Image Recognition Market: Global Industry Analysis and Forecast (2022-2029)

Image Recognition Market was valued at US$ 29 Bn. in 2021. Global Image Recognition Market size is expected to grow at a CAGR of 16 % through the forecast period.

Image Recognition Market Overview:

The process of detecting and identifying an object or a feature in a digital image or video is Image recognition. In the past few years, the image recognition market is expanded. The data shared by the users through various platforms such as websites, social networks, and apps are used by the image recognition system. With the help of artificial intelligence, the image recognition system uses a technology that detects buildings, places, logos, people, items, and different variables in a picture. This concept is used in many applications such as targeted advertising, toll booth monitoring, smart photo libraries, and systems for factory automation.Several companies such as Pinterest, Apple, Facebook, Google, and Microsoft have invested heavily in research to develop image recognition and related application. Image Recognition Market To know about the Research Methodology:-Request Free Sample Report Machine learning-powered picture recognition is being used in a variety of sectors, including self-driving cars, automated image arrangement on visual websites, and face recognition on social networking sites. Social media monitoring is one of the most prominent uses of image recognition, as visual listening and visual analytics are critical components of digital marketing. This technology is also widely employed in safety and security applications, such as facial recognition by law enforcement authorities. 2021 is considered as a base year to forecast the market from 2022 to 2029. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.

Image Recognition Market Dynamics:

Market Drivers: Retail execution procedures must be efficient and profitable while adhering to compliance rules. In the way, companies manage customer interaction the image recognition solution is developing, marketing products offline and online, and image store inventory. The image recognition technology is mostly used for searching for products online for purchase. For example, there are various social media apps that are trending from that app, Snapchat is one of the apps that is working on the development of a visual product feature, Snapchat force the image recognition technology and helps users to take pictures of products in the real world; and helps to identify, purchase, browse items on Amazon. With the explosion in the e-commerce market, even more during the pandemic situation, retailers and marketers have realized that conventional strategies of sales promotions, visual merchandising, and marketing are not sustainable in the market during the forecast period. As a result, to deliver a next-level customer experience the retailers are rapidly adapting to the latest era of AI and image recognition. The use of image recognition for product placement, maintaining compliance, and product placement with merchandising standards is quickly gaining momentum. The image recognition market is assisting manufacturers, marketers, and retailers to understand their market and react dynamically. Market Restraints: The installation cost of the image recognition services is high, and owing to this the image recognition market is hampered. The enabling technologies such as face recognition, gesture recognition, ML, AI, computer vision, and deep learning have huge development costs. To increase productivity, a result, companies that lack financial resources do not prefer image recognition offerings even if they are interested in such solutions to increase productivity. The well-known vendor solutions in the image recognition market such as Google Cloud Vision API, IBM Watson, Amazon Recognition, Microsoft Emotion API, Vision API, and Microsoft Computer are highly-priced, owing these small companies are not able to buy them. Small retail and e-commerce enterprises would be discouraged by the high cost of adopting image recognition solutions and teaching AI enablers to perform a specific task; this could be a limitation for image recognition solution market during the forecast period. Market Opportunities: Major cloud businesses such as Google, Microsoft, and AWS are heavily investing in improving their picture recognition market offerings in order to enhance online and in-store retail execution. The demand for cloud-based services has increased even more as a result of the pandemic situation. Intelligence Retail, a computer vision and AI supplier for merchandising solutions, is leveraging the IBM cloud and analytics solution, which includes cutting-edge Graphics Processing Units (GPUs), to help organizations improve sales and customer loyalty. Microsoft Azure stack is being used to process large data volumes quickly for store shelf management and to give a representative real-time perspective into the retail execution process. Trax partnered with Google Cloud to combine Trax's image recognition and machine learning skills with Google's cloud and edge computing technology to successfully manage in-store inventory and every SKU on the shelf with actionable real-time analytics. Consumer Goods Cloud, which was launched by Salesforce, an American cloud-based CRM firm, allows field reps to assure optimal shelf stock levels, as well as an image recognition and object detection solution for quick inventory management and planogram compliance checks. Such organic and inorganic methods, backed by cloud infrastructure, help the image recognition market thrive in the future.

Image Recognition Market Segment Analysis:

Based on Technology, the object recognition segment held the largest market share of xx% in 2021. In both enterprise and consumer-facing tech companies, object identification is a form of computer vision that has gained momentum. Additionally, facial recognition is expected to demonstrate a notable shift in its growth during the forecast period and it is being adopted in the manufacturing industries for surveillance and security. There are various image identification techniques from them QR /barcode recognition is one of the significant image identification techniques as barcode scanners are rapidly adopted by corporations to track their fixed assets. Barcode recognition provides several benefits such as accuracy, and time-saving, internal operations have encouraged businesses to adopt barcode scanners. Furthermore, the widespread usage of barcode recognition in a variety of applications, including entertainment, advertising, games, art and pop culture, and product monitoring, has contributed to the technique's large market share. In the coming years, the implementation of this approach in retail and other industries is predicted to enhance the growth of the QR/ barcode recognition market. Image Recognition Market Based on the Outlook, the service segment held the largest market share of xx% in 2021. The software segment held a significant market share earlier owing to the growing adoption of image processing software for various applications such as photo editing, computer graphics, and medical imaging. In the development of computer vision-related software, the trend of using digital image processing with the help of API is expected to enhance the demand for the image recognition market during the forecast period. For instance, to enhance the object identification capability of the application several API platforms are used such as Amazon Recognitions provides an option of adding an image or video analytics. Additionally, for the image processing and content visualization Microsoft Computer Vision API, a cloud-based API tool offered by Microsoft, provides developers with access to images. Several corporations and businesses force the image recognition software for growing content discoverability and accelerating text extraction. Based on Application, the Marketing & Advertising segment held the largest market share of xx% in 2021. Marketing & Advertising has risen to the top, owing to a surge in demand from large corporations and small businesses to strengthen their marketing activities through improved advertising, consumer engagement, and branding. Image Recognition Market

Image Recognition Market Regional Insights:

The North America region dominated the market with xx % share in 2021. The North America region is expected to witness significant growth at a CAGR of xx% through the forecast period. North America held the biggest market share, owing to the rapid growth of cloud-based streaming services in the United States. The increasing integration of artificial intelligence and mobile computing platforms in the sphere of digital purchasing and e-commerce is credited with the segment's rise. As a result, of the increasing improvements in car obstacle detection technologies in the region, the European regional market is likely to increase significantly during the forecast period. Due to features such as extracting business insights from socially shared photographs and auto-organizing untagged photo collections, the image recognition market is likely to see a surge in popularity across various countries. It also provides safety measures for self-driving cars. The increasing rivalry among image recognition solution providers has pushed vendors to focus on developing unique products in order to stay competitive. The Asia Pacific, on the other hand, is expected to increase at the fastest rate during the forecast period. The popularity of online streaming in emerging economies like China and India is ascribed to the increasing usage of mobile phones and tablets, rapid technological breakthroughs, and the popularity of online streaming in emerging economies like China and India. The increased usage of mobility and cloud technologies to address information security is credited for the growth. Market expansion is being fueled by factors such as the economic growth of nations like China and India, the increasing adoption of smartphones, and the developing e-commerce industry. The objective of the report is to present a comprehensive analysis of the Global Image Recognition Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which gives a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Image Recognition Market dynamic, and structure by analyzing the market segments and projecting the Image Recognition Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Image Recognition Market make the report investor’s guide.

Image Recognition Market Scope: Inquire before buying

Global Image Recognition Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US$ 29 Bn.
Forecast Period 2022 to 2029 CAGR: 16 % Market Size in 2029: US$ 88.52 Bn.
Segments Covered: by Technology • Object Recognition • Code Recognition • Facial Recognition • Digital Image Processing • Others
by Outlook • Service • Software • Hardware
by Application • Marketing & Advertising • Scanning & Imaging • Image Search • Augmented Reality • Security & Surveillance • Others

Image Recognition Market by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Image Recognition Market Key Players

• Wikitude • Huawei • Honeywell • Toshiba • Oracle • Trigo • INFFRD • AIRY3D • Standard Cognition • Unispectral LTD • Snap2Insight • restb.ai • Vize by Ximilar • Mirror that Lock • IBM • Google • Qualcomm • Microsoft • AWS • Trax • NEC Corporation • Catchoom • Slyce • LTU Tech • Vispera • Blippar • Clarifai Frequently Asked Questions: 1] What segments are covered in the Global Image Recognition Market report? Ans. The segments covered in the Image Recognition Market report are based on Technology, Outlook, and Application. 2] Which region is expected to hold the highest share in the Global Image Recognition Market? Ans. The North America region is expected to hold the highest share in the Image Recognition Market. 3] What is the market size of the Global Image Recognition Market by 2029? Ans. The market size of the Image Recognition Market by 2029 is expected to reach US$ 65.78 Bn. 4] What is the forecast period for the Global Image Recognition Market? Ans. The forecast period for the Image Recognition Market is 2022-2029. 5] What was the market size of the Global Image Recognition Market in 2021? Ans. The market size of the Image Recognition Market in 2022 was valued at US$ 29 Bn.
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About This Report

Report ID 13650
Category Information Technology & Telecommunication
Published Date July 2022
Updated Date
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