Image Recognition Market Analysis by Component, by Application by Deployment Mode, and by Region - Global Forecast to 2029

The image recognition market size is estimated to be USD 28.5% million in 2021 and is expected to witness a CAGR of 17.3% during the forecast period 2022-2029. The growing market for effective and lucrative retail execution procedures that conform to compliance regulations factors contributing to the market growth. However, increasing cost of installation of image recognition services is expected to hinder the growth.

By Component

Based on component, the market is divided into software, hardware, and services. In 2021, the service segment accounted for the highest revenue share due to the increasing use of image processing software for a wide range of applications including picture editing, computer graphics, and medical imaging.

By Application

On the basis of application, the market is segregated into security & surveillance, scanning & imaging, marketing & advertising, image search, and augmented reality. In 2021, the marketing & advertising segment accounted for the highest revenue share owing to the top social media platforms integrating AI-powered picture recognition technology to enhance user experience and let marketers position advertising that is appropriate to the current context. However, many companies embraced technology to enhance existing marketing initiatives with cutting-edge branding, advertising, and client contact are supporting the market growth.

By Deployment Mode

Based on deployment mode, the market is bifurcated into on-premises and cloud. In 2021, the cloud segment accounted for the highest revenue share due to its rising popularity in industries including journalism, banking, insurance (BFSI), government, entertainment, and financial services, where centralised monitoring is necessary.

Regional Markets

In 2021, North America region accounted for the highest revenue in the image recognition market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of key market players and growing adoption of new technologies.

Competitor Insights

Some of the key players operating in the image recognition market are IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), Trax (Singapore),NEC Corporation (Japan), Catchoom (Spain), Slyce (US), LTU Tech (France), Vispera(Turkey), Blippar(UK), Clarifai(US), Wikitude (Austria), Huawei (China), Honeywell (US), Toshiba (Japan), Oracle (US), Trigo(Israel), INFFRD (US), AIRY3D(Canada), Standard Cognition (US), Unispectral LTD (Israel), Snap2Insight(US), restb.ai(Spain), Vize by Ximilar(Czech Republic), Mirror that Lock (US).

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including component, application, and deployment mode from 2021 to 2029.

Segmentation: Image Recognition Market Report 2021-2029

Product (Revenue, USD Million)

• Software
• Hardware
• Services

By Application (Revenue, USD Million)

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

By Deployment Mode (Revenue, USD Million)

• On-premises
• Cloud

By Region (Revenue, USD Million)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

Latin America

• Brazil
• Mexico
• Argentina
• Rest of LATAM

Middle East & Africa

• South Africa
• GCC
• Rest of MEA