What is the global market size of Image Recognition Market?

Global Image Recognition Market Size was valued at USD 36.3 billion in 2021. It is expected to reach a value of USD 169.89 billion by 2028, at a CAGR of 18.5% over the forecast period (2022 - 2028). Read More

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

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Image Recognition Market size was valued at USD 36.1 billion in 2019 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).

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. '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'

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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.

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.

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