The Image Recognition Market size was valued at USD 34.89 billion in 2022 and is expected to grow to USD 108.44 billion by 2030 and grow at a CAGR of 15.23 % over the forecast period of 2023-2030.
The technique of recognizing and detecting an item or feature in a digital picture or video is known as Image recognition technology. In recent years, the discipline of image recognition has received worldwide attention. The data supplied by users through multiple platforms such as social networks, applications, and websites are used by the image recognition system. It makes use of artificial intelligence to recognize locations, people, things, buildings, logos, and other characteristics in images. This notion is employed in a variety of applications, including smart photo libraries, targeted advertising, security surveillance, toll booth monitoring, and industrial automation systems.
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Drivers
AI-driven Technologies' Growing Popularity to Boost the Market
Facial Recognition's Expanding Applicability to Drive Demand
Artificial intelligence and machine learning advancements are driving industry and business model shifts. AI is powering a wide range of applications, including computer vision, pattern recognition, machine vision, and others. Static picture detection, identification, categorization, and tagging are expected to be among the most profitable AI applications across sectors. Furthermore, AI-powered autonomous machine vision vehicles are increasing the need for image detection technology. In addition, the increasing use of AI-based visual search engines for object recognition is likely to fuel product demand in the coming years. Several AI-based healthcare applications, including current radiological interpretation and chronic diagnosis, are increasing the market's value. As a result, the growth of artificial intelligence-based applications is driving up demand for the product.
Restrains
Limiting Adoption Through Customs and Border Protection
Despite the fact that image recognition is gaining popularity in both the public and commercial sectors, as AI and computer vision technologies gain acceptance, federal and municipal laws are impeding industry growth. Portland, Oregon, for example, has outlawed the use of face recognition technology by numerous city entities, including public-facing companies and local police, beginning in September 2020. Face recognition technology has been a frequent tool for protecting public safety and monitoring in recent years. However, because to worries over home privacy, this technology has been outlawed in various places across the United States, Europe, and Asia-Pacific. As a result, such government rules are stifling demand for picture identification technologies.
Opportunities
Demand for cloud-based image recognition systems to assist salespeople in seamless retail execution is increasing.
Challenges
Global manufacturing vertical due to supply chain disruptions.
If the conflict disrupts supply chains and trade routes between Russia and Ukraine, it could impact the availability of components and materials needed for image recognition technologies. This could lead to delays in production, increased costs, and potential shortages of devices and equipment. Ongoing conflict can create economic instability in the region, leading to currency fluctuations, inflation, and reduced consumer spending. This can impact the overall demand for image recognition technologies, as businesses and individuals may prioritize essential needs over investing in new technology.
The Russia-Ukraine conflict may result in heightened geopolitical tensions and concerns about security and data privacy. This can lead to increased regulatory scrutiny and restrictions on technology exports, particularly related to image recognition systems that have potential surveillance applications. Such limitations can hamper market growth and expansion opportunities.
During times of conflict, governments often prioritize defense spending and allocate resources toward military operations and infrastructure. This might result in reduced funding for research and development, innovation, and initiatives related to image recognition technologies. It can slow down advancements and hinder the introduction of new products and solutions.
On the other hand, the conflict could also create specific market opportunities for image recognition technologies. For instance, there might be increased demand for surveillance systems, border security technologies, and intelligence-gathering capabilities in conflict zones. Companies specializing in these areas may experience short-term growth as governments and organizations seek to enhance their security measures.
Impact of the Recession
The global recession has had a significant impact on various industries, including the image recognition market. This market has experienced a decline in growth due to reduced consumer spending and decreased demand for image recognition technology. Image recognition technology is used in various industries, including healthcare, retail, and security. However, the recession has caused many businesses to cut back on their spending, resulting in a decrease in demand for image recognition technology. This has led to a decline in revenue for companies that specialize in this technology. the recession has also affected the development of new image recognition technology. Many companies have had to reduce their research and development budgets, resulting in a slower pace of innovation in the industry.
Despite these challenges, the image recognition market is expected to recover as the global economy improves. As businesses begin to invest in new technology again, the demand for image recognition technology is likely to increase. Additionally, advancements in artificial intelligence and machine learning are expected to drive growth in the image recognition market in the coming years.
The Image Recognition Market is segmented into five types on the basis of By Component, By Deployment, By Technology By Application, and By End-use.
By Component
Hardware
Software
Services
By Deployment
On-Premise
Cloud
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 End Use
BFSI
Media and Entertainment
Retail and Consumer Goods
IT and Telecom
Government
Healthcare
Transportation and Logistics
Others
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Because of the existence of a significant number of major market competitors, North America currently dominates the image recognition market share. Furthermore, the region's early adoption of computer vision technology is increasing its leadership position in the worldwide market. The adoption of software-driven business process automation based on cognitive technologies such as text recognition, natural language processing, and picture detection and identification is also helping to fuel regional market expansion. Furthermore, the deployment of self-driving cars is boosting the use of identification systems throughout the area. However, in response to privacy and surveillance concerns, San Francisco government entities prohibited the use of face recognition technology. The local government's proactive approach is having a detrimental influence on regional market growth.
Asia Pacific is expected to have the greatest CAGR over the projected period because of the increased use of cognitive applications in the region's rapidly developing IT industry. Furthermore, AI in healthcare with picture identification and recognition technology is speeding up chronic illness diagnosis, fueling the regional industry. Asia Pacific's market position is being strengthened by increased investments in artificial intelligence and the integration of computer vision and face recognition technology.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Microsoft Corporation, Imagga Technologies Ltd., Nvidia Corporation, Amazon Web Services, Inc., Qualcomm Technologies, Inc., Catchoom Technologies, S.L. Hitachi, Ltd., Wikitude GmbH, LTU Technologies, International Business Machines Corporation (IBM), Google, NEC Corporation, Catchoom, Qualcomm Technologies, Inc., Intel Corporation, Honeywell International Inc., and others in the final report.
Fujitsu Research and Development Centre Co., Ltd. (FRDC) and Fujitsu Laboratories Ltd. have developed Actlyzer, a hand wash movement identification system. The device uses video data acquired by a camera to recognize complicated hand-washing activities utilizing artificial intelligence (AI) and machine learning technologies.
| Report Attributes | Details |
| Market Size in 2022 | US$ 34.89 Bn |
| Market Size by 2030 | US$ 108.44 Bn |
| CAGR | CAGR of 15.23% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Hardware, Software, Services) • By Deployment (On-Premise, Cloud) • 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 End Use (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecom, Government, Healthcare, Transportation and Logistics, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Microsoft Corporation, Imagga Technologies Ltd., Nvidia Corporation, Amazon Web Services, Inc., Qualcomm Technologies, Inc., Catchoom Technologies, S.L. Hitachi, Ltd., Wikitude GmbH, LTU Technologies, International Business Machines Corporation (IBM), Google, NEC Corporation, Catchoom, Qualcomm Technologies, Inc., Intel Corporation, Honeywell International Inc. |
| Key Drivers | • AI-driven Technologies' Growing Popularity to Boost the Market • Facial Recognition's Expanding Applicability to Drive Demand |
| Market Opportunities | • Demand for cloud-based image recognition systems to assist salespeople in seamless retail execution is increasing. |
Ans: 15.23% is the CAGR of the Image Recognition Market in the forecast period of 2023-2030.
Ans: USD 34.89 billion in 2022 is the market share of the Image Recognition Market.
Ans. The major players are Microsoft Corporation, Imagga Technologies Ltd., Nvidia Corporation, Amazon Web Services, Inc., Qualcomm Technologies, Inc., Catchoom Technologies, S.L. Hitachi, Ltd., Wikitude GmbH, LTU Technologies, International Business Machines Corporation (IBM), Google, NEC Corporation, Catchoom, Qualcomm Technologies, Inc., Intel Corporation, Honeywell International Inc., and others in the final report.
Ans: North American region is dominating the Image Recognition Market.
Ans. The forecast period for the Image Recognition Market is 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Image Recognition Market Segmentation, By Component
8.1 Hardware
8.2 Software
8.3 Services
9. Image Recognition Market Segmentation, By Deployment
9.1 Cloud
9.2 On-Premises
10. Image Recognition Market Segmentation, By Technology
10.1 Code Recognition
10.2 Facial Recognition
10.3 Object recognition
10.4 Pattern Recognition
10.5 Optical Character Recognition
11. Image Recognition Market Segmentation, By Application
11.1 Scanning and Imaging
11.2 Security and Surveillance
11.3 Image Search
11.4 Augmented Reality
11.5 Marketing and Advertising
12. Image Recognition Market Segmentation, By End Use
12.1 BFSI
12.2 Media and Entertainment
12.3 Retail and Consumer Goods
12.4 IT and Telecom
12.5 Government
12.6 Healthcare
12.7 Transportation and Logistics
12.8 Others
13.Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 North America Image Recognition Market By Country
13.2.2North America Image Recognition Market By Component
13.2.3 North America Image Recognition Market By Deployment
13.2.4 North America Image Recognition Market By Technology
13.2.5 North America Image Recognition Market By Application
13.2.6 North America Image Recognition Market By End Use
13.2.7 USA
13.2.7.1 USA Image Recognition Market By Component
13.2.7.2 USA Image Recognition Market By Deployment
13.2.7.3 USA Image Recognition Market By Technology
13.2.7.4 USA Image Recognition Market By Application
13.2.7.5 USA Image Recognition Market By End Use
13.2.8 Canada
13.2.8.1 Canada Image Recognition Market By Component
13.2.8.2 Canada Image Recognition Market By Deployment
13.2.8.3 Canada Image Recognition Market By Technology
13.2.8.4 Canada Image Recognition Market By Application
13.2.8.5 Canada Image Recognition Market By End Use
13.2.9 Mexico
13.2.9.1 Mexico Image Recognition Market By Component
13.2.9.2 Mexico Image Recognition Market By Deployment
13.2.9.3 Mexico Image Recognition Market By Technology
13.2.9.4 Mexico Image Recognition Market By Application
13.2.9.5 Mexico Image Recognition Market By End Use
13.3 Europe
13.3.1 Europe Image Recognition Market By Country
13.3.2 Europe Image Recognition Market By Component
13.3.3 Europe Image Recognition Market By Deployment
13.3.4 Europe Image Recognition Market By Technology
13.3.5 Europe Image Recognition Market By Application
13.3.6 Europe Image Recognition Market By End Use
13.3.7 Germany
13.3.7.1 Germany Image Recognition Market By Component
13.3.7.2 Germany Image Recognition Market By Deployment
13.3.7.3 Germany Image Recognition Market By Technology
13.3.7.4 Germany Image Recognition Market By Application
13.3.7.5 Germany Image Recognition Market By End Use
13.3.8 UK
13.3.8.1 UK Image Recognition Market By Component
13.3.8.2 UK Image Recognition Market By Deployment
13.3.8.3 UK Image Recognition Market By Technology
13.3.8.4 UK Image Recognition Market By Application
13.3.8.5 UK Image Recognition Market By End Use
13.3.9 France
13.3.9.1 France Image Recognition Market By Component
13.3.9.2 France Image Recognition Market By Deployment
13.3.9.3 France Image Recognition Market By Technology
13.3.9.4 France Image Recognition Market By Application
13.3.9.5 France Image Recognition Market By End Use
13.3.10 Italy
13.3.10.1 Italy Image Recognition Market By Component
13.3.10.2 Italy Image Recognition Market By Deployment
13.3.10.3 Italy Image Recognition Market By Technology
13.3.10.4 Italy Image Recognition Market By Application
13.3.10.5 Italy Image Recognition Market By End Use
13.3.11 Spain
13.3.11.1 Spain Image Recognition Market By Component
13.3.11.2 Spain Image Recognition Market By Deployment
13.3.11.3 Spain Image Recognition Market By Technology
13.3.11.4 Spain Image Recognition Market By Application
13.3.11.5 Spain Image Recognition Market By End Use
13.3.12 The Netherlands
13.3.12.1 Netherlands Image Recognition Market By Component
13.3.12.2 Netherlands Image Recognition Market By Deployment
13.3.12.3 Netherlands Image Recognition Market By Technology
13.3.12.4 Netherlands Image Recognition Market By Application
13.3.12.5 Netherlands Image Recognition Market By End Use
13.3.13 Rest of Europe
13.3.13.1 Rest of Europe Image Recognition Market By Component
13.3.13.2 Rest of Europe Image Recognition Market By Deployment
13.3.13.3 Rest of Europe Image Recognition Market By Technology
13.3.13.4 Rest of Europe Image Recognition Market By Application
13.3.13.5 Rest of Europe Image Recognition Market By End Use
13.4 Asia-Pacific
13.4.1 Asia Pacific Image Recognition Market By country
13.4.2 Asia Pacific Image Recognition Market By Component
13.4.3 Asia Pacific Image Recognition Market By Deployment
13.4.4Asia Pacific Image Recognition Market By Technology
13.4.5Asia Pacific Image Recognition Market By Application
13.4.6 Asia Pacific Image Recognition Market By End Use
13.4.7 Japan
13.4.7.1 Japan Image Recognition Market By Component
13.4.7.2 Japan Image Recognition Market By Deployment
13.4.7.3 Japan Image Recognition Market By Technology
13.4.7.4 Japan Image Recognition Market By Application
13.4.7. 5Japan Image Recognition Market By End Use
13.4.8South Korea
13.4.8.1 South Korea Image Recognition Market By Component
13.4.8.2 South Korea Image Recognition Market By Deployment
13.4.8.3 South Korea Image Recognition Market By Technology
13.4.8.4 South Korea Image Recognition Market By Application
13.4.8.5 South Korea Image Recognition Market By End Use
13.4.9 China
13.4.9.1 China Image Recognition Market By Component
13.4.9.2 China Image Recognition Market By Deployment
13.4.9.3 China Image Recognition Market By Technology
13.4.9.4 China Image Recognition Market By Application
13.4.9.5 China Image Recognition Market By End Use
13.4.10 India
13.4.10.1 India Image Recognition Market By Component
13.4.10.2 India Image Recognition Market By Deployment
13.4.10.3 India Image Recognition Market By Technology
13.4.10.4 India Image Recognition Market By Application
13.4.10.5 India Image Recognition Market By End Use
13.4.11 Australia
13.4.11.1 Australia Image Recognition Market By Component
13.4.11.2 Australia Image Recognition Market By Deployment
13.4.11.3 Australia Image Recognition Market By Technology
13.4.11.4 Australia Image Recognition Market By Application
13.4.11.5 Australia Image Recognition Market By End Use
13.4.12 Rest of Asia-Pacific
13.4.12.1 APAC Image Recognition Market By Component
13.4.12.2 APAC Image Recognition Market By Deployment
13.4.12.3 APAC Image Recognition Market By Technology
13.4.12.4 APAC Image Recognition Market By Application
13.4.12.5 APAC Image Recognition Market By End Use
13.5 The Middle East & Africa
13.5.1 The Middle East & Africa Image Recognition Market By country
13.5.2 The Middle East & Africa Image Recognition Market By Component
13.5.3 The Middle East & Africa Image Recognition Market By Deployment
13.5.4The Middle East & Africa Image Recognition Market By Technology
13.5.5 The Middle East & Africa Image Recognition Market By Application
13.5.6The Middle East & Africa Image Recognition Market By End Use
13.5.7 Israel
13.5.7.1 Israel Image Recognition Market By Component
13.5.7.2 Israel Image Recognition Market By Deployment
13.5.7.3 Israel Image Recognition Market By Technology
13.5.7.4 Israel Image Recognition Market By Application
13.5.7.5 Israel Image Recognition Market By End Use
13.5.8 UAE
13.5.8.1 UAE Image Recognition Market By Component
13.5.8.2 UAE Image Recognition Market By Deployment
13.5.8.3 UAE Image Recognition Market By Technology
13.5.8.4 UAE Image Recognition Market By Application
13.5.8.5 UAE Image Recognition Market By End Use
13.5.9South Africa
13.5.9.1 South Africa Image Recognition Market By Component
13.5.9.2 South Africa Image Recognition Market By Deployment
13.5.9.3 South Africa Image Recognition Market By Technology
13.5.9.4 South Africa Image Recognition Market By Application
13.5.9.5 South Africa Image Recognition Market By End Use
13.5.10 Rest of Middle East & Africa
13.5.10.1 Rest of Middle East & Asia Image Recognition Market By Component
13.5.10.2 Rest of Middle East & Asia Image Recognition Market By Deployment
13.5.10.3 Rest of Middle East & Asia Image Recognition Market By Technology
13.5.10.4 Rest of Middle East & Asia Image Recognition Market By Application
13.5.10.5 Rest of Middle East & Asia Image Recognition Market By End Use
13.6 Latin America
13.6.1 Latin America Image Recognition Market By Country
13.6.2 Latin America Image Recognition Market By Component
13.6.3 Latin America Image Recognition Market By Deployment
13.6.4 Latin America Image Recognition Market By Technology
13.6.5Latin America Image Recognition Market By Application
13.6.6 Latin America Image Recognition Market By End Use
13.6.7 Brazil
13.6.7.1 Brazil Image Recognition Market By Component
13.6.7.2 Brazil Africa Image Recognition Market By Deployment
13.6.7.3Brazil Image Recognition Market By Technology
13.6.7.4 Brazil Image Recognition Market By Application
13.6.7.5 Brazil Image Recognition Market By End Use
13.6.8 Argentina
13.6.8.1 Argentina Image Recognition Market By Component
13.6.8.2 Argentina Image Recognition Market By Deployment
13.6.8.3 Argentina Image Recognition Market By Technology
13.6.8.4 Argentina Image Recognition Market By Application
13.6.8.5 Argentina Image Recognition Market By End Use
13.6.9 Rest of Latin America
13.6.9.1 Rest of Latin America Image Recognition Market By Component
13.6.9.2 Rest of Latin America Image Recognition Market By Deployment
13.6.9.3 Rest of Latin America Image Recognition Market By Technology
13.6.9.4 Rest of Latin America Image Recognition Market By Application
13.6.9.5 Rest of Latin America Image Recognition Market By End Use
14 Company Profile
14.1 Microsoft Corporation
14.1.1 Market Overview
14.1.2 Financials
14.1.3 Product/Services/Offerings
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Imagga Technologies Ltd.
14.2.1 Market Overview
14.2.2 Financials
14.2.3 Product/Services/Offerings
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Nvidia Corporation.
14.3.1 Market Overview
14.3.2 Financials
14.3.3 Product/Services/Offerings
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 Amazon Web Services, Inc.
14.4.1 Market Overview
14.4.2 Financials
14.4.3 Product/Services/Offerings
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Qualcomm Technologies, Inc.
14.5.1 Market Overview
14.5.2 Financials
14.5.3 Product/Services/Offerings
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Catchoom Technologies, S.L.
14.6.1 Market Overview
14.6.2 Financials
14.6.3 Product/Services/Offerings
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Hitachi, Ltd.
14.7.1 Market Overview
14.7.2 Financials
14.7.3 Product/Services/Offerings
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 LTU Technologies.
14.8.1 Market Overview
14.8.2 Financials
14.8.3 Product/Services/Offerings
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 International Business Machines Corporation (IBM).
14.9.1 Market Overview
14.9.2 Financials
14.9.3 Product/Services/Offerings
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Google.
14.10.1 Market Overview
14.10.2 Financials
14.10.3 Product/Services/Offerings
14.10.4 SWOT Analysis
14.10.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. USE Cases and Best Practices
17. Conclusion
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