Overview
Image Recognition Market is forecast to reach $56.5 billion by 2025, after growing at a CAGR of 13.53% during 2020-2025. The rising use of smartphones and the adoption of augmented reality (AR) and virtual reality (VR) are leading to the development of image recognition market. Moreover, the increasing need for image recognition for media, entertainment, branding, online shopping, and education and so on are also propelling the image recognition market during the forecast period.
Key Takeaways
- The image recognition market is dominated by North America due to the increasing implementation of image recognition solutions for mobile application security and the rising use of smartphones and other mobile devices integrated with image recognition technology.
- The embracement of new technologies such as AI facial recognition and the adoption of augmented and virtual reality is also a significant factor that is enhancing the image recognition market.
- Growing need of digital shopping and the developments in the healthcare sector including the adoption of electronic health records and remote health care practices will further create opportunities for fueling the growth of the image market
- Image recognition is highly getting traction, but the challenging factor that is hindering the market growth is the storage and resolution size of the image.
Technology- Segment Analysis
The facial recognition segment
holds the major market share in the image recognition market in 2019. The
integration of artificial intelligence with facial recognition in smartphones
and electronic gadgets is majorly driving the image recognition market. As
facial recognition and optical character recognition are significantly enabling
automated image recognition capabilities that are leading to the use of machine
learning and big data analytics for recognizing photos. Moreover, the emerging
use of facial recognition technology for media such as Facebook, Instagram and
so on are also highly increasing which is fueling the image recognition market.
The other technologies such as
code recognition are also becoming highly popular and further involves barcode
recognition that identifies the optical information of an object. This
technology is commonly being used across groceries, cosmetic products, branded
utensils, and others. Thus, the increasing use of code recognition technology
in retail stores and malls will further enhance the growth of the image
recognition market.
Application - Segment Analysis
Banking, Financial Services, and
Insurance is widely adopting artificial intelligence and increasingly integrating
biometric facial recognition technology with banking software. Additionally,
the BFSI segment is estimated to grow at a CAGR of 17.14%. The adoption of
image recognition technology in banks is allowing banking customers to access
their bank accounts, and moreover leading to the authentication of the
customer’s information. The other industry such as healthcare, media, and
entertainment are also playing a key role in driving the image recognition
market.
In media and entertainment, the
use of social networking sites is highly growing due to ease of internet access
and moreover, social media is widely involving the use of artificial
intelligence, augmented and virtual reality for providing effective image
recognition of the users. Furthermore, the growing use of image recognition
technologies for interactive marketing and creative campaigns by retailers
including both online and offline modes are also the most significant factors
that are driving the image recognition market growth.
Geography - Segment Analysis
North America dominated the image recognition market with
a share of more than 31%, followed by APAC and Europe. The growing adoption of
facial technology in the U.S is highly emphasizing the image recognition market
in this region. According to the Department of Homeland Security, it is
expected that facial technology will cover 97 percent of the airline passengers
in the coming years. Additionally, according to the survey conducted by the Pew
Research Center shows that the majority of Americans are trusting the law
enforcement agencies to use facial recognition technology for monitoring
security threats in public spaces.
The increasing penetration of smartphones and the
increasing usage of social networking sites is also regarded as the common factor
that is leading to the growth of the image recognition market in North America.
Drivers – Image Recognition Market
- Adoption of Artificial
Intelligence technology
The adoption of
artificial intelligence technology for image recognition is continuously rising.
The latest smartphones that are commonly used are in-built with an AI-based
camera for facial recognition of the user. The integration of artificial
intelligence is providing with standard features and moreover, governments are
also looking towards to enhance the AI capabilities in sectors such as healthcare,
transport and so on.
- Integration
of Big Data Analytics and Machine Learning in Image Recognition Technology
The integration
of big data analytics is providing advanced image analysis and recognition
technology. The deployment of machine learning is also emphasizing the pattern
recognition technology for classifying the data based on knowledge.
Additionally, the rising use of social media is also enhancing the use of big
data analytics and machine learning in image recognition technology. As the use
of big data analytics in social sites will lead to automates image recognition
and allow linking and tagging of the individual. Thus, the growing influence
towards the use of the latest technologies including augmented and virtual
reality will also drive the image recognition market in the near future.
Challenges – Image Recognition Market
Viewpoint variation of the image
The images which are analyzed using image recognition are
aligned in different directions in the real world. This alignment leads the
system or the camera to record inaccurate values and further fails to
understand the changing alignment of the image that creates a huge challenge
for the image recognition technology. Moreover, the low-resolution size of the
image also sometimes affects the classification of the object and leads to the
deformation of the image. This common factors will lead to hinder the growth of
the image recognition market.
Market Landscape
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the image recognition market.
In 2019, the market of image recognition has been consolidated by the top ten
players - Attrasoft, Inc., Catchoom Technologies S.L.,Google Inc., Hitachi,
Ltd., Honeywell International Inc., LTU Technologies, NEC Corporation, Qualcomm
Incorporated, Trax Image Recognition and Neurotechnology.
Acquisitions/Technology Launches
- In November 2018, Neurotechnology, a provider of deep-learning-based solutions announced the launch of a new SentiSight.ai web platform for AI-based image recognition applications powered by deep neural networks. This new platform has provided users with an interactive fast and convenient platform for image recognition.
- In July 2019, Trax Image Recognition, a computer vision and analytics solution provider for retail acquired Planorama, the supplier of image recognition services. This acquisition will help Trax to add deep learning-based image recognition technology from Planorama to its existing features that include market measurement and analytics services powered by image recognition, machine learning, and IoT platforms.
LIST OF TABLES
1.Global Image Recognition Market Analysis By Technology Market 2023-2030 ($M)1.1 Code Recognition Market 2023-2030 ($M) - Global Industry Research
1.2 Digital Image Processing Market 2023-2030 ($M) - Global Industry Research
1.3 Facial Recognition Market 2023-2030 ($M) - Global Industry Research
1.4 Object Recognition Market 2023-2030 ($M) - Global Industry Research
1.5 Pattern Recognition Market 2023-2030 ($M) - Global Industry Research
1.6 Optical Character Recognition Market 2023-2030 ($M) - Global Industry Research
2.Global Image Recognition Market Analysis By Component Market 2023-2030 ($M)
2.1 Hardware Market 2023-2030 ($M) - Global Industry Research
2.2 Software Market 2023-2030 ($M) - Global Industry Research
2.3 Services Market 2023-2030 ($M) - Global Industry Research
2.3.1 Managed Services Market 2023-2030 ($M)
2.3.2 Professional Services Market 2023-2030 ($M)
3.Global Image Recognition Market Analysis By Deployment Type Market 2023-2030 ($M)
3.1 On-Premises Market 2023-2030 ($M) - Global Industry Research
3.2 Cloud Market 2023-2030 ($M) - Global Industry Research
4.Global Image Recognition Market Analysis By Industry Market 2023-2030 ($M)
4.1 Media & Entertainment Market 2023-2030 ($M) - Global Industry Research
4.2 Retail & Consumer Goods Market 2023-2030 ($M) - Global Industry Research
4.3 IT & Telecom Market 2023-2030 ($M) - Global Industry Research
4.4 Government Market 2023-2030 ($M) - Global Industry Research
4.5 Healthcare Market 2023-2030 ($M) - Global Industry Research
4.6 Transportation & Logistics Market 2023-2030 ($M) - Global Industry Research
5.Global Image Recognition Market Analysis By Technology Market 2023-2030 (Volume/Units)
5.1 Code Recognition Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Digital Image Processing Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Facial Recognition Market 2023-2030 (Volume/Units) - Global Industry Research
5.4 Object Recognition Market 2023-2030 (Volume/Units) - Global Industry Research
5.5 Pattern Recognition Market 2023-2030 (Volume/Units) - Global Industry Research
5.6 Optical Character Recognition Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Image Recognition Market Analysis By Component Market 2023-2030 (Volume/Units)
6.1 Hardware Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Software Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Services Market 2023-2030 (Volume/Units) - Global Industry Research
6.3.1 Managed Services Market 2023-2030 (Volume/Units)
6.3.2 Professional Services Market 2023-2030 (Volume/Units)
7.Global Image Recognition Market Analysis By Deployment Type Market 2023-2030 (Volume/Units)
7.1 On-Premises Market 2023-2030 (Volume/Units) - Global Industry Research
7.2 Cloud Market 2023-2030 (Volume/Units) - Global Industry Research
8.Global Image Recognition Market Analysis By Industry Market 2023-2030 (Volume/Units)
8.1 Media & Entertainment Market 2023-2030 (Volume/Units) - Global Industry Research
8.2 Retail & Consumer Goods Market 2023-2030 (Volume/Units) - Global Industry Research
8.3 IT & Telecom Market 2023-2030 (Volume/Units) - Global Industry Research
8.4 Government Market 2023-2030 (Volume/Units) - Global Industry Research
8.5 Healthcare Market 2023-2030 (Volume/Units) - Global Industry Research
8.6 Transportation & Logistics Market 2023-2030 (Volume/Units) - Global Industry Research
9.North America Image Recognition Market Analysis By Technology Market 2023-2030 ($M)
9.1 Code Recognition Market 2023-2030 ($M) - Regional Industry Research
9.2 Digital Image Processing Market 2023-2030 ($M) - Regional Industry Research
9.3 Facial Recognition Market 2023-2030 ($M) - Regional Industry Research
9.4 Object Recognition Market 2023-2030 ($M) - Regional Industry Research
9.5 Pattern Recognition Market 2023-2030 ($M) - Regional Industry Research
9.6 Optical Character Recognition Market 2023-2030 ($M) - Regional Industry Research
10.North America Image Recognition Market Analysis By Component Market 2023-2030 ($M)
10.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
10.2 Software Market 2023-2030 ($M) - Regional Industry Research
10.3 Services Market 2023-2030 ($M) - Regional Industry Research
10.3.1 Managed Services Market 2023-2030 ($M)
10.3.2 Professional Services Market 2023-2030 ($M)
11.North America Image Recognition Market Analysis By Deployment Type Market 2023-2030 ($M)
11.1 On-Premises Market 2023-2030 ($M) - Regional Industry Research
11.2 Cloud Market 2023-2030 ($M) - Regional Industry Research
12.North America Image Recognition Market Analysis By Industry Market 2023-2030 ($M)
12.1 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
12.2 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
12.3 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
12.4 Government Market 2023-2030 ($M) - Regional Industry Research
12.5 Healthcare Market 2023-2030 ($M) - Regional Industry Research
12.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
13.South America Image Recognition Market Analysis By Technology Market 2023-2030 ($M)
13.1 Code Recognition Market 2023-2030 ($M) - Regional Industry Research
13.2 Digital Image Processing Market 2023-2030 ($M) - Regional Industry Research
13.3 Facial Recognition Market 2023-2030 ($M) - Regional Industry Research
13.4 Object Recognition Market 2023-2030 ($M) - Regional Industry Research
13.5 Pattern Recognition Market 2023-2030 ($M) - Regional Industry Research
13.6 Optical Character Recognition Market 2023-2030 ($M) - Regional Industry Research
14.South America Image Recognition Market Analysis By Component Market 2023-2030 ($M)
14.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
14.2 Software Market 2023-2030 ($M) - Regional Industry Research
14.3 Services Market 2023-2030 ($M) - Regional Industry Research
14.3.1 Managed Services Market 2023-2030 ($M)
14.3.2 Professional Services Market 2023-2030 ($M)
15.South America Image Recognition Market Analysis By Deployment Type Market 2023-2030 ($M)
15.1 On-Premises Market 2023-2030 ($M) - Regional Industry Research
15.2 Cloud Market 2023-2030 ($M) - Regional Industry Research
16.South America Image Recognition Market Analysis By Industry Market 2023-2030 ($M)
16.1 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
16.2 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
16.3 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
16.4 Government Market 2023-2030 ($M) - Regional Industry Research
16.5 Healthcare Market 2023-2030 ($M) - Regional Industry Research
16.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
17.Europe Image Recognition Market Analysis By Technology Market 2023-2030 ($M)
17.1 Code Recognition Market 2023-2030 ($M) - Regional Industry Research
17.2 Digital Image Processing Market 2023-2030 ($M) - Regional Industry Research
17.3 Facial Recognition Market 2023-2030 ($M) - Regional Industry Research
17.4 Object Recognition Market 2023-2030 ($M) - Regional Industry Research
17.5 Pattern Recognition Market 2023-2030 ($M) - Regional Industry Research
17.6 Optical Character Recognition Market 2023-2030 ($M) - Regional Industry Research
18.Europe Image Recognition Market Analysis By Component Market 2023-2030 ($M)
18.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
18.2 Software Market 2023-2030 ($M) - Regional Industry Research
18.3 Services Market 2023-2030 ($M) - Regional Industry Research
18.3.1 Managed Services Market 2023-2030 ($M)
18.3.2 Professional Services Market 2023-2030 ($M)
19.Europe Image Recognition Market Analysis By Deployment Type Market 2023-2030 ($M)
19.1 On-Premises Market 2023-2030 ($M) - Regional Industry Research
19.2 Cloud Market 2023-2030 ($M) - Regional Industry Research
20.Europe Image Recognition Market Analysis By Industry Market 2023-2030 ($M)
20.1 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
20.2 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
20.3 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
20.4 Government Market 2023-2030 ($M) - Regional Industry Research
20.5 Healthcare Market 2023-2030 ($M) - Regional Industry Research
20.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
21.APAC Image Recognition Market Analysis By Technology Market 2023-2030 ($M)
21.1 Code Recognition Market 2023-2030 ($M) - Regional Industry Research
21.2 Digital Image Processing Market 2023-2030 ($M) - Regional Industry Research
21.3 Facial Recognition Market 2023-2030 ($M) - Regional Industry Research
21.4 Object Recognition Market 2023-2030 ($M) - Regional Industry Research
21.5 Pattern Recognition Market 2023-2030 ($M) - Regional Industry Research
21.6 Optical Character Recognition Market 2023-2030 ($M) - Regional Industry Research
22.APAC Image Recognition Market Analysis By Component Market 2023-2030 ($M)
22.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
22.2 Software Market 2023-2030 ($M) - Regional Industry Research
22.3 Services Market 2023-2030 ($M) - Regional Industry Research
22.3.1 Managed Services Market 2023-2030 ($M)
22.3.2 Professional Services Market 2023-2030 ($M)
23.APAC Image Recognition Market Analysis By Deployment Type Market 2023-2030 ($M)
23.1 On-Premises Market 2023-2030 ($M) - Regional Industry Research
23.2 Cloud Market 2023-2030 ($M) - Regional Industry Research
24.APAC Image Recognition Market Analysis By Industry Market 2023-2030 ($M)
24.1 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
24.2 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
24.3 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
24.4 Government Market 2023-2030 ($M) - Regional Industry Research
24.5 Healthcare Market 2023-2030 ($M) - Regional Industry Research
24.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
25.MENA Image Recognition Market Analysis By Technology Market 2023-2030 ($M)
25.1 Code Recognition Market 2023-2030 ($M) - Regional Industry Research
25.2 Digital Image Processing Market 2023-2030 ($M) - Regional Industry Research
25.3 Facial Recognition Market 2023-2030 ($M) - Regional Industry Research
25.4 Object Recognition Market 2023-2030 ($M) - Regional Industry Research
25.5 Pattern Recognition Market 2023-2030 ($M) - Regional Industry Research
25.6 Optical Character Recognition Market 2023-2030 ($M) - Regional Industry Research
26.MENA Image Recognition Market Analysis By Component Market 2023-2030 ($M)
26.1 Hardware Market 2023-2030 ($M) - Regional Industry Research
26.2 Software Market 2023-2030 ($M) - Regional Industry Research
26.3 Services Market 2023-2030 ($M) - Regional Industry Research
26.3.1 Managed Services Market 2023-2030 ($M)
26.3.2 Professional Services Market 2023-2030 ($M)
27.MENA Image Recognition Market Analysis By Deployment Type Market 2023-2030 ($M)
27.1 On-Premises Market 2023-2030 ($M) - Regional Industry Research
27.2 Cloud Market 2023-2030 ($M) - Regional Industry Research
28.MENA Image Recognition Market Analysis By Industry Market 2023-2030 ($M)
28.1 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
28.2 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
28.3 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
28.4 Government Market 2023-2030 ($M) - Regional Industry Research
28.5 Healthcare Market 2023-2030 ($M) - Regional Industry Research
28.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Image Recognition Market Revenue, 2023-2030 ($M)2.Canada Image Recognition Market Revenue, 2023-2030 ($M)
3.Mexico Image Recognition Market Revenue, 2023-2030 ($M)
4.Brazil Image Recognition Market Revenue, 2023-2030 ($M)
5.Argentina Image Recognition Market Revenue, 2023-2030 ($M)
6.Peru Image Recognition Market Revenue, 2023-2030 ($M)
7.Colombia Image Recognition Market Revenue, 2023-2030 ($M)
8.Chile Image Recognition Market Revenue, 2023-2030 ($M)
9.Rest of South America Image Recognition Market Revenue, 2023-2030 ($M)
10.UK Image Recognition Market Revenue, 2023-2030 ($M)
11.Germany Image Recognition Market Revenue, 2023-2030 ($M)
12.France Image Recognition Market Revenue, 2023-2030 ($M)
13.Italy Image Recognition Market Revenue, 2023-2030 ($M)
14.Spain Image Recognition Market Revenue, 2023-2030 ($M)
15.Rest of Europe Image Recognition Market Revenue, 2023-2030 ($M)
16.China Image Recognition Market Revenue, 2023-2030 ($M)
17.India Image Recognition Market Revenue, 2023-2030 ($M)
18.Japan Image Recognition Market Revenue, 2023-2030 ($M)
19.South Korea Image Recognition Market Revenue, 2023-2030 ($M)
20.South Africa Image Recognition Market Revenue, 2023-2030 ($M)
21.North America Image Recognition By Application
22.South America Image Recognition By Application
23.Europe Image Recognition By Application
24.APAC Image Recognition By Application
25.MENA Image Recognition By Application
26.Qualcomm Incorporated., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.NEC Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Google Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.LTU Technologies, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Catchoom Technologies S.L., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Honeywell International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Slyce Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Wikitude GmbH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Key Innovator, Sales /Revenue, 2015-2018 ($Mn/$Bn)