The global image recognition market size is projected to reach USD 81.88 billion by 2026. The increasing incorporation of artificial intelligence in image recognition will fuel the demand for the product across the world. According to a report published by Fortune Business Insights, titled, “Image Recognition Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Technology (Barcode Recognition, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), By Applications (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality & others), By Deployment (On-Premises, Cloud), By End-User (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecommunications & Others) and Regional Forecast, 2019-2026 ,” the market was worth USD 20.19 billion in 2018 and will exhibit a CAGR of 19.6% during the forecast period, 2019-2026.
Image recognition is the ability of a computer or a smartphone to detect, recognize, and differentiate people, objects, and other patterns. The differentiation is carried out through software that has been trained with extensive data learning algorithms. Computer vision uses image processing algorithms to review and analyse the nature as well as visuals in a digital image or video. The benefits of image recognition such as the elimination of physical identity cards will fuel the demand for the product in the coming years. Risks such as misplacement of cards and physical damage can also be overcome with the help of image recognition.
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Key Segments in the Image Recognition Market
- By Component: On the basis of component, the market is segmented on the basis of hardware, software, and services. Among these segments, the hardware segment is projected to witness considerable growth in the coming years. The growing use of cloud-technologies, coupled with increasing internet proliferation will aid growth. The increasing smartphone penetration and advances in camera and image qualities will have a direct impact on the growth of the market in the coming years. Besides hardware segment, the services segment will exhibit a high CAGR in the coming years due to the massive demand across diverse industrial sectors.
- By Technology: Based on technology, the market is segmented into barcode recognition, facial recognition, object recognition, pattern recognition, and optical character recognition. Among these, the barcode recognition segment holds the highest image recognition market share in 2018. The barcode recognition allows data extraction from large documents. The efficiency and uniqueness of these products have enabled a wider product adoption across the world. The facial recognition segment will witness a high growth rate in the coming years due to the increasing popularity and widespread product applications in several industry verticals.
- By Application: On the basis of application, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality, and marketing and advertising. The security and surveillance segment holds the largest image recognition market share. The widespread applications of surveillance systems within corporate offices, industrial areas, and other crowded areas will aid the growth of this segment. The growing incorporation of artificial intelligence in facial recognition systems across surveillance systems will contribute to the growth of this segment. The image search segment accounted for 24.4% of the global market share in 2018.
- By Deployment: Based on deployment, the market is segmented into on-premise and through cloud. The widespread applications of cloud have opened up a massive potential for growth. The availability of open source software, coupled with the ease of use and elimination of physical drives will aid the growth of this segment.
- By End User: On the basis of end users, the market has been segmented into BFSI, media and entertainment, retail and consumer goods, it and telecom, government, healthcare, and transportation and logistics. The BFSI segment currently holds the highest market share driven by the widespread applications.
- By Region: The report analyzes the ongoing image recognition market trends across major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in North America will witness high growth in the coming years, owing to the massive demand for image recognition across several industries. The market in Asia Pacific is projected to emerge as the fastest growing market among due to the increasing investments in product development.
Amazon Web Services’ Heavy Upfront Investment in Image Recognition Technology Will Help its Business
Leading companies in the market, including Amazon Web Services, Google LLC., and NVidia Corporation are focusing on developing newer products and services, through high investment in product R&D. The image recognition applications have been spread across purposes, including face detection, text detection, and custom labels. A few of the other companies that are operating in the image recognition market include:
- IBM Corporation
- Microsoft Corporation
- Honeywell International Inc.
- Qualcomm Technologies, Inc.
- Honeywell International, Inc.
- Hitachi, Ltd.
- LTU technologies
- NEC Corporation
Key Industry Developments:
- April 2018: Qualcomm Technologies, Inc. announced a collaboration with NetEase Youdao for the implementation of Youdao’s real-scene augmented reality (AR) translation-based platforms.
The global image recognition market is segmented on the basis of:
Value (USD billion)
- Consulting and Training
- Support and Maintenance
- Barcode Recognition
- Facial Recognition
- Object Recognition
- Pattern Recognition
- Optical Character Recognition
- Scanning and Imaging
- Security and Surveillance
- Image Search
- Augmented Reality
- Marketing and Advertising
- Media and Entertainment
- Retail and Consumer Goods
- IT and Telecom
- Transportation and Logistics
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)