Image recognition is not a new term, the technology has been there for quite a long time now. If you can recall, how news channels used to point out the object from the image for better image classification to aid its clear visibility.
Essentially, image recognition is a process used to identify a specific object in an image, making it easier to distinguish and analyze. The significance of image recognition can’t be neglected as it allows the process of visual data automatically. As per Statista, the market size for image recognition is expected to show an annual growth rate of 9.79%, resulting in a market volume of US $21.07 billion by 2030.
Additionally, with the advent of Artificial Intelligence and deep learning technologies, the effectiveness of image recognition has been expanded.
In the realm of Artificial Intelligence, deep learning plays a significant role in the field of image recognition. It involves techniques that can mimic and can perform better than what is limited to human capabilities. Image recognition backed with deep learning can be the best combination that is helping industries to outperform.
Let’s check the top 5 industries that are benefitting from image recognition-
Healthcare
Medical image analysis can be quicker with deep learning, it can analyze X-rays, CT scans, and images of body parts to identify health problems in friction of time. It would facilitate the healthcare sector to detect diseases early, leading to improved patient outcomes and thus increasing the overall efficiency of healthcare professionals.
Retail and E-Commerce
From optimizing inventory to offering exceptional customer shopping experience, image recognition is truly a game-changer for the e-commerce industry. For instance, in the retail sector, the presentation of products plays a crucial role in enhancing sales by increasing the visibility of the product. Thus, providers adopt a strategy for the proper placement of products, which is called planogramming. Image recognition helps in identifying if any shelf is empty or ensures that the arrangement of products is as per plan.
Furthermore, customers with their reference image can search the similar kinds of products that they require and thus can get exact product recommendations, enabling e-commerce businesses to maximize the search potential from the customer’s side.
Fintech
In the fintech industry, already various fields have adopted image recognition. For instance, facial recognition for bio-metric recognition enhances the security of mobile banking apps and predictive analytics for the trading of stocks, among which image recognition can be applied to analyze and interpret visual data from financial graphs and charts. By integrating image recognition with deep learning, fintech companies can streamline business operations, enhance security, and offer top-notch financial services.
Manufacturing
The manufacturing industry can improve efficiency with image recognition backed by deep learning. With image recognition, the images of products can be captured to detect the quality of products and to help detect the defects in the product. Deep learning aids in the predictive maintenance of machines reducing downtime and operational failures. Additionally, combined with image recognition boosts the process of detecting machine maintenance needs in advance.
Agriculture
Adopting deep learning and image recognition can solve many agricultural problems. The sector has already been adopting drone services to detect various anomalies, and image recognition boosts the whole process. Deep learning with images can analyze crop health and detect the signs of plant diseases or if there are any nutrition deficiencies. It facilitates farmers to proactively detect any crop issue and take corrective measures.
Summing Up
Image recognition is a versatile technology that is helping industries boost their overall efficiency by providing valuable insights that can even surpass the visibility of human capabilities. Many industries have already embraced this technology, and some are yet to unleash its power.
We at Canopus Infosystems can help your industry improve business performance with leaps and bounds by integrating business intelligence solutions and allowing you to make data-driven informed decisions.
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