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Global Image Recognition Market to Reach US$ 76.5 Billion By 2027, Impelled by Increasing Demand from Automotive Sector

Published on Oct 25, 2022

According to the latest report by IMARC Group, titled "Image Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global image recognition market reached a value of US$ 30.0 Billion in 2021. Image recognition refers to the technology that is generally used to identify objects and entities variables in the form of an image. It is a computer-operated vision technology that gathers, process, and analyze data from the real world. Additionally, it involves the utilization of supervised learning, deep learning algorithms and neural network techniques to identify the subject of the picture. It works by assigning a single and high-level label to an image by interpreting and analyzing the image's pixel patterns. As a result, it is extensively used to performing several machine-based visual tasks, such as image content search, labeling the content of images with meta-tags and guiding autonomous robots.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Image Recognition Market Trends:

The global market is primarily driven by the increasing demand from the automotive sector. This is supported by the widespread integration of accident-avoidance systems in vehicles and the introduction of self-driving cars. Along with this, numerous leading players are heavily investing in the deployment of advanced image recognition systems for face identification on social media networks, which is creating a positive market outlook. In addition to this, the extensive utilization of these solutions by law enforcement agencies and airport authorities for facial recognition is providing an impetus to the market. Furthermore, continual technological advancements in image recognition solutions, including the integration of artificial intelligence (AI) and cloud computing, are impacting the market favorably. Other factors, including rapid digitization and urbanization, the growing incidences of geopolitical conflicts and terrorism activities, continuous improvements in the information technology (IT) sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 76.5 Billion by 2027, exhibiting a CAGR of 16.8% during 2022-2027. 

Market Summary:

  • On the basis of the component, the market has been segmented into hardware, software and services.
  • Based on the technology, the market has been segregated into object detection, QR/barcode recognition, facial recognition, pattern recognition, optical character recognition and others.
  • On the basis of the application, the market has been categorized into scanning and imaging, security and surveillance, image searching, augmented reality, marketing and advertising and others.
  • Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
  • On the basis of the end-use industry, the market has been segmented into BFSI, media and entertainment, IT and telecom, government, healthcare, transportation and logistics, and others.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players Amazon Web Services Inc. (Amazon.com Inc.), Attrasoft Inc., Google LLC (Alphabet Inc.), Hitachi Ltd., Honeywell International Inc., International Business Machines Corporation, Microsoft Corporation, NEC Corporation, Qualcomm Technologies Inc. (Qualcomm Incorporated), Slyce Inc. and Wikitude GmbH.
     

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