Global Image Recognition Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Technique (Object Recognition, QR/Barcode Recognition, Pattern Recognition, Facial Recognition, and Optical Character Recognition), By Application (Imaging and Digitization, Security and Surveillance, Augmented Reality, Marketing and Advertising, and Image Search), By Component (Hardware, Software and Services), By Deployment Mode (Cloud and On-Premises), By Vertical (Media and Entertainment, BFSI, Automotive and Transportation, Retail and E-Commerce, Telecommunications and IT, Government, Healthcare, and others), & Region - Industry Forecast From 2024 to 2032

Updated On: June, 2024
ID: 9990
Pages: 150

Global Image Recognition Market Size (2024 to 2032)

The global image recognition market was worth USD 77.49 billion in 2023. The global market is predicted to reach USD 92.60 billion in 2024 and USD 385.08 billion by 2032, growing at an annual development rate of 19.5% over the outlook period.

Image recognition plays a crucial role in identifying different features like places, objects, people, and actions in images. Computers implement these machine vision technologies with the help of cameras and artificial intelligence to achieve image recognition. This technique is used to perform a large number of machine-based visual tasks, such as tagging image content with META tags, searching for image content, and guiding autonomous robots and cars. Autonomous systems to prevent accidents.

Current Scenario of the Global Image Recognition Market

The adoption of artificial intelligence (AI) technology is increasing due to its ability to improve and automate operations and enhance the user experience. Governments are also focusing on increasing their artificial intelligence capabilities to revolutionize various sectors, from healthcare to transportation. The EU has pledged to invest USD 1.5 billion in artificial intelligence to catch up with the United States and Asia.

As AI becomes the heart of many technological applications, investments in the sector are increasing. Image recognition is one of the standard features of many AI applications. Therefore, the market is expected to take advantage of fast-growing technology and develop in the coming years.

MARKET TRENDS

Images are real and large, and unlike other forms of data, they also cannot be easily falsified. These characteristics make images and big data repositories, and therefore, the exploitation of such precious data an excellent source of information for banks and financial institutions. The BFSI industry has been a great benefactor of artificial intelligence, with companies in this industry relying on technology for various applications like staying competitive in an ever-changing market, personalizing communication, and improving productivity by automating monotonous tasks.

Facebook can now correctly identify and attribute 98% of your images to the right person. Imaging technology is used to identify and remove bogus social accounts. Such identification based on false images has immense potential to enrich banks' credit rating and risk modeling. The images could also be used by insurers in assessing risks and identifying fraud. As image processing and recognition become major applications of AI in various sectors, it should experience positive growth over the forecast period.

MARKET DRIVERS

Smartphones and camera devices are attracting sellers to invest in the image recognition market.

New mobile apps allow online shoppers to find the product they want just by taking a photo. The image is loaded into an application that suggests elements that are the same or have similar attributes and even substitutes. Image recognition has the potential to turn an image into a hyperlink, information, coupon, and video. These recognition technologies help consumers instantly collect product information by taking a photo on their mobile device. The advent of new applications like games, price comparison, video search, e-commerce, interactive television, augmented reality (AR), image recognition, shelf recognition, and many more are helping consumers. Consumers instantly collect information from 40 to 50 products on the shelves at the same time just by taking a photo with image recognition technology.

MARKET RESTRAINTS

The cost of manufacturing image recognition systems is very high, and the return on investment in physical assets is low. This factor is a major obstacle to the growth of the global image recognition market, as most technologies such as Business Intelligence (BI), knowledge management, customer relationship management (CRM), customer recognition, and enterprise resource planning (ERP) have a huge development cost.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2032

Base Year

2023

Forecast Period

2024 to 2032

CAGR

19.5%

Segments Covered

By Technique, Application, Component, Deployment, Vertical, and Region

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

 

 

Market Leaders Profiled

Qualcomm Technologies, Inc. (United States), NEC Corporation (Japan), Google (United States), LTU Technologies (France), Catchoom Technologies SL (Spain), Honeywell International Inc (United States), Hitachi, Ltd. (Japan), Slyce (Canada), Wikitude GmbH (Austria), Attrasoft, Inc (United States), AWS (United States), Microsoft (United States), IBM (United States United States), Blippar (United States) Uni), Planorama (France), Ricoh Innovations Corporation (United States), Pattern Recognition Company GMBH (Germany), Trax Retail (Singapore), Intelligent Retail (Russia) and Snap2Insight Inc (United States) and Others.

 

SEGMENTAL ANALYSIS

Global Image Recognition Market Analysis By Technique

 The global image recognition system market has been segmented into object recognition, QR/barcode recognition, pattern recognition, facial recognition, and optical character recognition.

Global Image Recognition Market Analysis By Application

 The market has been segmented into imaging and digitization, security and surveillance, augmented reality, marketing and advertising, and image search.

Global Image Recognition Market Analysis By Component

 The image recognition market has been segmented into hardware, software, and service. The services segment is expected to experience a remarkable growth rate during the forecast period. The software segment had a significant market share in 2019 due to the increasing adoption of image processing software for various applications such as medical imaging, computer graphics, and photo editing.

Global Image Recognition Market Analysis By Deployment Mode

 The market has been segmented on-premises and in the cloud.

Global Image Recognition Market Analysis By Vertical

The market was segmented into media and entertainment, BFSI, automotive and transportation, retail and e-commerce, telecommunications and computing, government, healthcare, and others.

REGIONAL ANALYSIS

North America accounted for the largest share in global image recognition market, primarily due to the rapid growth of cloud-based streaming services in the US. The growth of the segment is attributed to the increasing integration of artificial intelligence computing platforms and mobiles in the field of digital shopping and electronic commerce. The European regional market is expected to experience significant growth during the forecast period due to increasing advances in automotive obstacle-detection technologies in the area.

KEY PLAYERS IN THE GLOBAL IMAGE RECOGNITION MARKET

The main players in the image recognition market presented in this report are Qualcomm Technologies, Inc. (United States), NEC Corporation (Japan), Google (United States), LTU Technologies (France), Catchoom Technologies SL (Spain), Honeywell International Inc (United States), Hitachi, Ltd. (Japan), Slyce (Canada), Wikitude GmbH (Austria), Attrasoft, Inc (United States), AWS (United States), Microsoft (United States), IBM (United States United States), Blippar (United States) Uni), Planorama (France), Ricoh Innovations Corporation (United States), Pattern Recognition Company GMBH (Germany), Trax Retail (Singapore), Intelligent Retail (Russia) and Snap2Insight Inc (United States).

RECENT HAPPENINGS IN THE GLOBAL IMAGE RECOGNITION MARKET

  • In March 2019, Amazon Rekognition launched an improved facial analysis. This is the fifth global update of the model since the service launched. Face analysis generates rich metadata about detected faces in the form of gender, age range, emotions, and attributes such as "Smile," "Glasses," and "Beard," face pose, facial image quality, and facial landmarks.
  • In April 2019, Google has partnered with Atos to open its new AI lab in Paris. The facility allows customers and public and private organizations to recognize various AI use cases, develop and prototype workable AI solutions, and improve the adoption of rapidly progressing technology.

DETAILED SEGMENTATION OF THE GLOBAL IMAGE RECOGNITION MARKET INCLUDED IN THIS REPORT

This research report on the global image recognition market has been segmented and sub-segmented based on the technique, application, component, deployment mode, vertical, and region. 

By Technique                     

  • Object Recognition              
  • QR/Barcode Recognition   
  • Pattern Recognition            
  • Facial Recognition
  • Optical Character Recognition         

By Application                   

  • Imaging and Digitization    
  • Security and Surveillance  
  • Augmented Reality             
  • Marketing and Advertising               
  • Image Search         

By Component                  

  • Hardware
  • Software  
  • Services    

By Deployment Mode                   

  • Cloud         
  • On-Premises          

By Vertical                           

  • Media and Entertainment
  • BFSI            
  • Automotive and Transportation    
  • Retail and E-Commerce     
  • Telecommunications and IT             
  • Government          
  • Healthcare              

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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Frequently Asked Questions

What are the major applications driving the growth of the image recognition market globally?

Major applications include security and surveillance, healthcare, automotive, retail, and e-commerce. In healthcare, image recognition is used for diagnostics and medical imaging. In retail, it enhances customer experience through visual search and inventory management. Automotive applications include driver assistance systems and autonomous vehicles.

How is artificial intelligence impacting the image recognition market?

Artificial intelligence, particularly machine learning and deep learning, significantly enhances image recognition capabilities by improving accuracy and efficiency. AI algorithms enable systems to learn from vast datasets, recognizing patterns and objects with minimal human intervention, thus expanding the applications and effectiveness of image recognition technologies.

What role does government regulation play in the image recognition market?

Government regulations play a significant role, particularly concerning data privacy and security. Regulations like the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States impose stringent requirements on how image data is collected, stored, and used, impacting market operations and development.

What future trends are expected to shape the global image recognition market?

Future trends include the integration of image recognition with augmented reality (AR) and virtual reality (VR), increasing use in smart cities for surveillance and infrastructure management, advancements in facial recognition technology, and growing applications in the automotive sector for enhanced driver assistance systems and autonomous driving. Enhanced computational power and AI advancements will further drive innovation and market growth.

 

 

 

 

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