Image Recognition Market Size to Reach USD 80.29 Billion in 2028 | Rising Adoption of Virtual Reality and Augmented Reality are Key Factors Driving Industry Growth, says Emergen Research

Key players in the Image Recognition market include IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.

Vancouver, British Columbia, March 18, 2021 (GLOBE NEWSWIRE) -- The global image recognition market size is expected to reach USD 80.29 Billion at a steady CAGR of 15.3% in 2028, according to latest analysis by Emergen Research. Rising adoption of Machine Learning (ML) and Artificial Intelligence (AI) is propelling growth of the image recognition market currently. AI is used in pattern recognition, computer vision, and machine vision, among others. Rising adoption of AI is enriching user experience and enabling automation of a range of operations across industries and sectors. Governments are focusing on improved AI capabilities to revolutionize operations and processes across various industry verticals.

Image recognition also uses data shared by users on social networks, apps, and websites. The technology uses AI to detect or locate persons, places, buildings, logos, and other pictures or images. It is useful for purposes such as targeted advertising, toll booth monitoring, security surveillance, and in smart photo libraries and factory automation systems.

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Image recognition opens up a variety of opportunities in e-commerce and digital shopping sectors. Companies can target a list of constantly increasing customers shopping online. The technology transforms smartphones into virtual showrooms and enable use in mobile applications to identify specific products. Image recognition software identifies objects such as shoes, bags, and watches, among others, and returns purchasing options to the user. Customers can perform live comparisons of these products without visiting any specific or particular website. Customers are also using image recognition software to build their mobile commerce applications.

Facial recognition technology is increasingly being paired with other technologies such as fingerprint and card scanning in biometric security systems for access and exit instead of ID cards in industries, corporate, and residential systems, and applications. Rising adopting of big data analytics and high bandwidth data services is also driving need to deploy image recognition technology, which is driving market growth. High cost of installation of image recognition systems is a key factor expected to hamper growth of the market to some extent over the forecast period. Faulty image sensors and cameras are another factor that could negatively impact demand and preference among some users.

Some Key Highlights in the Report

  • The services segment revenue is projected to increase at a rapid rate during the forecast period. Services offered by players in the market include implementation, consulting, training, support, and maintenance. Demand for these services is expected to increase in the coming years as more enterprises in various verticals adopt this technology.
  • Rapid proliferation of smartphones has prompted various brands and product marketeers to market their products with the help of image recognition technology. Amazon is aggressively marketing its Rekognition service, which makes powerful video and image analysis available. With Amazon Rekognition Custom Labels, brands can find their corporate logo on social media and help customers identify their products on store shelves.
  • Patient identification has gained massive traction in the healthcare sector as it simplifies the check-in process and free-up personnel ideally required for manually doing the paperwork. Face recognition also helps in correctly identifying patients and eliminating wrong-patient errors and procedures. Face recognition technology has been at the forefront of the fight against COVID-19. The technology enables tracking of persons in quarantine with an app. Monitoring and social distancing in public places can also be carried out using facial recognition for the purpose of identification or verification.
  • Revenue from the image recognition market in Asia Pacific is projected to register a comparatively higher CAGR than other regional markets due to increasing usage of smartphones and tablets in developing countries. The growing popularity of streaming in China and India is propelling growth of image recognition market. Another driving factor is rising use of image recognition in China for security and surveillance application.
  • Key players in the market include IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.

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Emergen Research has segmented the global Image recognition market on the basis of component, application, deployment mode, technique, industry vertical, and region:

  • Component Outlook (Revenue, USD Billion; 2018–2028)
    • Hardware
    • Software
    • Services
  • Application Outlook (Revenue, USD Billion; 2018–2028)
    • Security and Surveillance
    • Scanning and Imaging
    • Augmented Reality
    • Image Search
    • Marketing and Advertising    
  • Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
    • On-premises
    • Cloud
  • Technique Outlook (Revenue, USD Billion; 2018–2028)
    • Object Recognition
    • QR/ Barcode Recognition
    • Pattern Recognition
    • Facial Recognition
    • Optical Character Recognition     
  • Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
    • Media & Entertainment
    • Healthcare
    • Retail & E-commerce
    • BFSI
    • IT & Telecom
    • Automobile & Transportation
    • Government
    • Others

Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends:

  • Regional Outlook (Revenue, USD Billion; 2018–2028)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. U.K.
      3. France
      4. Spain
      5. Benelux
      6. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Rest Of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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