Image Recognition Market Outlook 2026 By Component, Technology Size, Share, Trends
According to TechSci Research, The global image recognition market was valued at USD27.764 billion in 2020 and is projected to reach USD73.344 billion by 2026. Rising usage of advanced driver assistance systems, introduction of visual search engines, increasing need for content moderation on social media and other online platforms, and introduction of smart farming techniques in the agriculture industry to identify plant diseases, worms, and other insects, etc. are expected to positively influence the global image recognition market in the coming years. The increased use of image recognition systems in the retail and healthcare industries are further expected to drive growth in the industry. However, concerns related to the training model generalization, comprehensive scene understanding, and automated network engineering might affect the growth in the industry in the forecast period.
Global image recognition market can be segmented into component, technology, deployment, application, end user and region. Based on component, the market can be segmented into software, hardware, and services. The software dominated the market in 2020 and is expected to do so in the forecast period as well. Image recognition software tags images uses a variety of identifiers. It describes objects such as locations, backgrounds, people, text, and behaviour automatically. Artificial intelligence tests aid in the development of image recognition. This provides the software with a comprehensive understanding of patterns and machine learning.
Based on the technology, the market can be segmented into digital image processing, code recognition, facial recognition, object recognition, pattern recognition and optical character recognition. The digital image processing segment held a market share of 24.08% in the year 2020. Almost in every field, digital image processing has a real-time effect on things and is evolving with the passage of time and the introduction of new technologies. There are several applications in the medical field that rely on the operation of digital image processing, such as Gamma-ray imaging PET scan, X-Ray Imaging, Medical CT scan, and UV imaging, among others.
Based on deployment, the market is bifurcated into on premise and on cloud. The on cloud segment is expected to be the fastest growing segment because of the rapid adoption of cloud-based platforms. Based on application, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality and marketing and advertisement. The scanning and imaging segment held a major share in the market, capturing a market share of 20.78% in 2020.
Based on end user, the market is segmented into IT and telecom, government, healthcare, retail, automotive, media and entertainment, BFSI, and others, including power and energy, oil and gas, transportation and logistics, etc. The retail industry is expected to be the fastest growing segment as it has a wide adoption of image recognition in search and advertisement.
Regionally, the image recognition market has been segmented into various regions including North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Among these regions, North America is expected to dominate the market on account of the widespread adoption of facial recognition systems, drones, etc. However, the Asia-Pacific region is expected to grow at a higher pace owing to large investments in AI and big data technologies and growing popularity of social media platforms.
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The major players operating in the global image recognition market are Amazon.Com, Inc, Alphabet Inc., Microsoft Corporation, IBM Corporation, Qualcomm Inc, NEC Corporation, Hitachi Ltd., Toshiba Corporation, Fujitsu Limited, Honeywell International Inc., Oracle Corporation, Catchoom Technologies S.L., Vispera Information Technologies, Ximilar, and LTU Technologies Inc. These companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Objective of the Study:
- To analyze the historical growth in the market size of the global image recognition market from 2016 to 2020.
- To estimate and forecast the market size of global image recognition market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the global image recognition market based on component, technology, deployment, application, end user, company and regional distribution.
- To identify the dominant region or segment in the global image recognition market.
- To identify drivers and challenges for the global image recognition market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global image recognition market.
- To identify and analyze the profiles of leading players operating in the global image recognition market.
- To identify key sustainable strategies adopted by market players in the global image recognition market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the providers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of the global image recognition market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Image recognition developers/ service providers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to image recognition
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, the global image recognition market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Image Recognition Market, By Component:
- Software
- Hardware
- Services
· Image Recognition Market, By Technology:
- Digital Image Processing
- Code Recognition
- Facial Recognition
- Object Recognition
- Pattern Recognition
- Optical Character Recognition
- Image Recognition Market, By Deployment:
- On Premise
- On Cloud
- Image Recognition Market, By Application:
- Scanning and Imaging
- Security and Surveillance
- Image Search
- Augmented Reality
- Marketing and Advertisement
- Image Recognition Market, By End User:
- IT and Telecom
- Government
- Healthcare
- Retail
- Automotive
- Media and Entertainment
- BSFI
- Others
- Image Recognition Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- Kuwait
- South Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Image Recognition Market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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