Digital Image Processing Global Market Report 2024

The digital image processing market size has grown exponentially in recent years. It will grow from $6.79 billion in 2023 to $8.34 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The expansion witnessed during the historical period in digital image processing can be attributed to several key factors. These include the entry into emerging markets, advancements in artificial intelligence (AI) and machine learning (ML) technologies within the field, a rising demand for high-quality visual data, the growth of augmented reality (AR) and virtual reality (VR) technologies, and the increasing application of these processes in the e-commerce and retail sectors.

The digital image processing market size is expected to see exponential growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The projected growth in digital image processing during the forecast period can be linked to several dynamic factors. These include an increasing demand for automated and real-time image processing, a surge in mobile device usage, enhancements in real-time processing through edge computing, a growing use of digital cameras and smartphones, and a heightened demand for high-resolution imaging.

The demand for high-quality visual data is anticipated to drive significant growth in the digital image processing market. The importance of visual data, which includes graphical representations such as charts, graphs, maps, and other tools, has escalated due to its increasing relevance in modern communication, the rise of immersive technologies, and improved capabilities for data analysis and insights. Digital image processing, which involves enhancing the clarity, detail, and utility of digital images through noise reduction, distortion correction, and feature extraction, leverages algorithms and computational techniques to analyze, interpret, and extract meaningful insights from visual data. This technology is increasingly crucial across various sectors including healthcare, automotive, entertainment, and surveillance. For example, as reported by Datanami in May 2023, Tableau, a leader in data visualization software, saw its customer base expand from 121,000 in 2021 to over 126,000 in 2022, underscoring the growing market demand for sophisticated visual data solutions.

Leading enterprises within the digital image processing sector are innovating with advanced technologies such as holographic digital image processing software to push the boundaries of image processing capabilities. This software utilizes machine learning techniques, specifically the channel attention mechanism, to selectively enhance or suppress features based on their relevance to specific applications. In March 2023, WiMi Hologram Cloud Inc., a company based in China and specializing in augmented reality solutions, developed holographic digital image processing software that employs visual saliency and channel attention mechanisms. This technology significantly improves the processing of images for intelligent holographic systems, with applications extending across various industries including face recognition, AR/VR, healthcare, smart cities, industrial inspection, agriculture, robotics, and security. By optimizing both the efficiency and accuracy of image processing, this software represents a significant advancement in the field.

In August 2023, in a strategic expansion move, Cognex Corporation, a U.S.-based provider of vision systems, software, sensors, and industrial barcode readers, acquired Moritex Corporation for $275 million. This acquisition is aimed at enhancing Cognex's product lineup, increasing its market penetration in Japan's machine vision sector, and integrating complementary technologies. Moritex Corporation, headquartered in Japan, specializes in optics components and advanced imaging solutions, offering significant synergistic potential with Cognex's existing offerings.

Major companies operating in the digital image processing market are Nvidia Corporation, Canon Inc, Samsung Electronics Co Ltd, Panasonic Corporation, Cognex Corporation, Teledyne Technologies Inc, International Business Machines Corporation (IBM), Microsoft Corporation, Vegavid Technology Private Limited, Visionaryai, Nikon Corporation, Seiko Epson Corporation, Adobe Inc, Intel Corporation, Sony Corporation, Google LLC, Apple Inc, Fujitsu Limited, Olympus Corporation, Hewlett Packard Enterprise Company, Toshiba Corporation, Oracle Corporation, SAP SE, Autodesk Inc, Corel Corporation, CyberLink Corp, DXO Labs, Phase One A/S, Ricoh Company Ltd, Red Digital Cinema.

Europe was the largest region in the digital image processing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital image processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital image processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital image processing entails the utilization of algorithms and computational techniques to manipulate and analyze digital images. This field focuses on enhancing image quality, analyzing photo content, interpreting visual information, and extracting key features from digital images to optimize their utility and derive meaningful insights from the data.

Digital image processing is primarily segmented into software and services. The software component consists of a collection of instructions, data, or programs designed to control computers and execute specific functions. These software applications include visual product search, object recognition, vision analytics, among others, which are utilized across various industries. Key end-users include sectors such as healthcare, automotive and transportation, banking, financial services, and insurance (BFSI), retail and e-commerce, along with other industries.

The digital image processing market research report is one of a series of new reports that provides digital image processing market statistics, including the digital image processing industry global market size, regional shares, competitors with digital image processing market share, detailed digital image processing market segments, market trends, and opportunities, and any further data you may need to thrive in the digital image processing industry. This digital image processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital image processing market consists of revenues earned by entities by providing services such as image restoration, image classification, object detection, and recognition. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital image processing market also includes sales of digital cameras, image sensors, and image scanners. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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