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

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).

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.