Image Recognition Market

Market Overview 2023-2028:

The global image recognition market size reached US$ 35.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 89.3 Billion by 2028, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.

Image recognition refers to a technological solution used for identifying objects, people, places and actions in images. It utilizes machine vision technologies with predefined algorithms and artificial intelligence (AI) to interpret a matrix of numerical values in a digital image. The algorithm maps out a pattern or relationship in subsequent images to improve the accuracy of the results. Some of the commonly used algorithms include Principal Component Analysis (PCA), Scale-invariant Feature Transform (SIFT) and Speeded Up Robust Features (SURF). These technologies are also used for performing machine-based visual tasks, such as labeling contents of images with meta-tags, performing image content search and guiding self-driving cars, autonomous robots and accident avoidance systems.

Image Recognition Market Trends:

Rapid digitization across industries, along with the widespread adoption of AI-based systems, are among the key factors driving the growth of the market. Furthermore, the increasing utilization of image recognition technologies for digital marketing applications is providing a thrust to the market growth. E-commerce service providers integrate their application’s programming interface with the image recognition tools to assist with the monitoring of return on investment (RoI) and enhancing brand productivity. Additionally, various technological advancements, such as the improvements in AI, big data and machine learning (ML) systems, are acting as other growth-inducing factors. This enables law enforcement agencies to run visual analytics for biometric scanning machines, pedestrian recognition and vehicle tracking. Other factors, including significant improvements in the information technology (IT) infrastructure, along with extensive research and development (R&D) activities, are anticipated to drive the market further. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global image recognition market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, technology, application, deployment type and end use industry.

Breakup by Component:

• Hardware
• Software
• Services
   

Breakup by Technology:

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

Breakup by Application:

• Scanning and Imaging
• Security and Surveillance
• Image Searching
• Augmented Reality
• Marketing and Advertising
• Others
   

Breakup by Deployment Type:

• On-premises
• Cloud-based
   

Breakup by End Use Industry:

• BFSI
• Media and Entertainment
• IT and Telecom
• Government
• Healthcare
• Transportation and Logistics
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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.

Report Coverage:

Key Questions Answered in This Report:

• How has the global image recognition market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global image recognition market?
• What are the key regional markets?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the deployment type?
• What is the breakup of the market based on the end use industry?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global image recognition market and who are the key players?
• What is the degree of competition in the industry?