Image Recognition Market Overview
The Global Image Recognition Market is expected to grow at a significant CAGR during the forecasting period (2024-2031). Image recognition is a sub-field of computer vision and artificial intelligence that refers to techniques for recognizing and analyzing images to automate a task. It is a technology that can identify places, people, objects, and various other elements within a concept and then analyze them to come up with a conclusion. Automating corporate activities and increasing productivity using an image recognition system or platform is possible. A model can be configured to do a certain action once it recognizes an element on a picture. Several use cases are already in production and used on a big scale in various businesses and sectors.
Market Scope and Summary
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Component, By Technology, By Deployment, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
For example, a quality control automation solution was implemented in the telecommunications industry. To ensure the quality of the installations, field personnel employ an image recognition system.
Market Dynamics and Trends
The necessity of feasible retail execution processes with compliance standards is expected to drive the market. However, law implementation at the border and customs protection to limit adoption are expected to restrain the market.
The necessity of feasible retail execution processes with adherence to compliance standards is expected to drive the market
Companies reinvent how they handle customer contacts, sell products online and offline and manage shop inventories with image recognition technology. Technology is increasingly being utilized to find things for purchase on the internet. For example, Snap, Snapchat's parent company, is working on a visual product feature in Snapchat that will employ image recognition technology to allow users to capture images of objects in the real world and identify, explore and buy items on Amazon.
Entrepreneurs and merchants have realized that traditional sales promotions, marketing, and visual merchandising methods would not be sustainable in the long run as the e-commerce business has grown, especially during the COVID-19 epidemic. As a result, merchants must quickly adapt to the new era of AI and picture recognition to provide superior customer service.
The application of picture recognition for compliance with shelf identification, product placement, and merchandising standards is gradually gaining traction. Manufacturers, merchants, and marketers may use image recognition technology to understand their markets better and respond quickly.
Law implementation at the border and customs protection to limit adoption are expected to restrain the market
Despite the growing acceptance of AI and computer vision technology in the public and business sectors, federal and municipal laws impede market expansion. For instance, in September 2020, Portland, Oregon, prohibited facial recognition technology in different city offices, including public-facing businesses and local police.
In recent years, face recognition technology has become a common tool for guaranteeing public safety and monitoring. However, this technology has been outlawed in various regions across the U.S., Europe, and Asia-Pacific due to home privacy concerns. As a result of such government policies, demand for picture identification systems is stifled.
In November 2021, Facebook would no longer employ facial recognition software to identify people in photos and videos. Issues regarding the ethics of facial recognition technology have grown, with concerns voiced about privacy, racial bias, and accuracy.
COVID-19 Impact on Image Recognition Market
The emerging coronavirus epidemic has accelerated digitization trends, transforming the planet. All economic sectors have been obliged to use sophisticated technologies to change their traditional business methods. Several organizations have deployed advanced detection technologies such as facial recognition to enable social distancing during the pandemic due to the epidemic. Face recognition-based mobile payment systems are being developed by banking and financial institutions.
For instance, in June 2020, CaixaBank, S.A. began a project to install face recognition technology in over 100 ATMs around Spain to provide ATM users with touchless money withdrawal services. The rapid digitization of organizations is expected to increase image detection and identification technology.
Market Segmentation Analysis
The global image recognition market is segmented into software, hardware, and service based on components.
The Industry 4.0 revolution and automation have driven image detection and identification algorithms for software product creation and development. Organizations are investing in image detection technologies to analyze and interpret data from visual sources as computer vision technology's potential grows.
Picture detection and identification algorithms are in high demand due to various hot applications such as biometric or face detection for security, recognizing objects in autonomous automobiles, and medical image analysis. The widespread use of technology in the gaming, healthcare, automotive, and e-commerce industries boosts the global market worth even more.
The face and image recognition business has experienced a lot of venture capital investment, with facial recognition startups getting much attention during early-stage funding rounds. For instance, in March 2021, Selfie onboarding expert Jumio recently announced a US$ 150 million funding round, while AnyVision recently raised US$ 235 million in a funding round headed by SoftBank, one of the world's most prominent firms focused on hi-tech growth potential.
Market Geographical Share
The global image recognition market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa based on geography.
North America is anticipated to have the greatest market size in the global image recognition market. The region is a key IT hub in technology adoption and IT infrastructure. Further, the region is a prominent contributor to market size for the global image recognition industry. U.S. and Canada account in the region for the majority of the market.
Artificial intelligence, image recognition, and augmented reality are increasingly being combined in Canada and U.S., projected to boost industry expansion in the region. North America is under severe strain due to COVID-19, with major countries like U.S. and Canada suffering significant losses.
Customers' privacy is being jeopardized in this unprecedented period. Countries such as Canada amended their rules to protect client privacy in October 2020. Integrating AI with image recognition and augmented reality in U.S. and Canada will likely fuel market growth.
Companies and Competitive Landscape
The global image recognition market is moderately consolidated and competitive with local and global brands. The major players in the business contributing to the market's growth include IBM, Amazon Web Services, Inc. (AWS), Trax, Microsoft, Google, Qualcomm Technologies, Inc., NEC Corporation, Google, LTUTech, and Catchoom, among others. Additionally, the companies are adopting growth strategies such as product launches, partnerships, and collaborations, contributing to the growth of the image recognition market globally.
Amazon Web Services, Inc. (AWS)
Overview: Amazon Web Services, Inc. (AWS) is an Amazon subsidiary offering metered pay-as-you-go cloud computing platforms and APIs to consumers, businesses, and governments. It is headquartered in Washington, U.S.
Product Portfolio: Amazon Web Services, Inc. (AWS) offers Amazon Rekognition that makes it easy to add image and video analysis to your applications. It is provided with an image or video to the Amazon Rekognition API and the service can identify objects, people, text, scenes, and activities.
Key Development:
- In 2016, Amazon.com Inc. acquired artificial intelligence startup Orbeus Inc. which offers artificial intelligence-powered photo-recognition technology called recognition that recognizes and classifies photo content.
Why Purchase the Report?
- Visualize the composition of the image recognition market segmentation by component, technology, deployment, application, and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the image recognition market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of the image recognition market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global image recognition market report would provide access to approx. 69 market data tables, 65 figures, and 180 pages.
Target Audience
- IT Companies
- AI & Machine Learning Businesses
- Cloud Computing
- Research Professionals
- Investment Research Firms
