According to latest analysis by Emergen Researchglobal image recognition market size is expected to reach USD 80.29 Billion at a steady CAGR of 15.3% in 2028. Increasing usage of smartphones globally and rising adoption of Virtual Reality (VR) and Augmented Reality (AR) are key factors driving growth of the global image recognition market.
Image recognition applications include targeted advertising, smart photo libraries, accessibility for the visually impaired, media interactivity, and enhanced research capabilities. Google, Microsoft, Facebook, Pinterest, and Apple are investing in resources and research into image recognition and related applications. Improper data storage, security breaches, and misuse of facial recognition data are some of the primary concerns related to image recognition technology, which could limit adoption in several areas.
Global image recognition market revenue growth is primarily driven by rising focus by major companies on product portfolio expansion, entry into new and untapped domestic and international markets, rising investments my top image recognition market players, manufacturers, and vendors in strategic agreements and contracts, and rapidly increasing competition in the image recognition market .
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Image recognition or tracking is used in augmented reality to track, detect, and augment 2D images. Image tracking is dependent on advanced computer vision technology to track and augment images. Jack Daniels augmented reality app turns whisky bottles into pop-out storybooks. The free app uses a tablet or smartphone camera to recognize the sticker on the bottle and unfolds the whole manufacturing process of the drink in a matching black and white pop-up book.
Some major companies in the global market report include IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.
image recognition market : Competitive Landscape
The prominent players operating in the image recognition market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Electronic Health Records Market.
Some Key Highlights From the Report
- The software segment accounted for largest revenue share in 2020 due to a sudden and rapid increase in adoption of image recognition software in computer graphics, medical imaging, and photo editing, among others. Rapidly growing trends of industry automation and Industry 4.0 are driving adoption of image recognition software, and the trend is expected to continue over the forecast period.
- mage recognition is an important tool in autonomous vehicles used by Uber and Google. The technology detects road signs and obstacles through sensors in front of a vehicle and identifies these with the help of this technology.
- Computer vision systems powered by deep learning are trained with thousands of images of humans, road signs, and obstacles on the road under different weather and lighting conditions. The intelligence of the system continues to increase as new information is fed in.
- North America accounted for largest revenue share in 2020 due to high level of integration of AI in e-commerce and digital shopping. Companies in the region are quick to adopt advanced technologies such as AI, deep learning, and cloud-based technologies, which is propelling growth of the market.
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Global image recognition market Segmentation
Emergen Research has segmented the global image recognition market on the basis of component, application, deployment mode, technique, industry vertical, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
Security and Surveillance
Scanning and Imaging
Marketing and Advertising
Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
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Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
Why should you buy this image recognition market report?
- The study paper dissects the total market potential of major regions with strengths, opportunity and challenge, constraints, and dangers.
- By identifying the high-improvement locations, the study inspects the open entryways, keeping an eye out for accomplices.
- It examines each submarket in terms of a single improvement design and its contribution to the market.
- It examines the recent developments, such as advancements, business strategies, new product releases, and acquisitions.
- It purposefully profiles the major market players and thoroughly investigates their advancement strategies.
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