Image Recognition Market Trends, Current Innovations and Future Directions

The global image recognition market size was valued at USD 53.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2030. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective.

Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

 

Gather more insights about the market drivers, restrains and growth of the Global Image Recognition Market

 

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

 

Image Recognition Market Report Highlights

• The facial recognition segment held the highest market share of 22.1% in 2022. The increasing demand for enhanced security measures across various industries, such as government, banking, and retail, has significantly contributed to the dominance of facial recognition systems.

• The marketing and advertising segment dominated the market with a market share of 29.9% in 2022. Many businesses adopted technology with advanced advertising, customer interaction, and branding to improve their marketing activities.

• Based on components, the market has been segmented into hardware, software, and service. The service segment held the largest revenue share of 38.5% in 2022 and is expected to capture the fastest CAGR of 14.9% during the forecast period.

• Based on the deployment mode, the market has been segmented into on-premise and cloud. The cloud segment dominated the market with a revenue share of 70.6% in 2022 and is anticipated to retain its position over the forecast period.

• Based on verticals, the market has been segmented into media and entertainment, BFSI, automobile and transportation, retail and e-commerce, telecom and IT, government, healthcare, and others. The retail & e-commerce segment dominated the market and represented a market share of 21.1% in 2022.

• North America accounted for the largest market share of 34.8% in 2022, majorly due to the rapid growth of cloud-based streaming services in the U.S. The segment's growth is attributed to the increasing integration of artificial intelligence and mobile computing platforms in digital shopping and e-commerce.

 

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Segments Covered in the Report

 

Grand View Research has segmented the global image recognition market based on technique, application, component, deployment mode, vertical, region:

 

Image Recognition Technique Outlook (Revenue, USD Million, 2017 - 2030)

• QR/ Barcode Recognition

• Object Recognition

• Facial Recognition

• Pattern Recognition

• Optical Character Recognition

 

Image Recognition Application Outlook (Revenue, USD Million, 2017 - 2030)

• Augmented Reality

• Scanning & Imaging

• Security & Surveillance

• Marketing & Advertising

• Image Search

 

Image Recognition Component Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware

• Software

• Service

• Managed

• Professional

• Training, Support, and Maintenance

 

Image Recognition Deployment Mode Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud

• On-Premises

 

Image Recognition Vertical Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce

• Media & Entertainment

• BFSI

• Automobile & Transportation

• IT & Telecom

• Government

• Healthcare

• Others

 

Image Recognition Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa

  • Saudi Arabia

  • South Africa

  • UAE

 

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