Image recognition market size is expected to reach USD 107.84 Billion in 2030 and register a revenue CAGR of 15.0% during the forecast period, according to the latest report. Image recognition is the technology that enables machines to identify objects, people, places, and actions in images. The technology is used across various industry verticals such as automotive, retail, healthcare, consumer electronics, and others. Growing demand for this technology in consumer electronics and automotive industries is anticipated to drive the growth of the image recognition market.
The automotive industry is one of the major end-users of image recognition technology. This technology is used in various automotive applications such as advanced driver-assistance systems (ADAS) and autonomous vehicles. ADAS are integrated into vehicles to provide enhanced safety and convenience to drivers. The rising number of road accidents globally is one of the key factors driving the demand for ADAS in vehicles. Moreover, increasing government initiatives to promote the adoption of autonomous vehicles is further anticipated to propel the growth of the image recognition market in the automotive industry.
The retail industry is another major end-user of image recognition technology. This technology is used by retailers for various applications such as product search, in-store navigation, and customer engagement. Product search is one of the major applications of image recognition in the retail industry. This application helps customers to search for products by taking a picture of the product. In-store navigation is another major application of image recognition technology in retail stores. This application helps shoppers to navigate through the store using their mobile devices. Moreover, image recognition technology is also used for customer engagement in the retail industry. This application helps retailers to engage with customers by providing them personalized offers and recommendations.
The healthcare industry is another major end-user of image recognition technology. This technology is used for various applications in the healthcare industry such as diagnostic imaging, medical research, and disease detection. The rising prevalence of chronic diseases and the growing need for early diagnosis are some of the major factors driving the growth of the image recognition market in the healthcare industry.
The automotive industry is one of the major end-users of image recognition technology. This technology is used in various automotive applications such as advanced driver-assistance systems (ADAS) and autonomous vehicles. ADAS are integrated into vehicles to provide enhanced safety and convenience to drivers. The rising number of road accidents globally is one of the key factors driving the demand for ADAS in vehicles. Moreover, increasing government initiatives to promote the adoption of autonomous vehicles is further anticipated to propel the growth of the image recognition market in the automotive industry.
The retail industry is another major end-user of image recognition technology. This technology is used by retailers for various applications such as product search, in-store navigation, and customer engagement. Product search is one of the major applications of image recognition in the retail industry. This application helps customers to search for products by taking a picture of the product. In-store navigation is another major application of image recognition technology in retail stores. This application helps shoppers to navigate through the store using their mobile devices. Moreover, image recognition technology is also used for customer engagement in the retail industry. This application helps retailers to engage with customers by providing them personalized offers and recommendations.
The healthcare industry is another major end-user of image recognition technology. This technology is used for various applications in the healthcare industry such as diagnostic imaging, medical research, and disease detection. The rising prevalence of chronic diseases and the growing need for early diagnosis are some of the major factors driving the growth of the image recognition market in the healthcare industry.
Some Key Highlights from the Report
- By technology, facial recognition segment is expected to witness a faster revenue CAGR during the forecast period due to the rising need for security and surveillance across the globe. Also, the government and commercial sectors are investing in this technology for security purposes, which is expected to propel the facial recognition segment growth during the forecast period.
- The automotive segment is also expected to grow at a significant pace during the forecast period due to the rising adoption of this technology in autonomous vehicles. Increasing demand for advanced driver assistance systems (ADAS) in vehicles is also expected to fuel the automotive segment growth.
- The healthcare segment is expected to grow at a significant pace during the forecast period, due to the rising adoption of this technology for storing and retrieving patient information. Also, image recognition is used in cancer diagnosis, which is expected to propel the healthcare segment growth during the forecast period.
- Among all the applications, retail application is expected to grow at a higher CAGR during the forecast period owing to the presence of several large scale retailers who are investing in this technology to provide personalized services to their customers.
- The military & defense application is also expected to grow at a significant rate during the forecast period due to the need for homeland security and border control. Also, this technology is used for target identification, which is expected to propel the military & defense application segment growth during the forecast period.
- The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to the presence of major players in this region. Also, the increasing adoption of this technology across various applications is expected to fuel the market growth in this region.
- North America is expected to dominate the global image recognition market due to the presence of several large scale companies in this region who are investing in research and development activities. Also, the increasing adoption of this technology across various applications is expected to fuel the market growth in this region.
- Companies profiled in the global market report include Qualcomm Technologies Inc., Microsoft Corporation, NEC Corporation, IBM Corporation, Huawei Technologies Co. Ltd, Google LLC, Oracle Corporation, Honeywell International Inc., Toshiba Corporation, Amazon Web Services Inc., Vispera Information Technologies, and LTU Tech.
For the purpose of this report, the author has segmented the global image recognition market based on technology, end-use, component, deployment, application, and region:
Technology Outlook (Revenue, USD Million; 2018-2030)
- Code Recognition
- Digital Image Processing
- Facial Recognition
- Object Recognition
- Pattern Recognition
- Optical Character Recognition
Deployment Outlook (Revenue, USD Million; 2018-2030)
- Cloud
- On premises
Component Outlook (Revenue, USD Million; 2018-2030)
- Hardware
- Software
- Services
End-Use Outlook (Revenue, USD Million; 2018-2030)
- Banking, Financial Services and Insurance
- Retail
- Healthcare
- Media and Entertainment
- Government
- Transportation and logistics
- Automotive
- Telecommunications
- Others
Application Outlook (Revenue, USD Million; 2018-2030)
- Scanning and Imaging
- Security and Surveillance
- Image Search
- Augmented Reality
- Marketing and Advertising
- Others
Regional Outlook (Revenue, USD Million; 2018-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Image Recognition Market Segmentation & Impact Analysis
Chapter 5. Image Recognition Market By Technology Insights & Trends
Chapter 6. Image Recognition Market By Component Insights and Trends
Chapter 7. Image Recognition Market By Application Insights & Trends
Chapter 8. Image Recognition Market By Vertical Industry Insights & Trends
Chapter 9. Image Recognition Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Companies Mentioned
- IBM
- Qualcomm Technologies Inc.
- Microsoft
- Amazon Web Services Inc.
- Trax Image Recognition
- NEC Corporation
- Partium.io
- LTU Tech
- Huawei Technologies Co. Ltd.
