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The global image recognition market size stood at USD 20.19 billion in 2018 is projected to reach USD 81.88 billion by 2026, exhibiting a CAGR of 19.6% during the forecast period.
Image recognition is the ability of a computer or any machine to identify and detect objects or patterns in a digital picture or video. This is achieved by extracting digital pattern or portions in a selected image by applying algorithms and machine learning concepts. Computer vision uses image processing algorithms to analyze and understand the nature and visuals of a digital image.
Image recognition technology has emerged as the most promising substitute for card-based authentication systems since recognition based on passwords and PINs can be easily stolen and duplicated by others. Moreover, risks associated with misplacement of the cards and passwords have demanded key players to entertain image recognition technologies.
In various industries, image recognition technology is used for validation of the data. The key players among industries such as e-commerce, advertising, retail, automotive, healthcare, and manufacturing are significantly adopting image recognition solutions. A wide range of image recognition applications across industries helps organizations to enhance business processes and improves productivity. For instance, the increasing potential of computer vision is driving the investments in image recognition technologies across organizations. Some of the uses of image recognition technology include medical image analysis, industrial automation, gesture recognition, visual geolocation, face detection for security and identifying objects in autonomous vehicles.
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Growing demand for big data and business analytics is expected to fuel global image recognition market growth as it helps to analyze the huge volumes of image and video data. Various industry players are implementing cloud-based image recognition solutions to store confidential data which will further boost the cloud image recognition market growth. The recent advancements in artificial intelligence and machine learning have created numerous opportunities for key players in the global image recognition market. The investments in image recognition technology have increased since artificial intelligence (AI) has become the nucleus of the many technology-based companies. In addition to this, recent developments in sensor technology enable organizations to develop comprehensive image processing and object recognition solutions.
“Increasing Adoption of Image Recognition Technology across Industries is Expected to Boost the Global Image Recognition Market”
Traditionally, quality control and product inspection were performed by humans in various industries. Across multiple industries, information needs to be extracted and processed quickly and repeatedly which can be achieved by image recognition solutions. Increasing developments in image recognition technology have created a new perspective in expanding productivity, quality, and efficiency for industrial applications. As an example, image recognition in the food industry is used for sorting and quality inspection.
Moreover, companies are training deep learning algorithms to detect fraud detection, to reduce the process abnormalities, and to improve system capacity to distinguish between a human face and a photograph. Organizations are implementing image recognition technologies, along with machine learning, which will help them in predictive maintenance, packaging inspection, reading barcodes, defect reduction, and improving safety.
“Technological Advancements in Facial Recognition, Cloud-Based Services, and 3D-based Recognition Systems has Driven the Global Image Recognition Market Growth”
Increasing demand for facial recognition solutions and cloud-based services are the factors expected to provide growth opportunities for the global image recognition market during the forecast period. The increasing pace of technological advancements in facial recognition solutions is providing ample growth opportunities in several industry areas. Moreover, the use of facial recognition technology for surveillance, and to track criminal activities in public places is expected to increase due to a wide application of image recognition technology in law enforcement.
Besides this, image recognition technology enables marketers to understand their customer's lifestyles and design better advertising strategies by leveraging the vast repository of visual records.
“Hardware segment is expected to augment the global image recognition market growth during the forecast period”
Based on the component, the market is classified into hardware, software, and services.
The hardware segment holds the largest market share in 2018 and is expected to continue during the forecast period. The increasing acceptance of cloud technologies and the increasing proliferation of the internet are significant factors contributing to the growth of the global image recognition market. In addition to this, the growing demand for mobile devices equipped with a highly efficient camera, and products enabled with image recognition function would drive the market growth.
The services segment is expected to be the fastest-growing segment in the global image recognition market. The services associated with image recognition technology would help organizations of all sizes to adopt image recognition technology solutions.
The services segment is classified into implementation, consulting and training, support, and maintenance. The implementation segment holds the major market share in the global image recognition market.
Ease of integration, compatibility with other software, and recognition accuracy enable organizations to adopt imgage recoginition at a faster pace. Moreover, the rapid implementation of image recognition software in product design and development is likely to propel the market growth.
“By technology, the barcode recognition segment would propel the growth of image recognition market”
Based on the technology, the market is segmented into barcode recognition, facial recognition, object recognition, pattern recognition, and optical character recognition.
Among these types, the barcode recognition segment holds the largest market share and is expected to lead during the forecast period. The barcode recognition segment has witnessed wide acceptance in various industries since it allows the extraction of data from heavy documents and will help users to get rid of the possibility of human errors in data entry and inventory control applications. As an example, manufacturers, distributors, and logistics companies are implementing barcode recognition technology. It will help them to extract accurate information about inventory levels, increased employee productivity, improved order accuracy, reduced order processing time, and order to shipping time.
The facial recognition segment is growing at the fastest rate in the forecast period. This growth is mainly attributed to increased implementation of facial recognition solutions among industrial applications such as law enforcement, healthcare, retail, hospitality, marketing & advertising, banking, social media/entertainment, and automobiles.
“Security and surveillance have accounted for the largest market share owing to the increasing need for security systems.”
By application, the image recognition market covers scanning and imaging, security and surveillance, image search, augmented reality, and marketing and advertising.
Security and surveillance segment holds the largest share in the global image recognition market. The growth of image recognition solutions is mainly owing to the enlarging demand for image recognition systems for security and surveillance purposes among several end-users. As an example, a monitoring system with strong facial recognition allows a security team to respond to suspect, disturbed, or prohibited individuals quickly.
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Artificial intelligence features such as facial, movement, and event detection have become reliable and widespread. It will open a wide range of opportunities for key players working on image recognition based security and surveillance systems. Moreover, image recognition based security systems will bring out other benefits such as enhanced security, faster processing, seamless integration, and automation of identification.
“The adoption of cloud-based image recognition solutions is likely to witness significant growth during the forecast period.”
The image recognition solutions and services can be deployed on-premises and through the cloud.
The adoption of cloud-based image recognition solutions is expected to grow over the period since most of the companies are moving their applications into cloud. Many businesses have introduced cloud-based image recognition solutions to safeguard and strengthen confidential data. Such approaches help organizations to adopt new strategies without affecting their budgets and operations since it helps organizations with a high degree of security and level of control.
“The retail and consumer goods end-user segment is expected to witness a highest CAGR during the forecast period”
By end-user image recognition market has been segmented into BFSI, media and entertainment, retail and consumer goods, it and telecom, government, healthcare, transportation and logistics, and others.
The BFSI sector holds a major share in the global image recognition market. Image recognition technology has witnessed a major share in the banking industry due to the increasing need for physical security and ID recognition. As an example, various banks are offering facial recognition technology as an added security measure to the existing two-factor authentication. Facial recognition technologies will help banks in improving their ability to engage with clients to achieve a better level of customer satisfaction with enhanced security.
The retail and consumer goods segment is growing at the fastest rate. Image recognition technology is disrupting the retail industry by allowing marketers to automate and digitalize in-store data capture and enable companies to take data driven decisions. In addition to this, image recognition solutions enable marketers to improve the store productivity and offer consistent shopping experience to their customers.
The global image recognition market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America this region is further categorized into countries.
North America is anticipated to witness a flourishing growth in the global image recognition market. In 2018, North America generated a revenue of USD 8.49 billion and is expected to reach up to USD 31.28 billion by 2026. North America has always been open to adopting advanced technologies. The dominance of North America is mainly attributed to the presence of key companies working on image recognition platform. The growing number of electronic gadgets and smartphone users, coupled with image recognition applications, is one of the major factors in the growth of the image recognition market in North America.
North America Image Recognition Market Size, 2018 (USD Billion)
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Asia Pacific is positioned to be the fastest-growing region in the image recognition market in terms of CAGR. In the recent years, the growing retail sector in the Asia Pacific has motivated vendors to invest in the image recognition solutions to provide customers with an enhanced experience. In addition to this, artificial intelligence offers the key players in the region massive growth, innovation, and productivity opportunities.
The European market for image recognition is expected to witness significant growth over the forecast period. Increasing technological advancements in the e-commerce and retail industry has created numerous opportunities for key players in the region.
“Amazon Web Services (AWS) Inc., Google LLC, and NVidia Corporation would strengthen its market position backed by heavy investments and developments in image recognition services and solutions”
Amazon’s Amazon Rekognition provides highly accurate facial analysis tools and facial search capabilities that can be useful to their customers for a wide variety of user verification, people counting, and public safety purposes. Amazon Rekognition solutions will help their customers to meet their business needs with the help of key features such as labels, custom labels, content moderation, text detection, face detection and analysis, face search and verification, celebrity recognition, and pathing.
Google Lens, the technology developed by Google is helping its wide user base to bring up relevant information related to the object it identifies using a visual analysis based network. This technology will allow features such as scanning and translating text, finding things users may like, to check popular things on the menu and explore nearby places.
The report offers an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are macro and microeconomic factors, SWOT analysis, Porter’s five forces analysis, and key image recognition industry trends, competitive landscape, and company profiles inclusive of recent industry developments such as mergers & acquisitions.
An Infographic Representation of Image Recognition Market
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Value (USD billion)
As per our (Fortune Business Insights) study, the image recognition market is predicted to reach USD 81.88 billion by 2026 with a CAGR of 19.61% (2019 -2026).
As per our study, business owners are more inclined towards image recognition due to its efficient security and surveillance solutions. Currently (in 2019), the image recognition market value at USD 23.38 billion, and it is anticipated to reach USD 81.88 billion by 2026 at a CAGR of 19.61% during the forecast period (2019 -2026).
Globally, spending on image recognition is increasing each year. For instance, North America generated a revenue of USD 8.49 billion in 2018 and is expected to create a remarkable revenue share by 2026. Advances in smart technologies and increasing need for security have led to remarkable investments of businesses in deploying image recognition solutions.
In the Image Recognition market, hardware and barcode recognition are the leading segments. The emergence of cloud technology and advent digitization has given an unprecedented opportunity for the key players to create enormous investments in image recognition solutions.
Some of the driving factors for the Image Recognition market are increasing the use of image recognition applications within various industry players, and technology advancements in facial recognition technology such as cloud-based services and 3d-based recognition systems.
In the image recognition market, some of the key players are Amazon Web Services (AWS) Inc., Google LLC, IBM Corporation, Microsoft Corporation, NVidia Corporation, and Honeywell International Inc. These market players are focusing on agreements, acquisitions, and developments in the Image Recognition market.
North America is expected to hold the highest market share in the image recognition market. The region is expected to witness a remarkable growth as it houses the major key players in the image recognition market. The high pace of infrastructure development and the increasing penetration of smartphones in the region would fuel the market growth across the region.
The hardware component segment would generate the highest revenue during the forecast period. Increasing the adoption of smartphones and social media platforms would ensure to boost the adoption of Image Recognition strategies.
The BFSI industry is expected to lead the image recognition market. Research and development in Image Recognition solution would contribute to market growth.
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