Image Recognition Market: Current Analysis and Forecast (2022-2028)
Emphasis on Technology (Digital Image Processing, Facial Recognition, and Pattern Recognition); Component (Hardware, Software, and Services); Deployment (On-Premises and Cloud); Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing & Advertising, and Others); and Region/Country
The global Image Recognition Market stood at around USD 31 Bn in 2020 and is expected to grow at a growth rate of around 17% during the forecast period. Image recognition is the ability of computer-driven cameras to identify and recognize objects or features in digital images or videos. It is a way of capturing, manipulating, examining, and empathizing with images. To identify and recognize images, computers use machine vision technology powered by artificial intelligence systems. The global image recognition market is uplifting on the account of the growing need for efficient and profitable retail execution processes while adhering to compliance standards, rising investments in computer vision, and the development of advanced image recognition techniques. Moreover, factors such as the increasing usage of AI and ML technologies, rising concerns in security and surveillance, growing investments in AI and machine learning, and advancements in image recognition and computer vision techniques are also contributing to the growth of the market.
Some of the major players operating in the market include Alphabet Inc., QUALCOMM Inc., Microsoft Corporation, IBM Corporation, Amazon.com Inc., Sony Group Corporation, Honeywell International Inc, Toshiba Corporation, Adobe Inc., and Scandit AG are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology, facial recognition segment to witness robust CAGR during the forecast period”
Based on technology, the market is classified into digital image processing, facial recognition, and pattern recognition. Among these, facial recognition technology is expected to grow at a high CAGR during the forecast period owing to its increasing applications such as biometrics, Information security, access control, law enforcement, smart cards, and surveillance system. Facial recognition is also used to identify people in videos, photos, or in real-time and is widely used in various sectors such as law enforcement, retail and e-commerce, BSFI, automotive, healthcare and medical sector, media, and entertainment.
“Amongst application, the marketing & advertising segment to hold a significant share in the market in 2020”
On the basis of application, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing & advertising, and others. Marketing & advertising emerged as one of the most promising segments. This is primarily due to the rapidly growing demand from large and small businesses that enhance their marketing efforts with advanced advertising, customer interactions, branding, and others.
“North America held a significant share in the market in 2020”
North America accounted for a prominent share of the global image recognition market majorly due to the rising number of electronics gadgets and smartphone users integrated with image recognition applications in the region. Further, the increasing integration of artificial intelligence and mobile computing platforms in the field of digital shopping and e-commerce is also contributing to the growth of the image recognition market. In addition, the rising use of image recognition technologies by US Government organizations is another factor driving the market revenue growth in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global image recognition market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Image Recognition Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global image recognition market were the three major steps undertaken to create and analyze the adoption of image recognition in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global image recognition market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the image recognition market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the image recognition market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, component, deployment, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the image recognition market. Further, we conducted factor analysis using dependent and independent variables such as technology, component, deployment, and application of image recognition. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the image recognition market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global image recognition market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the image recognition market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global image recognition market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global image recognition market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the technology, component, deployment, and application in the global image recognition market.
The main objective of the Global Image Recognition Market Study
The current & future market trends of the global image recognition market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the image recognition market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of technology, component, deployment, and application
- Define and analysis of the regulatory framework for the image recognition industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the image recognition market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the image recognition market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Region/Country.
November 15, 2022
Generative AI Cybersecurity Market: Current Analysis and Forecast (2024-2032)
Emphasis on Deployment (On-Premise, Cloud-Based, Hybrid); Technology (Generative Adversarial Networks (GANs), Variational Autoencoders (VAEs), Reinforcement Learning (RL), Deep Neural Networks (DNNs), Natural Language Processing (NLP), Others); Application (Network Security, Endpoint Security, Cloud Security, Application Security, Others); End-User (Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, IT & Telecom, Government and Defense, Energy and Utilities, and Others); and Region/Country
November 4, 2024
