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image recognition market Market Trends

ID: MRFR//0807-HCR | 110 Pages | Author: Shubham Munde| July 2024

Image Recognition Market Overview

The Image Recognition Market is projected to grow from USD 35.218 billion in 2024 to USD 116.94 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.18% during the forecast period (2024 - 2032). Additionally, the market size for Image Recognition was valued at USD 29.67 billion in 2023.

A growing number of industries have adopted image recognition technology, and capabilities for image recognition were significantly improved by the development of artificial intelligence and deep learning are the key market drivers enhancing market growth.

Figure 1: Image Recognition Market Size, 2024 - 2032 (USD Billion)

Image Recognition Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Image Recognition Market Trends

Growing number of industries have adopted image recognition technology is driving the market growth

A growing number of industries have adopted image recognition technology, which has resulted in its use in more fields. It was used for visual search, product recommendations, and inventory control in retail. For medical imaging analysis and diagnostics, image recognition has been used in the healthcare industry. It was utilized by the automotive industry for driver assistance technologies and autonomous vehicles. Capabilities for image recognition were significantly improved by the development of artificial intelligence and deep learning. Convolutional neural networks (CNNs), a technology of deep learning algorithm, have shown to be incredibly effective at image recognition tasks. It led to the development of more precise and trustworthy solutions. 

Applications for augmented reality have integrated image recognition, allowing for real-time object identification and interaction. Through the cameras on their devices, users could access additional information or interact with digital overlays using AR-enhanced apps. Mobile image recognition became more popular as smartphones became more widespread. Customers could identify objects, scan barcodes, and conduct visual searches for goods or information using their devices, boosting e-commerce and increasing customer engagement. In the security and surveillance industry, there was a noticeable increase in the image recognition market. For facial recognition, object detection, and anomaly detection in public places, transportation hubs, and other crucial locations, image recognition systems have been put into use.

Without the need for a significant on-premises infrastructure, it enabled businesses to access potent image recognition algorithms and processing capabilities. Providers of image recognition technology collaborated with different sectors to offer specialized solutions. For instance, partnerships between image recognition companies and healthcare providers have improved disease diagnosis and medical imaging analysis. Applications for image recognition grew, and with them came worries about their impact on privacy and ethics. 

Concerns about facial recognition and data security sparked regulation scrutiny and conversations about ethical AI use. Real-time image recognition has become essential for applications like autonomous vehicles and safety systems. Edge computing became increasingly important as processing image data closer to the source required less latency and bandwidth. Utilizing image recognition technology, businesses aim to provide customized user experiences. More and more digital platforms now offer personalized recommendations and content based on visual preferences. Thus, driving the image recognition market revenue.

Image Recognition Market Segment Insights

Image Recognition Technology Insights

The global image recognition market segmentation based on technology includes 2D, 3D, and sensors. The 3D segment dominated the market; because it records spatial data and depth cues, 3D image recognition enables a more precise and thorough analysis of objects. This additional information helps the system distinguish between objects that have similar appearances and raises overall recognition accuracy. The ability to recognize objects in 3D images is typically more resistant to variations in lighting, perspective, and object pose. As a result of the added dimension, the representation is richer, and the system is less sensitive to changes in the orientation or positioning of objects. 3D image recognition can more accurately localize objects in 3D space in tasks like object tracking, augmented reality, and robotics.

Figure 1: Global Image Recognition Market, by Technology, 2022 & 2032 (USD Billion)

Image Recognition Market, by Technology, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Image Recognition Product Insights

The global image recognition market segmentation, based on product, includes touch-based and touch-less gesture recognition. The touch-based category generated the most income. Touch-based gestures resemble normal human movements, making them a natural and easy way to interact with gadgets. A more intuitive and enjoyable experience is provided by the ability for users to swipe, pinch, tap, and make other gestures with their fingers. For people with physical limitations or limited mobility, gesture recognition based on touch can be especially useful. They can interact with gadgets and programs without the use of difficult physical controls to it.

Image Recognition Application Insights

Based on actuality, the global image recognition market segmentation includes entertainment, consumer electronics, healthcare, hospitality, and retail. The entertainment category generated the most income. An essential part of AR and VR applications is image recognition. It makes it possible for gadgets to identify actual objects, surfaces, or markers, enabling virtual content to be superimposed on the real world. This technology has been applied in various gaming and entertainment applications to produce immersive and interactive experiences. Facial recognition is a common feature of contemporary gaming consoles and platforms for player identification and personalization. This enables special in-game features like personalized avatars or character interactions based on the player's emotions.

Image Recognition Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American image recognition market will dominate this market; rapid technological progress. So, these developments have accelerated the adoption of image recognition technology across various industries. To improve user experience and streamline operations, the region's booming e-commerce market required effective image recognition solutions for tasks like product categorization, visual search, and fraud detection. The widespread use of smartphones and rising social media usage in nations like India and Indonesia led to a demand for image recognition applications in photo tagging, augmented reality filters, and user-generated content moderation. Industrial automation has grown significantly in nations like China and Japan, where robot vision, quality control, and defect detection applications rely heavily on image recognition.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's image recognition market accounts for the second-largest market share due to the low cost of bariatric surgery and the rise in the number of Strong Focus on Research and Development: Europe placed a high priority on research and development in the areas of artificial intelligence, computer vision, and image recognition, which sparked innovation and market advancements. 

Automotive and Manufacturing Sectors: The automotive and manufacturing industries in nations like Germany and the United Kingdom have incorporated image recognition for tasks like autonomous vehicles, quality control, and production optimization. Security and surveillance were prioritized in European nations, prompting a rise in image recognition software for object detection, facial recognition, and video analytics. diabetes people. Further, the German image recognition market held the largest market share, and the UK image recognition market was the fastest-growing market in the European region.

The Asia-Pacific Image Recognition Market is expected to grow fastest from 2023 to 2032. Strong Technology Ecosystem: Innovation and market expansion were fueled by North America, particularly the United States, which was home to a strong technology ecosystem that included top businesses and startups engaged in image recognition. Due to the region's high smartphone penetration, there is a high demand for mobile apps with image recognition features, such as augmented reality games and social media filters. The North American healthcare sector used image recognition for disease diagnosis, medical imaging analysis, and patient care to support market expansion. Moreover, China’s image recognition market held the largest market share, and the Indian image recognition market was the fastest-growing market in the Asia-Pacific region.

Image Recognition Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the image recognition market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The image recognition industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global image recognition industry to benefit clients and increase the market sector. The image recognition industry has recently offered some of the most significant medical advantages. Major players in the image recognition market, including Jestec (LTU technologies), Japan Honeywell (USA), Toshiba (Japan), Staff Technologies (Poland), Sharp vision software (USA), Qualcomm Technologies (USA), Panasonic (Japan NEC) Japan Hitachi (Japan), and others, are attempting to increase market demand by investing in research and development operations.

Jester (LTU technologies),Engineering Science and Technology, an International Journal (JESTECH) (formerly Technology), is a peer-reviewed quarterly engineering journal that publishes theoretical and experimental high-quality papers of lasting interest that have not yet been published in journals in the fields of engineering and applied science with the goal of advancing both the theory and practice of technology and engineering. The Editorial Board welcomes original research reports, state-of-the-art reviews, and communications in the broadly defined field of engineering science and technology in addition to peer-reviewed original research papers.

Panasonic (Japan NEC), The Panasonic brand was established in 1918, and as a group, we are dedicated to enhancing the well-being of individuals and society. We conduct business using the guiding principles of the brand, applying them to create new value and provide long-term solutions for the modern world. A multifaceted technology company, Panasonic Life Solutions India has worked for more than a century to create a more sustainable future for the planet and offers solutions to improve people's lives at home and at work. It is a global leader in the creation of household appliances, business equipment, automobiles, lifestyle products, and connected solutions. We have a long-term commitment to India's development, and its investments are in line with advancing national priorities. The slogan "Enrich Tomorrow" reaffirms the commitment to offering solutions to improve people's lives at home and at work, allowing society to advance and make strides toward a greener planet for the future.

Key Companies in the image recognition market include

  • Jester LTU Technologies (Japan)

  • Honeywell (USA)

  • Toshiba (Japan)

  • Staff Technologies (Poland)

  • Sharp vision software (USA)

  • Qualcomm Technologies (USA)

  • Panasonic (Japan)

  • NEC (Japan)

  • Hitachi (Japan)

Image Recognition Industry Developments

August 2022: The CM of Manipur created a facial recognition system (FRS) and introduced two mobile FRS vehicles with cameras mounted to track down crimes and keep out illegal immigrants.

January 2022: NEC Corporation develops precise image recognition software that uses camera images to identify different people's activities in real-time. It also aids in capturing the location of people, their physical characteristics, and the objects that are present in various environments.

July 2021: Hyundai Motor Company and IonQ, Inc. partnered with a company that makes quantum computers to use quantum computing, which aids in image and object detection, to improve the computational functionality of electric vehicles.

Image Recognition Market Segmentation

Image Recognition Technology Outlook

  • 2D

  • 3D

  • Sensors

Image Recognition Product Outlook

  • Touch Based Gesture Recognition

  • Touch-Less Gesture Recognition

Image Recognition Applications Outlook

  • Entertainment

  • Consumer Electronics

  • Healthcare

  • Hospitality

  • Retail

Image Recognition Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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