Image Recognition Market Outlook 2031
The Image Recognition Market was USD 34.44 Billion in 2022 and is likely to reach USD 122.11 Billion by 2031, expanding at CAGR of 15.1% during 2023 – 2031. The growth of the market is attributed to rising use of face remembrance technology in airports at security checkpoints.
The data given by users through multiple platforms, such as apps, social networks, and websites is used by the image recognition system. With the help of Artificial Intelligence (AI), it detects buildings, people, logos, places, things, and several other characteristics in photographs. Many applications leverage this approach, including smart photo libraries, targeted advertising, security surveillance, toll booth monitoring, and factory automation systems.
Aside from that, image processing and recognition have evolved with a slew of powerful applications, including security and surveillance, as well as medical imaging, that have generated significant corporate value. The versatility of this technology has been demonstrated by functions, such as barcode reading, visual geolocation, facial or object recognition, and automated driver assistance, among other industrial automation-related functions. This technology has begun to provide substantial growth potential in numerous verticals, including gaming, social networking, and e-commerce, when paired with AI.
With sophisticated advertising, consumer interaction, and branding, many organizations have utilized technology to boost their marketing activities. To improve the user experience and allow advertisers to insert contextually relevant adverts, the major social media platforms are utilizing AI-enabled image recognition technologies.
The COVID-19 outbreak has brought negative impact on the image recognition market due to imposed restrictions and enforced lockdowns by respective regulatory bodies, which resulted in disruption in demand and supply chain globally. The market is expected to recover an uptrend operation soon due to subsiding the COVID 19 cases gradually across the globe.
Image Recognition Market Trends, Drivers, Restraints, and Opportunities
- Rising popularity of media cloud services across the segment is expected to boost the market growth in the coming years.
- Surge in mobile devices equipped with cameras is one of the key factors driving the market growth.
- Technological advancement in facial recognition technology is anticipated to boost the market expansion during the projected period.
- High initial cost associated with installation of the technology presents a major challenge. This is likely to hinder the market growth during the forecast period.
- Increasing demand for security products and applications enabled with image recognition functions is projected to create significant growth opportunities for the market in the near future.
Scope of Image Recognition Market Report
The report on the global image recognition market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Image Recognition Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Service, Hardware, and Software), Applications (Marketing & Advertising, Scanning & Imaging, Augmented Reality, Security & Surveillance, and Image Search), Techniques (Facial Recognition, QR/Barcode Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), Deployments (Cloud and On-premise), and End-users (Healthcare, Retail & E-commerce, Government, Telecom & IT, Media & Entertainment, BFSI, Automobile & Transportation, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; Wikitude GmbH; Attrasoft, Inc.; Google LLC; Catchroom; Hitachi, Ltd.; Honeywell International Inc.; LTU Technologies; and NEC Corp.
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Image Recognition Market Segment Insights
Service segment to grow at a rapid pace
Based on components, the global image recognition market is divided into service, hardware, and software. The service segment is expected to grow at a rapid pace during the forecast period owing to the demand for integrated technology. However, the software segment is anticipated to hold a key share of the market in the coming years due to advancement in automation and introduction of Industry 4.0.
Marketing & advertising segment to expand at a considerable CAGR
On the basis of applications, the market is segregated into marketing & advertising, scanning & imaging, augmented reality, security & surveillance, and image search. The marketing & advertising segment is projected to expand at a considerable CAGR during the forecast period attributed to improve their marketing activities with customer interaction, advanced advertising, and branding by the organizations.
On the other hand, the augmented reality segment is anticipated to account for a major market share during the forecast period due to the usage in numerous purposes, such as entertainment, product display, and augmentation of printed magazines.
Object recognition segment to hold significant market share
In terms of services, the global image recognition market is segmented into facial recognition, QR/barcode recognition, object recognition, pattern recognition, and optical character recognition. The object recognition segment is anticipated to hold significant market share in the coming years owing to adoption in industries ranging from security & surveillance to manufacturing. However, the QR/barcode recognition segment is expected to register a considerable CAGR during the forecast period due to the wide adoption of barcode scanners by corporations to track their fixed assets.
Cloud segment to account for significant market share
Based on deployments, the market is bifurcated into cloud and on-premise. The cloud segment is expected to account for major market share during the projected timeline attributed to the increased adoption in verticals where centralized monitoring is required, such as media & entertainment, BFSI, and government. Moreover, these solutions enable users to incorporate innovative techniques into their daily operations while remaining within their financial constraints, which is expected to drive the segment growth further.
Media & entertainment segment to expand at robust growth rate
On the basis of end-users, the global image recognition market is segmented into healthcare, retail & e-commerce, government, telecom & it, media & entertainment, BFSI, automobile & transportation, and others. The media & entertainment segment is estimated to expand at robust growth rate during the forecast period owing to the capacity of image recognition technology to derive commercial insights from photos uploaded on social media.
However, the retail & e-commerce segment is projected to expand at a considerable CAGR during the forecast period as online shoppers can use image identification to look for clothing or accessories by taking a photograph of a texture, garment, color, or print.
North America to constitute a key market share
In terms of regions, the global image recognition market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to growing incorporation of mobile computing platforms and AI in the field of e-commerce and digital shopping in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to rapid technological advancement, increasing use of mobiles and tablets, and the popularity of online streaming across the region.
Segments
The global image recognition market has been segmented on the basis of
Components
- Service
- Hardware
- Software
Applications
- Marketing & Advertising
- Scanning & Imaging
- Augmented Reality
- Security & Surveillance
- Image Search
Techniques
- Facial Recognition
- QR/Barcode Recognition
- Object Recognition
- Pattern Recognition
- Optical Character Recognition
Deployments
End-users
- Healthcare
- Retail & E-commerce
- Government
- Telecom & IT
- Media & Entertainment
- BFSI
- Automobile & Transportation
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Qualcomm Technologies, Inc.
- Slyce Acquisition Inc.
- Wikitude GmbH
- Attrasoft, Inc.
- Google LLC
- Catchroom
- Hitachi, Ltd.
- Honeywell International Inc.
- LTU Technologies
- NEC Corp.
Competitive Landscape
Key players competing in the global image recognition market are Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; Wikitude GmbH; Attrasoft, Inc.; Google LLC; Catchroom; Hitachi, Ltd.; Honeywell International Inc.; LTU Technologies; and NEC Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
For instance, in May 2019, Wikitude GmbH released version 8.5 of the Wikitude SDK, which includes new image recognition features like transparent areas and picture target collection.
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