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Image Analysis Software Market Growth Overview, Demand, Future Scope, Regional Outlook and forecast to 2028

Image Analysis Software Market

Image Analysis Software Market

Image Analysis Software Market 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.

PUNE, MAHARASHTRA, INDIA, April 28, 2023 / -- The image analysis software market is segmented on the basis of deployment type, image dimension, industry vertical, and geography. Based on deployment type, the image analysis software market is bifurcated into cloud-based and on-premises. In 2021, the on-premises segment led the market and accounted for a larger market share. Based on image dimension, the image analysis software market is segmented into 2D, 3D, and 4D. In 2021, the 2D segment led the market and accounted for the largest market share. Based on industry vertical, the image analysis software market is segmented into healthcare and life science, manufacturing, academia, minerals, metals and oil, and others. Geographically, the image analysis software market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the market.

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In North America, particularly in the US, most businesses are developing strategies to increase agility and flexibility, support expansion, and minimize complexity in hybrid cloud migration. Virtual networks that support applications and workloads across physical infrastructure and multi-cloud environment have replaced the traditional on-premises physical servers.

Image analysis software and algorithms are an important part of modern healthcare. The medical industry is completely dependent on image analysis tools since they have made the diagnosis of tumors and other diseases simpler. The imaging techniques have undergone notable developments in the last few years; image analysis software products that are currently available in the market allow users to access data remotely, further enabling ease of data sharing among practitioners. Computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, and coupled hybrid technologies such as PET-CT and PET-MRI image fusion are necessary for the effective functioning of the medical industry. According to several organizations and surveys, in 2019, the US, Canada, and Mexico each had about 42.6, 52.3, and 6.12 CT Scan devices per one million people. respectively. Hence, such factors drive the growth of the image analysis market across the region.

Visual AI allows new and experienced users to effortlessly construct and deploy accurate and explicable machine learning models with photos through community hardware. Computer vision will enable users to manipulate pictures as they would any other data type. Enterprise AI systems automate the preparation, selection, and training of a wide range of cutting-edge deep learning models so that the optimal deployment model may be recommended. As social separation becomes the new normal, watching and monitoring people's gatherings and movements are becoming more important than ever. Standard Operating Procedures (SOPs) must be implemented and tracked in real-time by businesses. Employees can maintain safe, specified distances from one another throughout shifts while following conventional practices due to computer algorithms that evaluate data from on-site video cameras. Retailers can utilize AI and machine learning tools to keep track of the distances between their warehouse employees. When a divergence from typical behavior is detected, these tools issue real-time alerts, which, in turn, is likely to gain momentum and propel the image analysis software market growth during the forecast period.

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Image Analysis Software Market: Deployment Type Overview

Based on deployment type, the image analysis software market is bifurcated into on-premises and cloud. The on-premises segment dominates the image analysis software market due to intense penetration in the healthcare and life science industry. The laboratories, academia, and manufacturing sectors preferred the on-premises solution due to its enhanced security. However, increasing demand for cloud computing solutions and rising security in cloud platforms are driving the image analysis software market growth for the cloud segment.

Impact of COVID-19 Pandemic on Image Analysis Software Market

The COVID-19 pandemic has benefited the industry for image analysis solutions. Businesses face new challenges due to the COVID-19 pandemic and the development of remote work environments. Further, the pandemic arrival in 2020 prompted a slew of challenges for global image analysis software market operations. Healthcare infrastructures collapsed in developed economies due to the rising cases of COVID-19. Therefore, public healthcare emergency requires the government and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period. In addition, the increased investments bode well for the industry in the following years.

The overall impact of the COVID-19 pandemic in 2020 was minimal on the image analysis software market. Also, the adoption of enhanced analysis solutions in the healthcare and life science, security, and academia sectors created lucrative growth opportunities for the market.

Image Analysis Software Market: Competitive Landscape and Key Developments

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 are among the key players profiled during the study of the image analysis software market. In addition, several other essential market players were studied and analyzed to get a holistic view of the image analysis software market and its ecosystem.

In January 2021, The Aphelion Imaging Software Suite was updated to version 4.5.0. New features included in the release are Annotate Deep Learning Additional features in the Aphelion GUI.

In April 2021, Imaris launched Version 9.8 - Object visualization on extended sections, as well as raw data, has been added by the company, opening up new means of validating detection and editing in Imaris.

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Sameer Joshi
The Insight Partners
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