How Has the Image Recognition Market Evolved Historically and What is its Current Size?
The image recognition market has seen considerable growth due to a variety of factors.
• The rapid expansion of the image recognition market has been witnessed in recent years and is set to continue, expanding from $53.4 billion in 2024 to $61.97 billion in 2025. This equates to a compound annual growth rate (CAGR) of 16.1%.
Key factors driving this historic growth include advancements in areas such as deep learning and neural networks, the evolution of computer vision technologies, the surfeit of available image data, the use of image recognition within the healthcare sector, and the burgeoning growth of e-commerce and visual search techniques.
What is the Forecasted Market Size and CAGR for the Image RecognitionMarket?
The image recognition market is expected to maintain its strong growth trajectory in upcoming years.
• The market for image recognition is anticipated to experience a swift expansion in the upcoming years, surging to a staggering $127.58 billion by 2029, with a CAGR of 19.8%.
Factors propelling this growth during the forecast period encompass the utilization of image recognition in self-directed vehicles, its growing uptake in augmented reality (AR) applications, advances in security and surveillance systems, its proliferation in the retail and fashion sectors, and the emphasis on edge computing for real-time image recognition. Furthermore, the emergence of trends such as image object detection and recognition, the fusion of image recognition with natural language processing, the application of image recognition in social media and content moderation, the progression of explainable AI in image recognition, and the adoption of image recognition in agriculture for crop observation will likewise influence growth during the forecast period.
What Key Factors and Trends are Driving the Growth of the Image Recognition Market?
The surge in demand for security applications and products that utilise image recognition functionality is propelling the image recognition market. Image recognition's security applications include services like facial recognition. Using image recognition technology, facial recognition identifies individuals in pictures. The prevalence of facial recognition has skyrocketed due to a global increase in terrorism, cyber attacks, and identity theft. For example, Techreport stated in August 2023 that facial recognition technology is commonplace in approximately 20% of countries' airports for security checks and border control, indicating its considerable adoption. Consequently, the escalating demand for security applications and-products likely will stimulate the image recognition market's growth.
What are the Market Segments in the Image Recognition Market?
The image recognition market covered in this report is segmented –
1) By Technique: QR Or Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
2) By Deployment: Cloud, On-Premises
3) By Component: Hardware, Software, Service
4) By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, marketing And Advertising, Image Search
5) By Vertical: Retail And E-commerce, Media And Entertainment, BFSI, Automobile And Transportation, IT And Telecom, Government, Healthcare, Other Verticals
Subsegments:
1) By QR Or Barcode Recognition: 1D Barcode Recognition, 2D Barcode (QR Code) Recognition
2) By Object Recognition: Image Classification, Object Detection
3) By Facial Recognition: 2D Facial Recognition, 3D Facial Recognition
4) By Pattern Recognition: Shape Recognition, Texture Recognition
5) By Optical Character Recognition (OCR): Text Recognition, Handwriting Recognition
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What Trends are Shaping the Image Recognition Market?
The rise in technological innovations is a prominent trend in the image recognition market. Leading players in this market are adopting emerging technologies like augmented reality to maintain their market positions. Augmented reality, often referred to as AR, is a technology that blends digital data with the real world in real time. It enhances the user's real-world perception by adding visual, auditory, or other sensory data onto the physical world. For example, in October 2023, Klarna, a financial services company based in Sweden, launched an advanced AI-powered image recognition tool called "Shopping Lens". The aim of this tool is to enrich the shopping experience of its users. The Shopping Lens allows users to upload images of products they're interested in, converts these visuals into searchable terms, and guides them to the best deals on Klarna's app. Boasting the ability to recognize over 10 million products and pair them with over 50 million offers, Shopping Lens aspires to simplify the buying process by offering price comparisons, product reviews, and suggestions for similar products. This initiative puts Klarna in a competitive position with leading tech corporations like Google and Amazon, who have crafted similar instruments such as Google Lens and Amazon Rekognition.
Who Are the Key Players in the Image Recognition Market?
Major companies operating in the image recognition market include:
• Google LLC
• Catchoom Technologies S. L.
• Hitachi Ltd.
• Honeywell International Inc
• Amazon Web Services Inc.
• Blippar Group Limited
• Clarifai Inc.
• CloudSight Inc.
• Deepomatic
• Descartes Labs Inc.
• EyeEm Mobile GmbH.
• Imagga Technologies Ltd.
• iMerit Technology Services
• Kneron Inc.
• Megvii Technology Limited
• Neurala Inc.
• Nviso SA
• Osaro Inc.
• PTC Inc.
• Qualcomm Technologies Inc.
• SenseTime Group Limited
• Snap Inc.
• Toshiba Corporation
• ViSenze Pte Ltd.
• Wikitude GmbH
• Zebra Medical Vision Ltd.
• Zivid AS
What are the Regional Insights into the Image Recognition Market?
North America was the largest region in the image recognition market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
