USD 36.1 billion
Report ID: SQSG45F2030 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 117 | Figures: 77
Image Recognition Market size was valued at USD 36.1 billion in 2021 and is poised to grow from USD 42.69 billion in 2022 to USD 177.1 billion by 2030, growing at a CAGR of 18.3% in the forecast period (2023-2030).
The photo popularity era is the system of figuring out and detecting an object or a function in a digital picture or video. The field of picture recognition has received giant acclaim within the past few years. A photograph reputation device makes use of the facts shared via customers via numerous structures such as social networks, apps, and websites. It uses a technology that detects places, people, items, buildings, logos, and unique variables in pictures with the assistance of artificial intelligence. This idea is used in many programs consisting of clever picture libraries, focused advertising and marketing, safety surveillance, toll sales space tracking, and structures for manufacturing unit automation.
Machine learning-based image recognition technology has been incorporated into a number of industries, including self-driving cars, automated picture arrangement for visual web pages, and facial recognition on social networking sites. Social media monitoring is one of the most widely used applications of picture identification, as visual listening and visual analytics are crucial components of digital marketing. Additionally, this technology is heavily utilised in safety and security-related applications, such as law enforcement agencies' usage of facial recognition. Additionally, face recognition technology is being used more frequently at security checkpoints in airports. For instance, the Travel Document Checker (TDC) automated identification verification short-term test was undertaken by the Transportation Security Administration (TSA) at McCarran International Airport (LAS).
Convolutional neural networks have been used by scientists and researchers to recognise and classify chest X-ray pictures as different methods to diagnose Covid-19 illness have emerged (CNNs). Numerous governments use facial recognition technology to follow patients who flee quarantine areas, monitor infected people's temperature changes, and enforce social segregation laws in an effort to stop the spread of the coronavirus. Offices, homes, businesses, and shopping centres that employ facial recognition technology to open and close doors will aid in lowering the likelihood of transmission.
US Image Recognition Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 36.1 billion
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Global Image Recognition Market is segmented based on Technology, Component, Deployment mode, Application, and Region. Based on Technology the market is further sub segmented into Digital Image Processing, Facial Recognition, Pattern Recognition, Based on Component the Image Recognition Market is further sub segmented into Hardware, Software, and Services, Based on Deployment Mode the market is further sub segmented into On-premises & Cloud, Based on Application the Image Recognition Market is further sub segmented into Augmented Reality, Scanning & Imaging, Security & Surveillance, Marketing & Advertising, Image Search. Based on Region, the Image Recognition Market is further sub segmented into North America, Europe, Asia Pacific, South America, MEA.
Image Recognition Market Analysis by Technique
The object recognition market category retained a sizable market share. A branch of computer vision that has gained popularity in both businesses and consumer-facing IT firms is object identification. Additionally, due to the use of face recognition in a variety of sectors, including manufacturing, security, and surveillance, it is expected that its pace of growth will change noticeably throughout the course of the projected period.
As organizations quickly deploy barcode scanners to track their fixed assets, QR/barcode recognition is another important image identification approach. Businesses have used barcode scanners as a result of the efficiency, time savings, and accuracy that come with barcode recognition. Barcode recognition has a sizable market share thanks to its use in a variety of applications, including monitoring merchandise and entertainment, advertising, games, and pop culture and art. In the upcoming years, it is expected that the use of this method in retail and other industries would accelerate the expansion of the QR/barcode recognition market.
Image Recognition Market Analysis by Application
The marketing and advertising sector led the market due to the widespread adoption of technology by firms to enhance their marketing efforts through sophisticated advertising, customer contact, and branding. To enhance user experience and enable advertisers to insert contextually relevant adverts, the major social media platforms are utilising AI-enabled image recognition technologies. For instance, Slyce Acquisition Inc., a visual search service provider for retailers, purchased the intellectual property assets of Ditto Labs, a maker of picture recognition software for social media monitoring, in November 2018. To offer valuable information about how products are used and shared online, this transaction was done.
The augmented content that can be displayed in response to the detection of 2D photos includes slideshows, films, sound, 360° panoramas, 3D animations, and text. A variety of uses for augmented reality are being explored, including the augmentation of printed publications, the display of products, and entertainment.
Image Recognition Market Analysis by Component
Over the forecast period, the service segment is expected to experience a noteworthy growth rate. Due to the expanding use of image processing software across a range of applications, including medical imaging, computer graphics, and photo editing, the software sector had a sizable market share.
Over the course of the forecast period, it is expected that the trend of using digital image processing in the creation of software connected to computer vision would increase demand for the market. For instance, a number of API platforms, like Amazon Recognition, offer the option of integrating video or image analytics into an application in order to improve the application's ability to recognise objects. Additionally, developers have access to image processing and content visualisation with Microsoft Computer Vision API, a cloud-based API tool given by Microsoft. To increase content discoverability and speed up text extraction, several companies and businesses use the mage recognition software.
Image Recognition Market Analysis by Deployment Mode
During the forecast period, it is expected that the cloud segment will continue to dominate the market. Because centralised monitoring is necessary in industries including banking, financial services, and insurance (BFSI), media and entertainment, and government, the cloud-based business has grown significantly in recent years. Additionally, cloud-based deployment gives users access to APIs (Application Programming Interfaces) that are present on several servers or sources.
Many businesses are employing cloud-based image processing technologies to protect sensitive information and support their marketing initiatives. These services help consumers incorporate cutting-edge methods into their regular routines without straining their budgets. For instance, deep learning-powered Amazon Rekognition provides highly accurate facial search and facial analysis capabilities that may be utilised for face identification, analysis, and comparison for a range of user verification and public safety use cases. Additionally, developers can use machine learning models with Google Vision, a component of the Google Cloud Platform, to comprehend the content of the image.
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North America held the greatest market share, mostly as a result of the US's quick expansion of cloud-based streaming services. The segment's expansion is attributable to the growing use of mobile computing platforms and artificial intelligence in the area of online buying and e-commerce. Due to regional improvements in automotive obstacle detection technology, the European regional market is expected to experience considerable growth throughout the forecast period.
A rise in the use of the technology is expected in the image recognition market due to advantages including the ability to derive business insights from socially shared photos and automatically organise collections of untagged photos. It also provides safety measures for driverless vehicles. Vendors are concentrating on the creation of novel solutions to stay competitive as a result of the growing competition among image recognition solution suppliers.
However, over the forecast period, Asia Pacific is expected to develop at the greatest CAGR. Rapid technology improvements, rising mobile and tablet use, and the acceptance of online streaming in developing nations like China and India are all cited as reasons for this growth. The development is linked to the widespread use of cloud and mobile solutions for information security. The market is expanding due to factors like the booming economies of nations like China and India, the rising popularity of smartphones, and the expanding e-commerce industry.
The Asia Pacific region's market is expected to rise as a result of China's expanding use of face recognition in security and surveillance systems. As an illustration, the Chinese government has implemented real-name registration laws in the nation, mandating that residents link their online accounts to their official government IDs. These regulations have increased the use of image recognition throughout the country.
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Image Recognition Market Driver
The management of consumer contacts, product marketing both online and offline, and inventory control in retail spaces are all being revolutionised by image recognition technologies. More and more, internet shopping is being done using image recognition technologies. For instance, Snap, the parent company of Snapchat, is now creating a visual product feature for Snapchat that will make use of image recognition technology and enable users to capture images of objects in the real world as well as recognise, explore, and buy items on Amazon. Entrepreneurs and merchants have realised that traditional techniques of sales promotions, marketing, and visual merchandising will not be viable in the business in the long run as a result of the boom in the e-commerce sector, and much more so during the COVID-19 epidemic. In order to provide a superior consumer experience, merchants are swiftly adjusting to the new era of AI and picture recognition. The application of image recognition for shelf identification, product positioning, and upholding merchandising norms is rapidly gaining ground. Manufacturers, retailers, and marketers may better understand their markets and respond to them quickly thanks to image recognition technologies.
Image Recognition Market Restraint
Making image recognition systems is expensive, which can limit the market's expansion. Face recognition, deep learning, computer vision, AI, ML, and gesture recognition are just a few examples of the enabling technologies that have expensive development costs. Therefore, even though they are interested in such solutions to boost productivity, businesses with limited financial resources do not choose picture recognition options. It is challenging for small businesses to use well-known vendor solutions since they are so expensive, like Microsoft Computer Vision API, Microsoft Emotion API, Amazon Recognition, Google Cloud Vision API, and IBM Watson Visual Recognition. Small retail and e-commerce enterprises would be discouraged by the high costs associated with adopting image recognition solutions and teaching AI enablers how to carry out a specific activity, which could prove to be a constraint for image recognition solution suppliers throughout the forecast period.
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To acquire a competitive advantage in the market, vendors are concentrating on growing their client gain. Vendors are therefore undertaking a number of strategic efforts, such as improving their goods by including new features, working together, making acquisitions and mergers, and forming relationships with other significant market participants.
Image Recognition Market Top Player’s Company Profiles
Image Recognition Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Increasing advertising, customer contact, and branding dominated the Global Image Recognition Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Image Recognition Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 36.1 billion|
|Market size value in 2030||USD 42.69 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Image Recognition Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Image Recognition Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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