Image Recognition Market Report by Component (Hardware, Software, Services), Technology (Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition, and Others), Application (Scanning and Imaging, Security and Surveillance, Image Searching, Augmented Reality, Marketing and Advertising, and Others), Deployment Type (On-premises, Cloud-based), End Use Industry (BFSI, Media and Entertainment, IT and Telecom, Government, Healthcare, Transportation and Logistics, and Others), and Region 2024-2032
The global image recognition market size reached US$ 41.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 145.9 Billion by 2032, exhibiting a growth rate (CAGR) of 14.7% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 41.1 Billion
Market Forecast in 2032
US$ 145.9 Billion
Market Growth Rate 2024-2032
14.7%
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 2024-2032. 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:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Component, Technology, Application, Deployment Type, End Use Industry,Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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., Wikitude GmbH
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global image recognition market was valued at US$ 41.1 Billion in 2023.
We expect the global image recognition market to exhibit a CAGR of 14.7% during 2024-2032.
The rising deployment of advanced image recognition systems for face identification on social media networks is primarily driving the global image recognition market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of image recognition technology for tasks, such as thermal screening, mask detection, crowd monitoring, and inventory management to prevent the spread of the coronavirus infection upon human intervention.
Based on the component, the global image recognition market can be segmented into hardware, software, and services. Currently, hardware holds the majority of the total market share.
Based on the technology, the global image recognition market has been divided into object detection, QR/barcode recognition, facial recognition, pattern recognition, optical character recognition, and others. Among these, object detection currently exhibits a clear dominance in the market.
Based on the application, the global image recognition market can be categorized into scanning and imaging, security and surveillance, image searching, augmented reality, marketing and advertising, and others. Currently, marketing and advertising accounts for the majority of the global market share.
Based on the deployment type, the global image recognition market has been segregated into on-premises and cloud-based, where cloud-based currently holds the largest market share.
Based on the end use industry, the global image recognition market can be bifurcated into BFSI, media and entertainment, IT and telecom, government, healthcare, transportation and logistics, and others. Currently, media and entertainment exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global image recognition market include 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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