Market Analysis

According to Market Research Future (MRFR), the global image recognition market is expected to expand at a significant rate from 2020 to 2030 (forecast period). Image Recognition Market is Predicted to Reach US$ 109.7 Billion by 2030 Registering a CAGR of 18.7%. The worldwide Image Recognition Market is expected to witness a significant growth rate during the assessment period. Image recognition is a process that uses biometric data, including bodily features and facial features, to distinguish and recognize individuals.

In an era of fast-moving technological development where visual content is continually replacing conventional technology of textual solutions, technologies like image recognition, face recognition, and 3D object recognition are building a very strong layout for superior solutions in the field of security and surveillance, automotive safety, forensics and police investigations, automatic driving and assistance, biometric scanning appliances, healthcare, and e-commerce, etc.

Several organizations have started to recognize the benefits of collecting information from images digitally. This digital information can help to improve customer experience and provide a variety of new ways to approach customers. The increasing sophistication of image recognition technologies is expected to develop at a rapid rate. Due to the increase in tech-savvy people in most regions of the world, many new players are focusing on incorporating image recognition technologies in their products.

The increasing demand for the virtual market and other stimulation products is generating an immense market opportunity for image recognition products.

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Key Players
Jestec (LTU technologies) - Japan
Honeywell - USA
Toshiba - Japan
Staff Technologies - Poland
Sharp vision software - USA
Qualcomm Technologies - the USA
Panasonic - Japan
NEC - Japan
Hitachi - Japan
COVID-19 Impact on the Global Image Recognition Market

Image recognition helps to detect and identify objects or features in digital videos and images. Technological developments have provided researchers with smart technologies, like artificial intelligence, to tackle the COVID-19 pandemic. With the spread of COVID-19, the healthcare sector focuses on controlling the number of active cases and developing a cure. Technology and science have played a key role in the global crisis. Initially, when the virus broke out in Wuhan, China introduced a strategy to use artificial intelligence (AI) to tackle the spread of the disease, using facial recognition cameras to monitor the travel history of the infected, drones to sterilize public areas and image processing of patients' x-ray reports for better understanding. According to a new survey conducted by medical associations, patient health data obtained using radiology imaging techniques indicate that the images have the potential to provide salient information on the novel coronavirus. These results favor the adoption of image recognition techniques in the different industry verticals.

Advanced artificial intelligence techniques, like image recognition and neural networks, in combination with radiological imaging, can accurately detect COVID-19. They can also help to resolve the shortage of experts/doctors in inaccessible places. Technologies based on machine learning are playing a critical role since the onset of the COVID-19 pandemic. Machine learning algorithms are used to study the virus, diagnose individuals, develop possible treatments, and analyze the effect on public health. Furthermore, the implementation of deep learning to increase speed and accuracy in the analysis of diagnostic imaging promotes new growth opportunities. For example, emerging players are using technology that involves neural network models for performing image segmentation, image reconstruction, and automated reporting of suggestions through image processing.

Market Segmentation

The global image recognition industry has been segmented into solution, deployment, component, and application areas.

By solution, the global image recognition market has been segmented into facial recognition, optical object recognition, sensors, barcode/ quick response code recognition, object recognition, and pattern recognition.

By deployment, the global image recognition market has been segmented into on-premises and on-demand.

By component, the global image recognition market has been segmented into hardware and software.

By application areas, the global image recognition market has been segmented into BFSI, IT and telecom, healthcare, aerospace, hospitality, retail industry, automobile, defense, and SME organizations, among others.

Regional Analysis

By region, the global image recognition market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

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APAC to dominate the global market

The Asia Pacific dominates the market for image recognition due to the high availability of low-cost smartphones and tablets and the growing trend in digital technology use in regions such as China and India, as well as increased foreign investment.

Summary

The global image recognition market is projected to witness considerable growth over the assessment period (2017 to 2023). The increasing sophistication of image recognition technologies is anticipated to grow at a rapid rate. In most regions of the world, many new players are concentrating on integrating image recognition technology into their products as a consequence of rising tech-savvy people.

Key Points Covered in the Report:

Which are the five top players of the Image Recognition market?
How will the Image Recognition market change in the next five years?
What will be the market size and the growth rate by the end of the forecast period??
What are the drivers and restraints of the Image Recognition market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Image Recognition market throughout the forecast period?