ID: MRFR/ICT/0807-HCR | 110 Pages | Published By Shubham Munde on March 2023
Image Recognition Market is Predicted to Reach US$ 109.7 Billion by 2030 Registering a CAGR of 18.7%
The image recognition industry currently shows huge potential both in terms of innovations and market opportunities. Image recognition concerns itself with the usage of biometric data combined with facial and bodily features to recognize and distinguish individuals.
Recent advances in technology are driving this growth. Image recognition is not just confined to the traditional eye-based biometric recognition. New areas are emerging in the image recognition industry. These include image recognition, facial recognition, and 3D object recognition.
The global image recognition industry was witnessing strong and healthy growth before the global COVID pandemic struck. The emergence of the pandemic last year only accelerated this trend. The emphasis on social distancing has led some organizations and businesses to move away from physical contact when doing business and gravitate towards remote interactions.
The global image recognition market already uses facial recognition and biometric data technologies to identify people based on unique facial features. This type of technology has been used more frequently and intensively in the wake of the pandemic. The reason being that physical human contact is either nonexistent or limited - this gives the COVID virus fewer opportunities to be spread to other people.
The increased adoption of cloud-based technologies (before and during the COVID pandemic) has been one of the main drivers behind the growth in the global image recognition market. Many sectors like media, entertainment, banking, financial services, insurance, and the government already use image recognition technology. Many other sectors are quickly joining suit!
The opportunities for the global image recognition market are immense. Many traditional sectors like banking and financial services are increasingly adopting image recognition technology and many other industries are quickly joining. However, this technology is being used in new applications like smart cars. This makes it safer to drive cars.
Social media platforms like Facebook and Twitter are also adopting image recognition technology to help identify its many billions of users around the world. A growing number of websites are using this technology to help recognize the visitors and to help enhance their browsing experience.
However, the global image recognition industry does face many challenges. One of these is privacy. Indeed, people are still wary of using image recognition technologies because they feel as though ‘big brother is snooping into their private lives.’ Another key issue is reliability. It’s true that machines don’t make mistakes but only when they’re used right. Image recognition technologies can sometimes identify the wrong people. This is one of the main reasons why businesses and organizations are still somewhat slow in using these technologies.
The global image recognition market does face some challenges. One of these is mounting pressure from many sections of society to try to ban the usage of image recognition technologies. These people have raised many points to justify this move. Some of them are:
Cumulative Growth Analysis
Many experts predict the global image recognition market to grow to a whopping 109.4 billion in US dollars. Many more industries are expected to adopt image recognition technologies. Part of this was just a natural phenomenon that was the result of dramatic and improved advancements in the technologies that drive image recognition. However, part of this was attributed to COVID. This virus is ‘here to stay’ and many businesses and organizations are eager to slow its spread by avoiding human contact as much as possible.
As mentioned earlier, the technologies that power and drive image recognition are advancing at breakneck speed. This has great implications because it allows many more entities to adopt image recognition Growtheed. But it also helps enhance the entire user experience. Also, many more devices like smartphones and health care equipment are incorporating image recognition technologies to help keep patients safer, help recognize patients faster and easier, and to help keep patients and users happier.
The entire global image recognition market is divided into many segments. These are based on the following criteria:
Based on the global image recognition research report, the market is bifurcated based on its areas of application. These are IT, retail industry, BFSI, telecom and healthcare, automobiles, aerospace, SMEs, defense, and much more.
Though the global image recognition market is growing fairly rapidly it is progressing faster in different regions of the world. For example, the Asia- Pacific region is currently witnessing breakneck growth. In fact, growth in the global image recognition industry is strongest in this region. The main driving factor behind this has been the rapid proliferation of inexpensive but decent smartphones that use the latest in image recognition technologies to operate.
India and China especially have been witnessing strong growth in terms of image recognition in the retail market. The reason why is because many digital devices that are increasingly incorporating image recognition technologies are experiencing strong sales growth.
The North American market is the second strongest market in terms of growth. The European market comes in third place in terms of growth.
Though substantial barriers to entry exist, there are many players in the global image recognition market. This has made the image recognition industry very fragmented and very comhigh-profit despite the substantial capital investments needed to enter the industry, many more companies are continuing to enter the market at breakneck speed. They are attracted by the high profit margins that this technology commands.
The established players are continually launching new and better products to survive. They are also entering into global partnerships and joint ventures. This is especially true in developing countries like India and China.
Major player: Honeywell
Honeywell is a major technology player. It currently makes many electronics products including home security systems. Honeywell has entrenched itself into the image recognition industry com high introduced a new video surveillance portfolio with new and technology advanced features.
The major companies in the global image recognition industry
Some of the major players in the global image recognition industry are:
The main recent developments in the global image recognition industry have been
|Market Size||109.7 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||Jestec (LTU technologies) - Japan Honeywell - USA Toshiba - Japan Staff Technologies - Poland Sharp vision software - USA Qualcomm Technologies - the USA Panasonic - Japan NEC - Japan Hitachi - Japan|
|Key Market Opportunities||The opportunities for the global image recognition market are immense.|
|Key Market Drivers||The increased adoption of cloud-based technologies (before and during the COVID pandemic) has been one of the main drivers behind the growth in the global image recognition market.|
These will be the security and surveillance applications respectively
The global Image Recognition Market will be valued at USD 109.7 Billion with 18.7%by 2030. The Image Recognition Market is estimated to witness substantial growth during the forecast period.
Some of the major companies are: Panasonic - Japan, Hitachi - Japan, Qualcomm technologies - USA, Jestec (LTU technologies) - Japan, Staff Technologies - Poland, NEC - Japan and many more key vendors including in the market.
The growing demand for virtual market and related stimulation products is the driving factor behind rapid growth
The Asia- Pacific region is large because of the proliferation of affordable smartphones