specific requirements of the application, and the technology employed. Deploying quality cameras and sensors essential for capturing and processing high-resolution images or videos can incur significant costs. Therefore, the high initial cost is hindering the growth of the market.
End Use Outlook
Based on end-use, the market is categorized into healthcare, automobile & transportation, BFSI, retail & e-commerce, and others. In 2022, the retail and e-commerce segment registered the highest revenue share in the market. The retail and e-commerce sectors have surged significantly, largely driven by the need for enhanced visual content, improved customer experiences, and streamlined operations. Digital image processing technologies have become pivotal in online retail, increasing sales, better customer engagement, and operational efficiency. Therefore, the requirement for better customer experience is driving the segment demand.Application Outlook
On the basis of application, the market is segmented into visual product search, object recognition, vision analytics, and others. The object recognition segment recorded the largest revenue share in the market in 2022. The substantial market share can be ascribed to the escalating need for object recognition technology in various sectors and implementations. For instance, it can be used in retail to manage inventory, monitor shelves, and analyze customer behavior. Object recognition can improve quality control, detect defects, and automate assembly operations in manufacturing. Object recognition is important for advanced driver-assistance systems and self-driving vehicles in automotive. Therefore, the usage of object recognition in various industries is driving the segment's growth.Component Outlook
Based on components, the market is bifurcated into software and services. The services segment attained a substantial revenue share in the market in 2022. Consulting services are in demand due to increased expert guidance and strategic advice requirements. Many organizations prefer to outsource these tasks to expert service providers who can deliver constant results and adapt to evolving requirements. Furthermore, services often offer a cost-effective approach, eliminating the necessity for in-house development and maintenance of image processing solutions.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated a substantial revenue share in the market in 2022. The Asia-Pacific region has diverse and burgeoning industries, including healthcare, manufacturing, agriculture, entertainment, retail, and more. These industries are increasingly adopting digital image processing for various applications like quality control, healthcare diagnosis, manufacturing automation, precision agriculture, and enhancing customer experiences in the retail and entertainment sectors.The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include NVIDIA Corporation, Canon, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Panasonic Holdings Corporation, Cognex Corporation, Teledyne Technologies, Inc., IBM Corporation, Microsoft Corporation, Nikon Corporation, Seiko Epson Corporation.
Strategies deployed in the Market
- Sep-2023: Cognex Corporation introduced the 'In-Sight SnAPP Vision Sensor'. The In-Sight SnAPP Vision Sensor brings heightened levels of precision, ease, and functionality to industrial sensors.
- Sep-2023: Cognex Corporation took over Moritex Corporation, an industrial machinery manufacturing company. Through this acquisition, Cognex Corporation would enhance its imaging solutions and would bolster machine vision optics.
- May-2023: NVIDIA Corporation came into partnership with WPP, an advertising services company. Through this partnership, NVIDIA Corporation would develop a content engine for digital advertising empowered by generative AI.
- Nov-2022: Nikon Corporation introduces the ""LuFact A2000,"" a newly unveiled ultra-compact intelligent camera. The ""LuFact A2000"" employs the AI processing unit ""LuFact A2000-G"" and integrates seamlessly with the camera heads from the LuFact series.
- Apr-2022: Canon, Inc. came into partnership with Integrated Solutions Limited, a software development company in Hong Kong. Through this partnership, Canon, Inc. would deliver digital transformation to various industries.
- Dec-2020: Teledyne Technologies, Inc. Introduced 'SaperaTM Vision Software'. The Sapera Vision Software package comprises Sapera Processing along with the innovative AstrocyteTM visual application designed for artificial intelligence (AI). Additionally, the software package provides image processing and artificial intelligence capabilities for creating, designing, and implementing high-performance machine vision applications.
- May-2020: Microsoft Corporation came into partnership with Sony Semiconductor Solutions, an imaging and sensing solution company in Israel. Through this partnership, Microsoft Corporation would develop intelligent camera solutions tailored for corporate clients.
Scope of the Study
Market Segments Covered in the Report:
By Application- Object Recognition
- Vision Analytics
- Visual Product Search
- Others
- Software
- Services
- Retail & E-commerce
- Healthcare
- BFSI
- Automobile & Transportation
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- NVIDIA Corporation
- Canon, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Panasonic Holdings Corporation
- Cognex Corporation
- Teledyne Technologies, Inc.
- IBM Corporation
- Microsoft Corporation
- Nikon Corporation
- Seiko Epson Corporation
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 5. Global Digital Image Processing Market by Application
Chapter 6. Global Digital Image Processing Market by Component
Chapter 7. Global Digital Image Processing Market by End-use
Chapter 8. Global Digital Image Processing Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- NVIDIA Corporation
- Canon, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Panasonic Holdings Corporation
- Cognex Corporation
- Teledyne Technologies, Inc.
- IBM Corporation
- Microsoft Corporation
- Nikon Corporation
- Seiko Epson Corporation
Methodology
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