The global image recognition market size reached US$ 30.0 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 76.5 Billion by 2027, exhibiting a CAGR of 16.88% during 2021-2027.
Image recognition refers to a technological solution used for identifying objects, people, places and actions in images. It utilizes machine vision technologies with predefined algorithms and artificial intelligence (AI) to interpret a matrix of numerical values in a digital image.
The algorithm maps out a pattern or relationship in subsequent images to improve the accuracy of the results. Some of the commonly used algorithms include Principal Component Analysis (PCA), Scale-invariant Feature Transform (SIFT) and Speeded Up Robust Features (SURF).
These technologies are also used for performing machine-based visual tasks, such as labeling contents of images with meta-tags, performing image content search and guiding self-driving cars, autonomous robots and accident avoidance systems.
Rapid digitization across industries, along with the widespread adoption of AI-based systems, are among the key factors driving the growth of the market.
Furthermore, the increasing utilization of image recognition technologies for digital marketing applications is providing a thrust to the market growth. E-commerce service providers integrate their application’s programming interface with the image recognition tools to assist with the monitoring of return on investment (RoI) and enhancing brand productivity.
Additionally, various technological advancements, such as the improvements in AI, big data and machine learning (ML) systems, are acting as other growth-inducing factors. This enables law enforcement agencies to run visual analytics for biometric scanning machines, pedestrian recognition and vehicle tracking.
Other factors, including significant improvements in the information technology (IT) infrastructure, along with extensive research and development (R&D) activities, are anticipated to drive the market further.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Amazon Web Services Inc. (Amazon.com Inc.), Attrasoft Inc., Google LLC (Alphabet Inc.), Hitachi Ltd., Honeywell International Inc., International Business Machines Corporation, Microsoft Corporation, NEC Corporation, Qualcomm Technologies Inc. (Qualcomm Incorporated), Slyce Inc. and Wikitude GmbH.
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Image Recognition Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Services
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Technology
7.1 Object Detection
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 QR/Barcode Recognition
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Facial Recognition
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Pattern Recognition
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Optical Character Recognition
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Application
8.1 Scanning and Imaging
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Security and Surveillance
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Image Searching
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Augmented Reality
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Marketing and Advertising
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Deployment Type
9.1 On-premises
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Cloud-based
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by End Use Industry
10.1 BFSI
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Media and Entertainment
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 IT and Telecom
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Government
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Healthcare
10.5.1 Market Trends
10.5.2 Market Forecast
10.6 Transportation and Logistics
10.6.1 Market Trends
10.6.2 Market Forecast
10.7 Others
10.7.1 Market Trends
10.7.2 Market Forecast
11 Market Breakup by Region
12 SWOT Analysis
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 Amazon Web Services Inc. (Amazon.com Inc.)
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 SWOT Analysis
16.3.2 Attrasoft Inc.
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.3 Google LLC (Alphabet Inc.)
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 SWOT Analysis
16.3.4 Hitachi Ltd.
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 Financials
16.3.4.4 SWOT Analysis
16.3.5 Honeywell International Inc.
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Financials
16.3.5.4 SWOT Analysis
16.3.6 International Business Machines Corporation
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.6.4 SWOT Analysis
16.3.7 Microsoft Corporation
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.7.3 Financials
16.3.7.4 SWOT Analysis
16.3.8 NEC Corporation
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.8.3 Financials
16.3.8.4 SWOT Analysis
16.3.9 Qualcomm Technologies Inc. (Qualcomm Incorporated)
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.10 Slyce Inc.
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.11 Wikitude GmbH
16.3.11.1 Company Overview
16.3.11.2 Product Portfolio
16.3.11.3 Financials
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