The market for image recognition, which was valued at $28.3 billion in 2022, is expected to grow at a CAGR of 16.5% from 2023 to 2032 to reach $ 126.8 billion..
Recent advances in deep learning, development of powerful deep learning models, technological advancements in AI transforming live in profound and amazing ways, image recognition being beneficial in wide range of high-value applications are driving the global image recognition market
Covid-19 Impact & Market Status
The global image recognition market has significantly impacted by covid-19 led supply chain disruptions. The pandemic has significantly impacted every end user of image recognition. Global demand for image recognition has declined as a result of the decline in smartphone and vehicle manufacturing. Because of this, there is now less production of image sensors, which presents a hurdle to the expansion of the market. Scientists and researchers have started using chest X-ray pictures for image identification and classification with the aid of convolutional neural networks as new methods for diagnosing Covid-19 illness have emerged. Numerous governments use face recognition technology to follow patients who flee quarantine areas, monitor sick people's temperature changes, and enforce social segregation laws in an effort to stop the spread of the coronavirus.
Object Recognition Segment to Remain Atop
Due to its role in assisting with the identification and localization of objects in an image or video, object recognition is anticipated to have the biggest revenue share in global image recognition market. Crowd counting, self-driving cars, video surveillance, face detection, and detection system are some of the uses for object recognition. Object recognition models are commonly utilized in video surveillance applications because they can track several persons in real time as they move across video frames. Another significant use for object recognition is crowd counting. Object identification may enable companies and communities in highly crowded locations, such as theme parks, shopping malls, and city squares, better manage various types of traffic, whether it is on foot, in automobiles, or in other ways. The facial recognition category is also predicted to witness significant revenue increase over the course of the forecast year due to its expanding use across a variety of sectors.
Hardware Segment to Emerge as the Most Lucrative Segment
Over the projected period, a bigger revenue share is anticipated for the hardware category in global image recognition market. The segment's revenue growth is being fueled by the need for various hardware components on a big scale in a variety of industries so that various software intended for highly accurate picture recognition can be employed more effectively. The usage of neural networks, a type of learning hardware, is a current trend. Systems that resemble artificial neural networks are similar to the brain.
Marketing and Advertisement to Ensure Revenue Maximization
Over the projected period, the marketing and advertising industry is anticipated to contribute the most to revenue to global image recognition market. This is because many companies now utilize picture recognition technology for branding, advertising, and customer service. Using picture recognition, brands may provide more precise advertisements depending on the images that a website visitor has viewed. Image recognition also helps with better social media monitoring by using company logos seen in social media photographs. Over 1.8 billion photographs are submitted online every day. Organizations may use AI and image recognition technologies to assist with internal data collection, audits, and product inspections.
Retail & CPG segment to Increase
The retail & CPG segment is anticipated to account for the largest revenue share during the projected timeframe in global image recognition market. This will enable them to confidently base their business decisions on shelf data. Additionally, image recognition may assist with competitive analysis, empty shelf detection, and product placement audits. Payments and other transactions can also be authenticated using facial recognition technology.
North America Dominated the Market
North America is estimated to have the largest revenue share in the global image recognition market during the forecast timeframe. Market profit growth in North America is being fueled by an increase in the usage of cutting-edge technology, the rise of the retail and e-commerce sector, and the existence of significant industry players. North America has a huge impact on the global image recognition industry. The US and Canada are key countries contributing majorly to growth of North America in global image recognition market. In Canada and the US, augmented reality, image recognition, and artificial intelligence are increasingly being merged; this is expected to encourage economic growth in the sector. The need for the image recognition sector to assist with item identification and improve product placement has grown in Canada.
Image recognition helps e-commerce websites to offer recommendations. Image recognition enhances buying experience, enables efficient product filtering, and speeds up the consumer shopping journey. Videos also use image recognition technologies.
Image recognition gives the ability to computer program to identify objects, places, people, writing, and activities in images. Computers can use artificial intelligence software, a camera, and machine vision technologies to recognize pictures. Many machine-based visual activities such as identifying the content of pictures with meta-tags, executing image content searches, directing autonomous robots, self-driving automobiles, and accident-avoidance systems are carried out using image recognition systems.
The global image recognition market is estimated to reach close to USD 74.4 billion by 2029 and is anticipated to grow at a CAGR of 18.8% during the forecast period. The number of digital photographs and movies has increased exponentially with the introduction of digital cameras, especially those found in smartphones. Through a variety of applications, websites, social media platforms, and other digital channels, a large amount of visual and digital data is being collected and shared.
Many businesses get an advantage of digital image processing as its helps provide their customers better and more knowledgeable services. Due to the growth of the e-commerce industry, particularly during the COVID-19 outbreak, company owners and merchants are adopting advanced methods over traditional methods for promotional tactics, branding, and visual merchandising. In order to provide a next-level consumer experience, merchants are swiftly adapting to a new era of AI and picture recognition. This is driving the global image recognition market.
However, the challenges in exploiting small and ultra-large-scale data, comprehensive scene understanding, automating network engineering are majorly impeding the global image recognition market progress.
Nevertheless, image recognition is here to stay with advances in deep learning, development of powerful deep learning models, technological advancements in AI transforming live in profound and amazing ways, image recognition being beneficial in wide range of high-value applications are some key forces driving the global image recognition market.
The key players in this global image recognition market are Catchoom, Intel, Ltu Technologies, Microsoft, Nec, International Business Machines (Ibm), Imagga Technologies, Qualcomm Technologies, Google (Alphabet Inc.).
Latest Innovations in the Global Image Recognition Market: A Snapshot
- Computer intelligent image recognition innovation is also helpful for promoting the growth and advancement of numerous areas and for gradually better responding to the development of worldwide indicators. As a result, machine learning-based image processing technology has been widely used to feature image, classification, segmentation, and identification, and is a hot topic in many industries. The categorization accuracy, however, becomes crucial and challenging due to the complexity of video pictures and the distribution of objects over varied application backdrops.
Image Recognition Market Scope
|Revenue forecast in 2022
|$ 126.8 billion.
|CAGR of 16.5 % during 2022-2032
|Technology, Component, Application, Vertical, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Catchoom, Intel, Ltu Technologies, Microsoft, Nec, International Business Machines (Ibm), Imagga Technologies, Qualcomm Technologies, Google
Key Segments of the Global Image Recognition Market
Technology Overview (USD Billion)
- Object Recognition
- Digital Image Processing
- Optical Character Recognition
- Code Recognition
- Pattern Recognition
- Facial Recognition
Component Overview (USD Billion)
Application Overview (USD Billion)
- Marketing & Advertising
- Security & Surveillance
- Scanning & Imaging
- Augmented Reality
- Image Search
Vertical Overview (USD Billion)
- Transportation & Logistics
- Media & Entertainment
- Retail & CPG
Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa