USD 36.1 billion
Image Recognition Market Size, Share, Growth Analysis, By Technology(Digital Image Processing, Facial Recognition, Pattern Recognition), By Component(Hardware, Software, Services), By Deployment Mode(On-premises & Cloud), By Application(Augmented Reality, Scanning & Imaging, Security & Surveillance, Marketing & Advertising), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45F2030 |
Region:
Global |
Published Date: July, 2036
Pages:
165
|Tables:
117
|Figures:
77
Image Recognition Market Insights
Image Recognition Market size was valued at USD 36.1 billion in 2022 and is poised to grow from USD 42.69 billion in 2023 to USD 177.1 billion by 2031, growing at a CAGR of 18.3% in the forecast period (2024-2031).
The photo popularity era is the system of figuring out and detecting an object or a function in a digital picture or video. The field of picture recognition has received giant acclaim within the past few years. A photograph reputation device makes use of the facts shared via customers via numerous structures such as social networks, apps, and websites. It uses a technology that detects places, people, items, buildings, logos, and unique variables in pictures with the assistance of artificial intelligence. This idea is used in many programs consisting of clever picture libraries, focused advertising and marketing, safety surveillance, toll sales space tracking, and structures for manufacturing unit automation.
Machine learning-based image recognition technology has been incorporated into a number of industries, including self-driving cars, automated picture arrangement for visual web pages, and facial recognition on social networking sites. Social media monitoring is one of the most widely used applications of picture identification, as visual listening and visual analytics are crucial components of digital marketing. Additionally, this technology is heavily utilised in safety and security-related applications, such as law enforcement agencies' usage of facial recognition. Additionally, face recognition technology is being used more frequently at security checkpoints in airports. For instance, the Travel Document Checker (TDC) automated identification verification short-term test was undertaken by the Transportation Security Administration (TSA) at McCarran International Airport (LAS).
Convolutional neural networks have been used by scientists and researchers to recognise and classify chest X-ray pictures as different methods to diagnose Covid-19 illness have emerged (CNNs). Numerous governments use facial recognition technology to follow patients who flee quarantine areas, monitor infected people's temperature changes, and enforce social segregation laws in an effort to stop the spread of the coronavirus. Offices, homes, businesses, and shopping centres that employ facial recognition technology to open and close doors will aid in lowering the likelihood of transmission.
US Image Recognition Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
18.3% CAGR
Global Image Recognition Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Image Recognition Market Segmental Analysis
Global Image Recognition Market is segmented based on Technology, Component, Deployment mode, Application, and Region. Based on Technology the market is further sub segmented into Digital Image Processing, Facial Recognition, Pattern Recognition, Based on Component the Image Recognition Market is further sub segmented into Hardware, Software, and Services, Based on Deployment Mode the market is further sub segmented into On-premises & Cloud, Based on Application the Image Recognition Market is further sub segmented into Augmented Reality, Scanning & Imaging, Security & Surveillance, Marketing & Advertising, Image Search. Based on Region, the Image Recognition Market is further sub segmented into North America, Europe, Asia Pacific, South America, MEA.
Analysis by Technique
The object recognition market category retained a sizable market share. A branch of computer vision that has gained popularity in both businesses and consumer-facing IT firms is object identification. Additionally, due to the use of face recognition in a variety of sectors, including manufacturing, security, and surveillance, it is expected that its pace of growth will change noticeably throughout the course of the projected period.
As organizations quickly deploy barcode scanners to track their fixed assets, QR/barcode recognition is another important image identification approach. Businesses have used barcode scanners as a result of the efficiency, time savings, and accuracy that come with barcode recognition. Barcode recognition has a sizable market share thanks to its use in a variety of applications, including monitoring merchandise and entertainment, advertising, games, and pop culture and art. In the upcoming years, it is expected that the use of this method in retail and other industries would accelerate the expansion of the QR/barcode recognition market.
Image Recognition Market Analysis by Application
The marketing and advertising sector led the market due to the widespread adoption of technology by firms to enhance their marketing efforts through sophisticated advertising, customer contact, and branding. To enhance user experience and enable advertisers to insert contextually relevant adverts, the major social media platforms are utilising AI-enabled image recognition technologies. For instance, Slyce Acquisition Inc., a visual search service provider for retailers, purchased the intellectual property assets of Ditto Labs, a maker of picture recognition software for social media monitoring, in November 2018. To offer valuable information about how products are used and shared online, this transaction was done.
The augmented content that can be displayed in response to the detection of 2D photos includes slideshows, films, sound, 360° panoramas, 3D animations, and text. A variety of uses for augmented reality are being explored, including the augmentation of printed publications, the display of products, and entertainment.
Image Recognition Market Analysis by Component
Over the forecast period, the service segment is expected to experience a noteworthy growth rate. Due to the expanding use of image processing software across a range of applications, including medical imaging, computer graphics, and photo editing, the software sector had a sizable market share.
Over the course of the forecast period, it is expected that the trend of using digital image processing in the creation of software connected to computer vision would increase demand for the market. For instance, a number of API platforms, like Amazon Recognition, offer the option of integrating video or image analytics into an application in order to improve the application's ability to recognise objects. Additionally, developers have access to image processing and content visualisation with Microsoft Computer Vision API, a cloud-based API tool given by Microsoft. To increase content discoverability and speed up text extraction, several companies and businesses use the mage recognition software.
Image Recognition Market Analysis by Deployment Mode
During the forecast period, it is expected that the cloud segment will continue to dominate the market. Because centralised monitoring is necessary in industries including banking, financial services, and insurance (BFSI), media and entertainment, and government, the cloud-based business has grown significantly in recent years. Additionally, cloud-based deployment gives users access to APIs (Application Programming Interfaces) that are present on several servers or sources.
Many businesses are employing cloud-based image processing technologies to protect sensitive information and support their marketing initiatives. These services help consumers incorporate cutting-edge methods into their regular routines without straining their budgets. For instance, deep learning-powered Amazon Rekognition provides highly accurate facial search and facial analysis capabilities that may be utilised for face identification, analysis, and comparison for a range of user verification and public safety use cases. Additionally, developers can use machine learning models with Google Vision, a component of the Google Cloud Platform, to comprehend the content of the image.
Global Image Recognition Market Share By Component, 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Image Recognition Market Regional Insights
North America held the greatest market share, mostly as a result of the US's quick expansion of cloud-based streaming services. The segment's expansion is attributable to the growing use of mobile computing platforms and artificial intelligence in the area of online buying and e-commerce. Due to regional improvements in automotive obstacle detection technology, the European regional market is expected to experience considerable growth throughout the forecast period.
A rise in the use of the technology is expected in the image recognition market due to advantages including the ability to derive business insights from socially shared photos and automatically organise collections of untagged photos. It also provides safety measures for driverless vehicles. Vendors are concentrating on the creation of novel solutions to stay competitive as a result of the growing competition among image recognition solution suppliers.
However, over the forecast period, Asia Pacific is expected to develop at the greatest CAGR. Rapid technology improvements, rising mobile and tablet use, and the acceptance of online streaming in developing nations like China and India are all cited as reasons for this growth. The development is linked to the widespread use of cloud and mobile solutions for information security. The market is expanding due to factors like the booming economies of nations like China and India, the rising popularity of smartphones, and the expanding e-commerce industry.
The Asia Pacific region's market is expected to rise as a result of China's expanding use of face recognition in security and surveillance systems. As an illustration, the Chinese government has implemented real-name registration laws in the nation, mandating that residents link their online accounts to their official government IDs. These regulations have increased the use of image recognition throughout the country.
Global Image Recognition Market By Geography, 2021 - 2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Image Recognition Market Dynamics
Image Recognition Market Driver
- Processes for executing retail transactions that are profitable, efficient, and compliant are required.
The management of consumer contacts, product marketing both online and offline, and inventory control in retail spaces are all being revolutionised by image recognition technologies. More and more, internet shopping is being done using image recognition technologies. For instance, Snap, the parent company of Snapchat, is now creating a visual product feature for Snapchat that will make use of image recognition technology and enable users to capture images of objects in the real world as well as recognise, explore, and buy items on Amazon. Entrepreneurs and merchants have realised that traditional techniques of sales promotions, marketing, and visual merchandising will not be viable in the business in the long run as a result of the boom in the e-commerce sector, and much more so during the COVID-19 epidemic. In order to provide a superior consumer experience, merchants are swiftly adjusting to the new era of AI and picture recognition. The application of image recognition for shelf identification, product positioning, and upholding merchandising norms is rapidly gaining ground. Manufacturers, retailers, and marketers may better understand their markets and respond to them quickly thanks to image recognition technologies.
Image Recognition Market Restraint
- High cost of installing image recognition software
Making image recognition systems is expensive, which can limit the market's expansion. Face recognition, deep learning, computer vision, AI, ML, and gesture recognition are just a few examples of the enabling technologies that have expensive development costs. Therefore, even though they are interested in such solutions to boost productivity, businesses with limited financial resources do not choose picture recognition options. It is challenging for small businesses to use well-known vendor solutions since they are so expensive, like Microsoft Computer Vision API, Microsoft Emotion API, Amazon Recognition, Google Cloud Vision API, and IBM Watson Visual Recognition. Small retail and e-commerce enterprises would be discouraged by the high costs associated with adopting image recognition solutions and teaching AI enablers how to carry out a specific activity, which could prove to be a constraint for image recognition solution suppliers throughout the forecast period.
Request Free Customization of this report to help us to meet your business objectives.
Image Recognition Market Competitive Landscape
To acquire a competitive advantage in the market, vendors are concentrating on growing their client gain. Vendors are therefore undertaking a number of strategic efforts, such as improving their goods by including new features, working together, making acquisitions and mergers, and forming relationships with other significant market participants.
Image Recognition Market Top Player’s Company Profiles
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services, Inc.
- Intel Corporation
- Qualcomm Technologies, inc.
- Honeywell International Inc.
- Catchoom Technologies S.L.
- LTU Technologies (A Datalogic Company)
- Slyce Inc.
- Wikitude GmbH
- LTU engine
- Imagga Technologies Ltd.
- Blippar Ltd.
- Google Cloud Vision API
- Clarifai Inc.
- LogoGrab
- Huawei Technologies Co. Ltd.
- Attrasoft Inc.
- Tesseract OCR
Image Recognition Market Recent Development
- In June 2021, To assist businesses in navigating many parts of the return-to-workplace difficulty brought on by lockdowns implemented to halt the spread of COVID-19, IBM developed Watson Works, a curated set of products that incorporate Watson's AI models and applications.
- In April 2021, Coca-Cola collaborated with Microsoft. Through the cooperation, the company will be able to control its business operations on the Microsoft Azure cloud and give new, rich digital experiences that will yield creative solutions. With the use of these solutions, the Coca-Cola Company will be able to gain new insights from data throughout the entire organization, providing a 360-degree perspective of the company and improving the experiences of both customers and employees.
- In March 2021, To merge the technology of the two businesses, serve the demands of new food stores, and improve its position in image identification in the retail industry, Trax purchased Survey.com.
Image Recognition Key Market Trends
- The demand for image recognition technology has expanded as people's preferences for advanced machine learning and high bandwidth data services have grown. Image recognition has become more widely adopted as a result of developments in a number of industries, including banking, financial services, insurance, and the media and entertainment sector, retail, IT & telecom, and banking, financial services, and insurance (BFSI). The image recognition system, among other things, aids in the identification of objects, structures, locations, logos, and individuals in images. The ability to combine offline content, such brochures and periodicals, with digital content, including advertising videos, augmented reality experiences, and product information has also been made possible by recent advancements in image recognition technology.
- Computer vision, which is used to recognise or detect an image or an attribute in digital photos or videos, also heavily relies on automated image recognition systems. Real-time data collection and analysis are made possible for users. High-dimensional data is gathered, which results in information that is either numerical or symbolic. Computer vision offers object recognition, event detection, image reconstruction, learning, and video tracking in addition to image recognition.
Image Recognition Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Increasing advertising, customer contact, and branding dominated the Global Image Recognition Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Image Recognition Market owing to the region's highly aware and economically stable population.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 36.1 billion |
| Market size value in 2031 | USD 177.1 billion |
| Growth Rate | 18.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Image Recognition Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Image Recognition Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Image Recognition Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Image Recognition Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Image Recognition Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Image Recognition Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
