Pune, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Image Recognition Market Size Analysis:
“The Image Recognition Market, valued at USD 45.6 billion in 2023, is poised for substantial growth, with projections reaching USD 165.2 billion by 2032. This growth reflects a robust compound annual growth rate (CAGR) of 15.4% from 2024 to 2032.”
Trends Impacting the Image Recognition Market
The image recognition market is evolving rapidly, driven by technological advancements and the rising demand for automation, accuracy, and efficiency across multiple industrial verticals. The major factor driving the market is the rising demand for AI-driven image detection solutions in areas like retail, marketing, security, healthcare, automotive, and others. As organizations continue to collect large volumes of visual data, the demand for systems that can efficiently process, analyze, and interpret images and videos has risen significantly.
Governments across the globe are recognizing the potential of image recognition technologies and are actively supporting their integration into various sectors. For example, in 2023, the U.S. government approved funding for AI-based image recognition solutions to be deployed in public safety applications, improving surveillance and crime prevention. The European Union has taken similar steps by launching projects on implementing new image recognition systems to provide better medical services like automation and better quality of healthcare processes.
Countries such as Japan and South Korea, on the other hand, are aggressively pursuing investment in image recognition technology, including for smart city and self-driving vehicle applications. These developments highlight the trend of reliance on access to image recognition tools to drive organizational success, security, and customer experience across verticals. With government backing and industry demand continuing to rise, the image recognition market is poised for substantial growth in the coming years.
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Major Players Analysis Listed in this Report are:
- Google (Google Lens, TensorFlow)
- Microsoft (Azure Computer Vision, Custom Vision)
- AWS (Amazon Rekognition, AWS SageMaker)
- Qualcomm (Snapdragon Vision, AI Engine)
- NVIDIA (NVIDIA Deep Learning AI, Jetson)
- Huawei (Huawei HiAI, HiLens)
- Toshiba (AI Solutions, Image Recognition Solutions)
- NEC Corporation (NeoFace, Intelligent Imaging Solutions)
- Hitachi (Hitachi AI Technology, Video Analytics)
- Oracle (Oracle Cloud Infrastructure, Oracle AI)
Image Recognition Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 45.6 Billion |
| Market Size by 2032 | USD 165.2 Billion |
| CAGR | CAGR of 15.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Significant improvements in AI and deep learning are enhancing image recognition software’s accuracy and reliability, allowing more sectors to adopt the technology for advanced applications •Increasing security concerns across sectors, such as finance, retail, and government, are driving demand for facial recognition as an essential security tool. •Image recognition is being increasingly integrated into automation platforms for document processing and operational efficiency, reducing manual tasks and improving data accuracy |
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Segmentation Analysis
By Technique
The image recognition market is segmented based on various techniques that power the technology, with facial recognition being the most significant contributor. In 2023, facial recognition held the largest share, accounting for 23% of the total revenue. This technique is used extensively for applications such as security surveillance, identity verification, and even consumer interaction in retail settings. Other notable techniques include object detection, pattern recognition, and image classification, which cater to a wide range of applications in diverse industries. As these techniques improve, the potential for image recognition to solve complex problems continues to increase, particularly in automated environments like smart cities and autonomous vehicles.
By Application
The marketing and advertising segment dominated the market in 2023 and held the largest revenue share at 28%. The ability to identify consumers through facial recognition or analyze customer behaviour through visual cues is transforming how brands engage with their target audience. Retailers use image recognition to analyze consumer behavior, optimize product placements, and tailor advertisements to individual preferences. In the advertising sector, it enhances the personalization of ads, ensuring relevance and increasing engagement.
By Vertical
The retail and e-commerce sector has emerged as the leading vertical in the image recognition market, commanding a market share of 20% in 2023. Retailers leverage image recognition technologies for inventory management, customer behavior analysis, and even the creation of personalized shopping experiences, where consumers are presented with targeted products based on their preferences. E-commerce companies also employ image recognition to enhance product searchability, allowing customers to search for products using images rather than text-based queries, making the shopping experience more intuitive and efficient.
Image Recognition Market Segmentation:
By Technique
- QR/ Barcode Recognition
- Object Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
By Deployment Mode
- Cloud
- On-Premises
By Component
- Hardware
- Software
- Service
- Managed
- Professional
- Training, Support, and Maintenance
By Application
- Augmented Reality
- Scanning & Imaging
- Security & Surveillance
- Marketing & Advertising
- Image Search
By Vertical
- Retail & E-commerce
- Media & Entertainment
- BFSI
- Automobile & Transportation
- Telecom & IT
- Government
- Healthcare
- Others
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Regional Analysis
North America led the image recognition market in 2023 and held a substantial share of 35% of the image recognition market due to its advanced technological infrastructure, the high adoption rate of AI solutions, and early-stage implementation of image recognition technologies across various sectors. The U.S. market, in particular, is expanding rapidly, driven by demand for security solutions, autonomous vehicles, and healthcare diagnostics. The rise of AI-powered software solutions and significant investments from key players like IBM, Google, and Microsoft are fuelling the growth of the image recognition market in North America.
The Asia-Pacific region is projected to grow at a significant growth rate during the forecast period, driven by the rapid expansion of e-commerce, technological advancements in AI and machine learning, and the growing focus on enhancing public safety. Countries such as China, Japan, and India are major contributors to the region's market share. China, in particular, has made significant strides in adopting image recognition technologies for facial recognition in public spaces, retail, and finance. Additionally, the region's rising investments in AI research and development are propelling the growth of image recognition technologies.
Recent Developments
- In October 2023, Swedish fintech company Klarna launched a new image recognition tool called "Shopping Lens," which uses AI to transform product images into search terms, helping users find the best deals on its app. This development puts Klarna in direct competition with industry giants like Google and Amazon, who have introduced similar technologies such as Google Lens and Amazon Rekognition.
- In January 2023, Panasonic Holdings Corporation introduced an advanced hyperspectral imaging technology, leveraging compressed sensing. This technology is used in applications such as healthcare, space exploration, and detecting subtle color differences that are not visible to the naked eye, enhancing image analysis capabilities.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Image Recognition Market Segmentation, By Component
8. Image Recognition Market Segmentation, By Technique
9. Image Recognition Market Segmentation, By Deployment
10. Image Recognition Market Segmentation, By Application
11. Image Recognition Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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