Image Recognition Market 2022 | Trends, Opportunities, Growth and Forecast by 2027
According to the latest report by IMARC Group “Image Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global image recognition market size reached US$ 30.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 76.5 Billion by 2027, exhibiting a growth rate (CAGR) of 16.8% during 2022-2027.
Image recognition is a set of technologies that help to identify various digital images, including logos, objects, places, people, and buildings. It is a subset of artificial intelligence (AI) and computer vision and involves various steps, namely, classification, tagging, detection and segmentation. Image recognition is extensively utilized for performing a wide range of machine-based visual tasks, such as performing image content search, guiding autonomous robots and self-driving vehicles, and labeling the content of meta-tagged images.
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Market Trends:
The global image recognition market is majorly being fueled by the increasing application in the workplace environment of various end-use industries, such as healthcare, retail and automotive. The escalating demand for security products and applications embedded with advanced image recognition technologies is further contributing to the market growth. Moreover, the retail sector is increasingly utilizing image recognition for product placement, shelf identification and satisfying merchandising standards, which is creating a positive outlook for the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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.
- Wikitude GmbH.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- Object Detection
- QR/Barcode Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
- Others
Breakup by Application:
- Scanning and Imaging
- Security and Surveillance
- Image Searching
- Augmented Reality
- Marketing and Advertising
- Others
Breakup by Deployment Type:
- On-premises
- Cloud-based
Breakup by End Use Industry:
- BFSI
- Media and Entertainment
- IT and Telecom
- Government
- Healthcare
- Transportation and Logistics
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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