Future of Image Recognition Market: Insights from Industry Experts
The global image recognition market size is expected to reach USD 128.3 billion by 2030, registering a CAGR of 12.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.
The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.
Gather more insights about the market drivers, restrains and growth of the Image Recognition Market
Image Recognition Market Report Highlights
• Facial recognition dominated the market and accounted for the largest revenue share of 22.5% in 2023. The increasing demand for enhanced security measures across various industries, such as government, banking, and retail, has significantly contributed to the dominance of facial recognition systems.
• The service segment led the market and accounted for the largest revenue share of 39.1% in 2023. The service segment offers tailored image recognition solutions that can be customized to meet the specific needs of businesses across various industries.
• The cloud segment held the largest market revenue share of 71.6% in 2023. The rise in the cloud-based market is due to its greater use in industries needing centralized monitoring, such as BFSI, media, government, and entertainment.
• The retail & e-commerce segment dominated the market with a share of 21.0% in 2023. E-commerce websites prioritize content management to enhance their product offerings and boost sales.
• The marketing & advertising segment held the largest market share of 29.6% in 2023. Many businesses adopted technology with advanced advertising, customer interaction, and branding to improve their marketing activities.
• North America image recognition market dominated the global market and accounted for the largest revenue share of 34.0% in 2023. The rise in the market is due to the growing inclusion of AI and mobile computing in online shopping and e-commerce industries.
Image Recognition Market Segmentation
Grand View Research has segmented global image recognition market report based on, technique, component, deployment mode, vertical, application, and region:
Image Recognition Technique Outlook (Revenue, USD Million, 2018 - 2030)
• QR/ Barcode Recognition
• Object Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition
Image Recognition Component Outlook (Revenue, USD Million, 2018 - 2030)
• Hardware
• Software
• Service
o Managed
o Professional
o Training, Support, and Maintenance
Image Recognition Deployment Mode Outlook (Revenue, USD Million, 2018 - 2030)
• Cloud
• On-Premises
Image Recognition Vertical Outlook (Revenue, USD Million, 2018 - 2030)
• Retail & E-commerce
• Media & Entertainment
• BFSI
• Automobile & Transportation
• Telecom & IT
• Government
• Healthcare
• Others
Image Recognition Application Outlook (Revenue, USD Million, 2018 - 2030)
• Augmented Reality
• Scanning & Imaging
• Security & Surveillance
• Marketing & Advertising
• Image Search
Image Recognition Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
• Latin America
o Brazil
• Middle East and Africa (MEA)
o Saudi Arabia
o South Africa
o UAE
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