Image Recognition Market Size to Surpass USD 134.41 Billion by 2030, exhibiting a CAGR of 17.4%

As per the report by Fortune Business Insights, the global image recognition market size is projected to reach USD 134.41 billion in 2030, at a CAGR of 17.4% during the forecast period, 2023-2030

Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global image recognition market size was valued at USD 38.02 billion in 2022 and is projected to grow from USD 43.60 billion in 2023 to USD 134.41 billion by 2030, exhibiting a CAGR of 17.4% during the forecast period. The expansion is being driven by the growing deployment of Machine Learning (ML) and Artificial Intelligence (AI) technologies in precise, computerized, cost-effective, and accessible medical diagnostics. Fortune Business Insights presents this information in their report titled "Global Image Recognition Market Forecast, 2023-2030."

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Key Industry Development:

February 2023 – Quest Global entered into a partnership with Nvidia Omniverse Platform for delivering 3D visualization, design collaboration, next-gen image recognition solutions, simulation, and others. The deal was focused on optimizing operational efficiency for the automotive and manufacturing sectors.

Key Takeaways

  • Image recognition market size in North America was USD 13.91 billion in 2022
  • Rising Product Deployment to Propel the Demand for Software Solutions
  • Quest Global Struck Partnership with Nvidia Omniverse Platform to Deliver 3D Visualization and Other Services
  • Code Recognition Segment to Dominate due to the Adoption of AI in the Retail Sector

Discover the Leading Players Featured in the Report:

“Companies leading the global image recognition market are 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)”

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 17.4%
2030 Value Projection USD 134.41 Billion
Base Year 2022
Image Recognition Market Size in 2022 USD 38.02 Billion
Historical Data for 2019 to 2021
No. of Pages 130
Segments covered Component, Technology, Application, Deployment, End-user and Geography

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Drivers and Restraints:

Market Value to Surge Owing to Increasing Popularity of AI-driven Technologies

One of the key factors propelling the image recognition market growth is the soaring development of machine learning and artificial intelligence. Some of the top revenue-generating applications include static image detection, recognition, tagging, and classification.  

However, the industry growth could be affected by the growing acceptance of computer vision and AI technologies.


By Component

  • Hardware
  • Software
  • Services

By Technology

  • Code Recognition
  • Facial Recognition
  • Object Recognition
  • Pattern Recognition
  • Optical Character Recognition

By Application

  • Scanning and Imaging
  • Security and Surveillance
  • Image Search
  • Augmented Reality
  • Marketing and Advertising

By Deployment

  • On-Premise
  • Cloud

By End-user

  • BFSI
  • Media and Entertainment
  • Retail and E-commerce
  • IT and Telecom
  • Government
  • Healthcare
  • Transportation and Logistics

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Regional Insights:

North America to Emerge as Prominent Region Owing to Presence of Key Players

The North America image recognition market share is anticipated to depict notable growth over the forecast period. The rise is propelled by the presence of major industry players and the growing adoption of software-driven business process automation.

The Europe market is slated to record substantial expansion over the estimated period. The growth is impelled by the increasing development of 3D vision autonomous vehicles in the region.

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Competitive Landscape:

Leading Companies Enter into Collaborations to Strengthen Industry Foothold

Key industry participants are undertaking research activities for the development of new products. These include collaborations, partnership deals, and others for increasing their geographical footprints. Additional initiatives include merger agreements, the formation of alliances, and others.


How big is the image recognition market?

The image recognition market size was USD 38.02 billion in 2022. It is expected to reach USD 134.41 billion by 2030.

How fast is the image recognition market growing?

The image recognition market will exhibit a CAGR of 17.4% during the forecast period, 2023-2030.

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