Global Image Recognition Market
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The global image recognition market is expected to grow from $34.49 billion in 2021 to $40.78 billion in 2022 at a compound annual growth rate (CAGR) of 18.25%. The image recognition market is expected to reach $80.21 billion in 2026 at a compound annual growth rate (CAGR) of 18.43%.
North America was the largest region in the image recognition market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main techniques of image recognition are QR/ barcode recognition, object recognition, facial recognition, pattern recognition, and optical character recognition. The QR/barcode recognition are used for tracking and storing product information in supply chains. A QR code is a type of code that stores information as a series of pixels in a square-shaped grid and can be read by digital devices easily.
The image recognition is deployed on cloud and on-premises using image recognition hardware, software, and service. The image recognition is applied in augmented reality, scanning and imaging, security and surveillance, marketing and advertising, and image search. The image recognition is used by retail and e-commerce, media and entertainment, BFSI, automobile and transportation, IT and telecom, government, healthcare, and other verticals.
The increasing demand for security applications and products enabled with image recognition functions is driving the image recognition market forward. Security applications of image recognition include facial recognition services. Facial recognition is the use of image recognition technology to identify people in images. Facial recognition has increased due to the rise in terrorist acts, cyberattacks, and identity theft worldwide.
For instance, in 2020, according to a report by the U.S. Government Accountability Office, a department of the U.S. government, out of 24 surveyed agencies, 18 were using facial recognition technology for security purposes and 10 agencies were planning to expand their use of FRT throughout 2023. As a result, the growing demand for security applications enabled with image recognition is propelling the image recognition market forward.
Technological advancements are a key trend gaining popularity in the image recognition market. Major companies in the image recognition market are introducing new technologies such as augmented reality to sustain the market. The fusion of digital data with the user's surroundings in real time is known as augmented reality (AR). AR users encounter a real-world environment with created perceptual information superimposed on top of it using visual, audio, or other sensory data onto the physical world.
For instance, in June 2019, Blippar, a UK-based company specializing in augmented reality content creation, launched WebAR. WebAR is an augmented reality platform that uses object and image recognition. By using a user's smartphone or desktop camera, WebAR uses a web link or QR code to activate brand experiences without the necessity of an additional app. With the integration of image recognition and SLAM technology, the company is developing the technology considerably further to enable full augmented reality rendering via a web browser, which was previously only feasible on native apps.
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1) By Technique: QR/ Barcode Recognition; Object Recognition; Facial Recognition; Pattern Recognition; Optical Character Recognition
2) By Deployment: Cloud; On-Premises
3) By Component: Hardware; Software; Service
4) By Application: Augmented Reality; Scanning And Imaging; Security And Surveillance; Marketing And Advertising; Image Search
5) By Vertical: Retail And E-commerce; Media And Entertainment; BFSI; Automobile And Transportation; IT And Telecom; Government; Healthcare; Other Verticals
No. of Pages
2022 - 2026
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2026
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Image Recognition Market Characteristics
3. Image Recognition Market Trends And Strategies
4. Image Recognition Market - Macro Economic Scenario
5. Image Recognition Market Size And Growth
6. Image Recognition Market Segmentation
7. Image Recognition Market Regional And Country Analysis
8. Asia-Pacific Image Recognition Market
9. China Image Recognition Market
10. India Image Recognition Market
11. Japan Image Recognition Market
12. Australia Image Recognition Market
13. Indonesia Image Recognition Market
14. South Korea Image Recognition Market
15. Western Europe Image Recognition Market
16. UK Image Recognition Market
17. Germany Image Recognition Market
18. France Image Recognition Market
19. Eastern Europe Image Recognition Market
20. Russia Image Recognition Market
21. North America Image Recognition Market
22. USA Image Recognition Market
23. South America Image Recognition Market
24. Brazil Image Recognition Market
25. Middle East Image Recognition Market
26. Africa Image Recognition Market
27. Image Recognition Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Image Recognition Market
29. Image Recognition Market Future Outlook and Potential Analysis
Catchoom Technologies S.L.
Honeywell International Inc
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