Global Image Recognition Market

Image Recognition Market Size, Share, Growth Analysis, By Technology(Digital Image Processing, Facial Recognition, Pattern Recognition), By Component(Hardware, Software, Services), By Deployment Mode(On-premises & Cloud), By Application(Augmented Reality, Scanning & Imaging, Security & Surveillance, Marketing & Advertising), By Region - Industry Forecast 2024-2031


Report ID: SQSG45F2030 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 117 | Figures: 77

Image Recognition Market Dynamics

Image Recognition Market Driver

  • Processes for executing retail transactions that are profitable, efficient, and compliant are required.

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

  • High cost of installing image recognition software

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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FAQs

Image Recognition Market size was valued at USD 36.1 billion in 2019 and is poised to grow from USD 42.69 billion in 2023 to USD 177.1 billion by 2031, growing at a CAGR of 18.3% in the forecast period (2024-2031).

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. 'Google LLC', 'Microsoft Corporation', 'IBM Corporation', 'Amazon Web Services, Inc.', 'Intel Corporation', 'Qualcomm Technologies, inc. ', 'Honeywell International Inc.', 'Catchoom Technologies S.L.', 'LTU Technologies (A Datalogic Company)', 'Slyce Inc.', 'Wikitude GmbH', 'LTU engine', 'Imagga Technologies Ltd.', 'Blippar Ltd.', 'Google Cloud Vision API', 'Clarifai Inc.', 'LogoGrab', 'Huawei Technologies Co. Ltd.', 'Attrasoft Inc.', 'Tesseract OCR'

Processes for executing retail transactions that are profitable, efficient, and compliant are required.

The demand for image recognition technology has expanded as people's preferences for advanced machine learning and high bandwidth data services have grown. Image recognition has become more widely adopted as a result of developments in a number of industries, including banking, financial services, insurance, and the media and entertainment sector, retail, IT & telecom, and banking, financial services, and insurance (BFSI). The image recognition system, among other things, aids in the identification of objects, structures, locations, logos, and individuals in images. The ability to combine offline content, such brochures and periodicals, with digital content, including advertising videos, augmented reality experiences, and product information has also been made possible by recent advancements in image recognition technology.

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.

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Global Image Recognition Market

Report ID: SQSG45F2030

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