With 17.6% CAGR, Image Recognition Market Worth USD 86.32 billion by 2027

Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the global Image Recognition Market size is projected to reach USD 86.32 billion by 2027, at a CAGR of 17.6% during the forecast period, 2020-2027

Pune, India, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The global Image Recognition Market size was worth USD 23.82 billion in 2019. It is projected to rise from USD 86.32 billion by 2027, exhibiting a CAGR of 17.6% during the forecast period, 2020-2027. Rapid Advancements in Face Detection Technologies to Drive Market Growth. Fortune Business Insights™ has published this information in its latest research report titled, “Image Recognition Market Forecast, 2022-2027.”

Industry Developments:

Fuji Laboratories and Fujitsu Research and Development Center developed “Actlyzer”, a novel hand-wash movement recognition tool. The solution utilizes AI and ML capabilities identify complex hand wash movements from video data, which ensures proper, standardized hand washing practices.

Microsoft and Sony collaborated to design software tools to enable simplified sharing of and access to their mutual customer data. The companies will be integrating these tools in AI-powered smart cameras and video analytics by leveraging Microsoft’s Azure AI and Sony’s IMX500 intelligent vision sensor.


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Report Scope & Segmentation

Report Coverage

Details

Forecast Period

2020 to 2027

Forecast Period 2020 to 2027 CAGR

17.6%

2027 Value Projection

USD 86.32 Billion

Base Year

2019

Image Recognition Market Size in 2019

USD 23.82 Billion

Historical Data for

2016 to 2018

No. of Pages

180

Segments covered

Component, Technology, Application, Deployment,  End-User and Geography

Image Recognition Market  Growth Drivers

Increasing Number of Bans on Facial Recognition Tools to Limit Market Growth

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.


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Drivers and Restraints

Increasing Number of Bans on Facial Recognition Tools to Limit Market Growth

Chief among the factors limiting the image recognition market growth is the growing clamor around the world to ban the use of facial identification technologies. Such technologies, according to many experts, erode privacy, incite racial and cultural biases, and can be easily misused by those in power. Citing these dangers of image recognition technologies, activists, policymakers, and ordinary citizens around the world are demanding that these technologies need to be discarded. For example, Democrats in the US introduced the ‘Facial Recognition and Biometric Technology Moratorium Act’ in June 2020 to ban the use of facial recognition tools by federal law enforcement agencies. Tech companies are responding on similar lines. In Europe, the European Union is mulling a ban on facial recognition in public places for five years.  These governmental measures are likely to inhibit the growth of this market in the coming years.

Segment-

Software Segment to be the Dominating Segment

Based on components, the image recognition market is segregated into hardware, software and services. Amongst these, the software segment will hold the largest market share. Industry 4.0 revolution and automation is driving the adoption of image detection and recognition algorithms for software product designs and developments. With the increasing potential of computer vision technology, organizations are investing in image detection technologies to analyze and interpret data from visual sources. Numerous trending applications such as biometric or face detection for security, identifying objects in autonomous cars, or medical image analysis are stimulating the demand for image detection and recognition algorithms. The massive deployment of this technology in the gaming, healthcare, automotive, and e-commerce industries is further raising the global market value.

On the basis of services, the market is further classified into implementation services, consulting and training, and support and maintenance services. Among these, implementation services are likely to hold a large revenue share owing to the demand for the integration of the technology into suitable application platforms or technologies.


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Regional Insights

Rising Demand for Automation Technologies to Favor Market Growth in North America

North America, with market size of USD 9.90 billion in 2019, is expected to dominate the image recognition market share during the forecast period. This is primarily attributable to the growing demand by businesses in the region for advanced automation solutions and services to optimize business processes. In addition, strong presence of large technological companies such as IBM in the region will further aid the expansion of the regional market.

In Europe, a rising emphasis on security and surveillance activities is fuelling the adoption of image recognition technologies. Asia Pacific is slated to display the highest CAGR owing to the steadily rising investments in AI and a speedily progressing information & communication technology industry.

Competitive Landscape

Creation of Cutting-Edge Solutions by Key Players to Animate Competition

The R&D operations conducted by some of the largest tech companies in the world are the prominent features of the competitive landscape of this market. These companies are making massive investments in developing advanced image recognition solutions for different enterprises to maintain their competitive edge.


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List of Key Players Covered in Image Recognition Market Report:

  • Blippar Ltd

  • Slyce Acquisition Inc.

  • NEC Corporation

  • Hitachi, Ltd.

  • Honeywell International Inc.

  • Microsoft Corporation

  • Google LLC

  • Wikitude GmbH

  • Catchoom Technologies, S.L.

  • LTU Technologies

  • Qualcomm Technologies, Inc.

  • Nvidia Corporation

  • IBM Corporation

  • Amazon Web Services (AWS) Inc.


Major Table of Contents:

    • Global Image Recognition Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

      • By Component (Value)

        • Hardware

        • Software

        • Services

      • By Technology (Value)

        • Code Recognition

        • Facial Recognition

        • Object recognition

        • Pattern Recognition

        • Optical Character Recognition

      • By Deployment (Value)

        • Cloud

        • On-Premises

      • By Application (Value)

        • Scanning and Imaging

        • Security and Surveillance

        • Image Search

        • Augmented Reality

        • Marketing and Advertising

      • By End Use (Value)

        • BFSI

        • Media and Entertainment

        • Retail and Consumer Goods

        • IT and Telecom

        • Government

        • Healthcare

        • Transportation and Logistics

        • Others

      • By Region (Value)

        • North America

        • Europe

        • Asia Pacific

        • Middle East & Africa

        • Latin America

    • North America Image Recognition Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

      • By Component (Value)

        • Hardware

        • Software

        • Services

      • By Technology (Value)

        • Code Recognition

        • Facial Recognition

        • Object recognition

        • Pattern Recognition

        • Optical Character Recognition

      • By Deployment (Value)

        • Cloud

        • On-Premises

      • By Application (Value)

        • Scanning and Imaging

        • Security and Surveillance

        • Image Search

        • Augmented Reality

        • Marketing and Advertising

      • By End Use (Value)

        • BFSI

        • Media and Entertainment

        • Retail and Consumer Goods

        • IT and Telecom

        • Government

        • Healthcare

        • Transportation and Logistics

        • Others

      • By Country (Value)

        • United States

        • Canada

    • Europe Image Recognition Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

      • By Component (Value)

        • Hardware

        • Software

        • Services

      • By Technology (Value)

        • Code Recognition

        • Facial Recognition

        • Object recognition

        • Pattern Recognition

        • Optical Character Recognition

      • By Deployment (Value)

        • Cloud

        • On-Premises

      • By Application (Value)

        • Scanning and Imaging

        • Security and Surveillance

        • Image Search

        • Augmented Reality

        • Marketing and Advertising

      • By End Use (Value)

        • BFSI

        • Media and Entertainment

        • Retail and Consumer Goods

        • IT and Telecom

        • Government

        • Healthcare

        • Transportation and Logistics

        • Others

      • By Country (Value)

        • The United Kingdom

        • Germany

        • France

        • Italy

        • Spain

        • Rest of Europe

TOC Continued…!


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