Global Image Recognition Technology Market Overview
The Image Recognition Technology Market accounted for US$ 25.32 billion in 2020 and is estimated to be US$ 145.81 billion by 2030 and is anticipated to register a CAGR of 10.40%.
A face recognition system may be a technology capable of matching a person's face from a digital image or a video frame against a database of faces, typically employed to authenticate users through ID verification services, works by pinpointing and measuring countenance from a given image. While initially a sort of computer application, face recognition systems have seen wider uses in recent times on smartphones and in other sorts of technology, like robotics. Because computerized face recognition involves the measurement of a human's physiological characteristics face recognition systems are categorized as biometrics. Although the accuracy of face recognition systems as a biometric technology is less than iris recognition and fingerprint recognition, it's widely adopted thanks to its contactless process. Face recognition systems are deployed in advanced human-computer interaction, video surveillance and automatic indexing of images. They’re also used widely by enforcement agencies.
Global Image Recognition Technology Market Drivers & Restraints
Platform for interactions between companies and customers
Image recognition solutions are revolutionizing the way companies manage customer interactions, market products online and offline, and manage store inventory. Image recognition technology is increasingly getting used to look for products online for purchase. With the boom within the e-commerce industry, even more so during the COVID-19 pandemic, entrepreneurs and retailers have realized that conventional strategies of advertisements, marketing, and visual merchandising won't be sustainable within the industry within the future. Hence, retailers are quickly adapting to the new era of AI and image recognition to deliver next level customer experience.
Utilization of image recognition
The utilization of image recognition for shelf recognition, product placement, and maintaining compliance with merchandising standards is quickly gaining momentum. Image recognition technology is assisting manufacturers, retailers, and marketers to know their market and react dynamically.
High cost involved
The high cost involved in making image recognition systems might be a hindrance to the expansion of the market. Most of the enabling technologies, like face recognition, deep learning, computer vision, AI, ML, and gesture recognition, have huge development costs. Thus, companies that lack financial resources don't choose image recognition offerings albeit they're curious about such solutions to extend productivity. The large cost of implementing image recognition solutions and training AI enablers to execute a selected task will act as a deterrent for little retail and e-commerce businesses; this might convince be a restraint for image recognition solution vendors during the forecast period.
Global Image Recognition Technology Market Segmentations & Regional Insights
The image recognition technology market report segments the market on the basis of type, application, and region.
Based on type, the medical polymer market is divided into Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, and Optical Character Recognition. On the basis of application, the target market is bifurcated into IT & Telecom, BFSI, Healthcare, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, and Others.
Regional Insights:
On the basis of region, the Image Recognition Technology Market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is predicted to have dominating market of global image recognition market, while Asia Pacific (APAC) is probably going to grow at the steady CAGR during the forecast period. North America is a major IT hub in terms of technology adoption and IT infrastructure. In terms of market size, North America may be a significant contributor to the worldwide image recognition market. The US and Canada are the main contributors to the North American market. Canada and therefore the US are increasingly witnessing the merging of AI with image recognition and augmented reality; this is often expected to drive market growth within the region. Due to the COVID-19 impact, North America goes through tremendous strain, thanks to which major countries like the US and Canada are bearing huge losses. The privacy of consumers is usually being affected during this unprecedented time. In October 2020, countries like Canada updated their regulations to guard customer privacy. The increase within the integration of AI with image recognition and AR is predicted to drive the market growth within the US and Canada. The US is home to major AI-based image recognition companies, resulting in increasing adoption of the technology across the region. As a result, many companies are making their move towards the US market, meaning to develop an assemblage of AI capabilities. There has been a growing demand for image recognition sector in Canada to enhance product placements and assist in object identification. Enterprises within the region are most progressive within the adoption of AI, computer vision, deep learning, and therefore the cloud, thereby boosting the expansion of the market. This, including the region’s strong financial position, enables significant investments in leading tools and technologies for effective business operations.
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
By Type: Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, and Optical Character Recognition By Application: IT & Telecom, BFSI, Healthcare, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Detailed Segmentation:
Image Recognition Technology Market, By Region:
- North America
- Middle East & Africa
- Middle East & Africa Image Recognition Technology Market, By Type
- Middle East & Africa Image Recognition Technology Market, By Application
- Middle East & Africa Image Recognition Technology Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Latin America Image Recognition Technology Market, By Type
- Latin America Image Recognition Technology Market, By Application
- Latin America Image Recognition Technology Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- Asia Pacific Image Recognition Technology Market, By Type
- Asia Pacific Image Recognition Technology Market, By Application
- Asia Pacific Image Recognition Technology Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Europe Image Recognition Technology Market, By Type
- Europe Image Recognition Technology Market, By Application
- Europe Image Recognition Technology Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- North America Image Recognition Technology Market, By Type
- North America Image Recognition Technology Market, By Application
- North America Image Recognition Technology Market, By Country
- The U.S.
- Canada
- Middle East & Africa
Recent Development:
- In June 2022, Huski has launched new AI-Powered Image Recognition for helping IP Lawyers Protect Clients Trademarks. Advanced AI driven image recognition technology can scan both e-commerce sites like Shopify, Amazon, and Etsy. Image recognition technology is quite powerful and Huski has potential to detect Gucci logo on women’s belt buckle.
- In December 2022, Walmart has launched new ‘TrendGetter’ technology which uses image recognition to make it easier for customers for finding deals on on-trend products for holidays.
- In October 2022, Innodisk has launched new Camera module series for supporting image recognition technology. Newly launched Camera module series has major advantages like platform compatibility, customized development and ISP adaptation. Newly launched Camera module series are used in various applications such as hospital bedside infotainment system, ATMs, etc.
Global Image Recognition Technology Market Competitive Landscape & Key Players
Key players operating in the Image Recognition Technology Market are IBM Corporation, Imagga Technologies Ltd., Amazon Web Services, Inc., Qualcomm Incorporated, Google LLC, Microsoft Corporation, NEC Corporation, LTU Technologies, Inc., Catchoom Technologies and Intel Corporation
Global Image Recognition Technology Market Company Profile
- IBM Corporation
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- Imagga Technologies Ltd.
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- Amazon Web Services, Inc.
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- Qualcomm Incorporated
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- Google LLC
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- Microsoft Corporation
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- NEC Corporation
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- LTU Technologies, Inc.
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- Catchoom Technologies
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- Intel Corporation
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Global Image Recognition Technology Market Highlights
FAQs
Image Recognition Technology Market report segments the market on the basis of type, application and region.
Image recognition technology is increasingly getting used to look for products online for purchase. Image recognition technology is increasingly getting used to look for products online for purchase.
North America is predicted to have dominating market of global image recognition market, while Asia Pacific (APAC) is probably going to grow at the steady CAGR during the forecast period.
Key players operating in the Image Recognition Technology Market are IBM Corporation, Imagga Technologies Ltd., Amazon Web Services, Inc., Qualcomm Incorporated, Google LLC, Microsoft Corporation, NEC Corporation, LTU Technologies, Inc., Catchoom Technologies and Intel Corporation.