Image Recognition Market to Expand at 17.1% CAGR over 2024 to 2032; Fujitsu Limited and Carnegie Mellon University Inked a Partnership to Develop Digital Twin Technology

The global image recognition market size stood at USD 43.60 billion in 2023. The market value is slated to rise from USD 50.36 billion in 2024 and reach USD 178.13 billion by 2032 at a CAGR of 17.1% during 2024-2032. The rise is driven by the soaring popularity of image detection applications such as face detection, medical image analysis, driverless car vision, and gesture recognition.

Fortune Business Insights™ presents this information in its report titled “Image Recognition Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Code Recognition, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, and Marketing and Advertising), By Deployment (On-Premise and Cloud), By End-user (BFSI, Media and Entertainment, Retail and E-commerce, IT and Telecom, Government, Healthcare, Transportation and Logistics, and Others), and Regional Forecast, 2024-2032”.

Pandemic Impelled Industry Expansion Owing to Moderate Adoption of Facial Recognition Applications

The COVID-19 pandemic led to the increased adoption of advanced technologies in modern disease diagnostic and radiology methods. The period recorded the increasing development of face recognition-based mobile payment services by numerous financial and banking organizations. This propelled industry expansion to some extent. However, the market growth was restrained by decreased logistics and production processes.

Fujitsu Limited Partnered with Carnegie Mellon University to Develop Social Digital Twin Technology

In February 2022, Carnegie Mellon University and Fujitsu Limited announced collaborative research projects focused on developing “Social Digital Twin” technology. The deal was focused on exploring practical applications for their technology and joint research.

According to researchers, the “Social Digital Twin” technology will play an active role in enhancing efforts focused on easing congestion, positively influencing travel behavior.

Product Demand to Surge Owing to Emergence of Neural Network and Deep Learning Algorithms

The global image recognition market growth is being propelled by the emergence of deep learning algorithms and Convolutional Neural Networks (CNN). These features deploy an array of AI-based features for the precise analysis, detection, classification, and recognition of image pixels.

However, the growing acceptance of artificial intelligence (AI) and computer vision technologies may restrain market expansion to a considerable extent.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/image-recognition-market-101855

Major Industry Participants Ink Strategic Deals to Expand Product Reach

Leading companies are depicting a greater interest in the formulation and implementation of various strategies for expanding their geographical footprints. These include merger agreements, collaborations, partnerships, and the formation of alliances. Besides, companies are also focused on investment activities and research initiatives centered on the development of new products.

Key Players Profiled:

• Amazon Web Services (AWS) Inc. (U.S.)


• V7Labs (U.K.)


• NEC Corporation (Japan)


• NVIDIA Corporation (U.S.)


• Slyce Acquisition Inc. (U.S.)


• Clarifai, Inc. (U.S.)


• Google LLC (U.S.)


• Blippar Ltd. (U.K.)


• Toshiba Corporation (Japan)


• Huawei Cloud (China)

Notable Industry Development

• February 2023 – Quest Global inked a collaboration with Nvidia Omniverse Enterprise Platform. The deal was centered on providing design collaboration, simulation, 3D visualization, next-gen image recognition solutions, and others.

Further Report Findings

• The North America market has the presence of key industry players and the increasing adoption of software-driven business process automation. These factors are touted to augment the image recognition market share in the region.


• The Asia Pacific region is expected to register lucrative growth over the projected period. The expansion is propelled by the increasing deployment of cognitive applications across the rapidly developing IT sector.


• Based on component, the market for image recognition is subdivided into hardware, software, and services. The software segment held a dominating share in the market, exhibiting a significant CAGR over the forecast period. The growth is due to the rising investments in image detection technologies.


• On the basis of technology, the market is segregated into code recognition, facial recognition, object recognition, pattern recognition, and optical character recognition.

Table of Segmentation