GLOBAL IMAGE RECOGNITION MARKET FORECAST 2019-2027

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GLOBAL IMAGE RECOGNITION MARKET FORECAST 2019-2027

According to Inkwood Research, the Global Image Recognition Market is estimated to grow with an anticipated CAGR of 21% during the forecasted period, and will reach the revenue of $20636.53 million by 2027. The base year considered for the market study is 2018, and the forecasted period is between 2019 & 2027. The enlarging demand for image recognition services in several end-user domains is primarily driving the market. The image recognition technology finds various end-users in several verticals for the management of online trading, and image & video analysis. The easy accessibility of the internet, along with the high adoption of social media and the web has led to the growth in the demand for image recognition technology.

GLOBAL IMAGE RECOGNITION MARKET FORECAST 2019-2027

Global Image Recognition Market by Deployment (On-Premise, Cloud) by Component (Hardware, Software, Services) by Technology (Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, Opical Character Recognition) by Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing and Advertising) by End User (IT and Telecom, BFSI, Healthcare, Retail, Government, Media and Entertainment, Transportation and Logistics, Manufacturing, Others) & by Geography

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According to Inkwood Research, the Global Image Recognition Market is estimated to grow with an anticipated CAGR of 21% during the forecasted period, and will reach the revenue of $20636.53 million by 2027. The base year considered for the market study is 2018, and the forecasted period is between 2019 & 2027.

The global market for image recognition is driven by: 

  • Growing demand for image recognition in end-user verticals
  • Technological advancements in facial recognition
  • Supportive regulations

Image Recognition Market

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The enlarging demand for image recognition services in several end-user domains is primarily driving the market. The image recognition technology finds various end-users in several verticals for the management of online trading, and image & video analysis. The easy accessibility of the internet, along with the high adoption of social media and the web has led to the growth in the demand for image recognition technology. Also, smartphones and gadgets equipped with cameras have paved the way for the growth of image recognition technology. Image recognition applications can aid businesses in penetrating the competition by enabling the users to store an image of any product from their phones and upload it online for buying the product.

Retail is the leading segment in terms of revenue in the global image recognition market, with around 21.22 % market share in 2018. The image recognition technology is witnessing increasing popularity, as the adoption of facial recognition technology has increased in digital devices such as, tablets and smartphones. It can be used for building segmentation and sales cycle analytics, which is one of the significant factors fuelling the growth of the market. The inclusion of facial recognition software in mobile devices, such as iPhone X, is anticipated to boost the mass adoption of the technology. For instance, MacRumors states that the inquiries made by Android smartphone vendors into 3D sensing technologies have tripled, owing to the Apple unveiling its TrueDepth camera and Face ID technology.

Furthermore, healthcare is depicted to grow with the highest CAGR of 26.81% during the forecasted period. As machines are becoming more powerful, and deep-learning approaches are gaining traction in healthcare, healthcare organizations are expected to continue to develop diagnostic fields such as, ophthalmology, dermatology, and radiology. Moreover, with the help of image recognition, clear cases can be handled without the patients personally attending the health center.

However, the lack of technical expertise is restraining the market growth in the forecasted period. There is a lack of people with such expertise. Besides, there is a huge cost involved in hiring trained professions, particularly in this market, and many businesses could not afford them for taking these projects. Managing the complexities associated with these projects is not easy, since it needs someone with deep expertise. With a range of businesses deploying these tools, the companies are finding it challenging to hire a talent that is well-versed with technology, and manage the applications.

Report scope of the global market for image recognition covers segmentation analysis of deployment, component, technology, application, and end user. 

Market by Deployment:

  • Cloud
  • On-premise

Market by Component: 

  • Services
  • Software
  • Hardware

Market by Technology: 

  • Optical character recognition
  • Pattern recognition
  • Facial recognition
  • Object Detection
  • QR/Barcode Recognition

Market by Application: 

  • Image search
  • Augmented Reality
  • Marketing & Advertising
  • Security & Surveillance
  • Scanning & Imaging

Market by End User: 

  • Telecom & IT
  • BFSI
  • Manufacturing
  • Transportation & Logistics
  • Healthcare
  • Media & Entertainment
  • Retail
  • Government
  • Others

Geographically, the global market for image recognition has been divided into four major regions:

Geographically, North America is the largest market with a market share of 44.95 % in terms of revenue in 2018. The dominance of North America is attributed to the presence of major companies present in the region. An increase in the adoption of new and advanced technologies like mobile application security solutions. Also, upsurge in the integration of image recognition and mobile computing platforms in the e-commerce sector fuels the growth of the market. For instance, Frito-Lay and PepsiCo have used image recognition to drive their consumer management and in-store promotion via contests. The rising number of electronic gadgets and smartphone users merged with image recognition applications, is one of the major factors driving the growth of the image recognition market in North America.

On the other hand, the Asia Pacific is depicted to be the fastest-growing region with a CAGR of 24.28% during the forecasted period. The rise in applications of facial recognition in security and surveillance systems in regions like China, is anticipated to improve the market of image recognition in the Asia Pacific region. Also, the penetration of object and pattern recognition in retail and commerce sector in Asia Pacific regions, is expected to enhance the market for image recognition over the forecasted period.

Global image recognition market is segregated into deployment, component, technology, application, and end user segment. The deployment segment is further sub-divided into the cloud and on-premise. Component is divided into software, hardware, and services. Technology is divided into pattern recognition, QR/barcode recognition, object detection, facial recognition, and optical character recognition. Application is divided into image search, security & surveillance, scanning & imaging, augmented reality, and marketing & advertising. End user is divided into IT & telecom, retail, government, BFSI, manufacturing, media & entertainment, transportation & logistics, healthcare, and others.

The market has several players, and some of the primary key players involved in the global market for image recognition are:

  • Google LLC.
  • Slyce Inc
  • Hitachi Ltd.
  • IBM Corporation

In July 2019, the NEC Corporation and Star Alliance, an airline alliance, have partnered to produce a biometric data-based service that will improve the travel experience for frequent Star Alliance airlines. Also, In January 2018, Google announced a new tool called Cloud AutoML, which simplifies the procedure of deploying AI in business applications. It allows customers to drag in images, and train their systems to identify them on the company’s cloud.

Key findings of the global market for image recognition: 

  • North America leads the global image recognition market by capturing the largest market share of around 44.95% in 2018
  • Asia Pacific image recognition market is anticipated to grow at the highest CAGR of 24.28% during the forecasted period of 2019-2027.
  • The continued rise of facial recognition augmented the growth of image recognition market for the forecasted period
  • The retail segment accounts for the largest share in the image recognition market & is projected to grow with a CAGR of 21.22% during the forecasted period.
  • Healthcare in image recognition market is projected to grow fastest in the market at CAGR of 26.81% during the forecasted period
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • ASIA PACIFIC IS THE FASTEST-GROWING MARKET REGION
      • RISING DEMAND FOR FACIAL RECOGNITION AMONG END USERS
      • HIGH ADOPTION OF AUGMENTED REALITY
  1. MARKET DYNAMICS
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • GROWING DEMAND OF IMAGE RECOGNITION IN END-USER VERTICALS
      • TECHNOLOGICAL ADVANCEMENTS IN FACIAL RECOGNITION
      • SUPPORTIVE REGULATIONS AIDS TO MARKET GROWTH
    • MARKET RESTRAINTS
      • LACK OF TECHNICAL PROFICIENCY
      • HIGH COSTS LEVIED ON IMAGE RECOGNITION TECHNOLOGY
      • ESCALATING ISSUES IN DATA PROCESSING AND STORAGE
    • MARKET OPPORTUNITIES
      • GROWING ADOPTION OF IMAGE RECOGNITION IN BFSI SECTOR
      • RISING USAGE OF AI IN IMAGE RECOGNITION
    • MARKET CHALLENGES
      • CONCERNS OVER IMAGE QUALITY
  1. MARKET BY DEPLOYMENT
    • ON-PREMISE
    • CLOUD
  2. MARKET BY COMPONENT
    • HARDWARE
    • SOFTWARE
    • SERVICES
  3. MARKET BY TECHNOLOGY
    • OBJECT DETECTION
    • QR/BARCODE RECOGNITION
    • FACIAL RECOGNITION
    • PATTERN RECOGNITION
    • OPTICAL CHARACTER RECOGNITION
  4. MARKET BY APPLICATION
    • SCANNING & IMAGING
    • SECURITY & SURVEILLANCE
    • IMAGE SEARCH
    • AUGMENTED REALITY
    • MARKETING & ADVERTISING
  5. MARKET BY END USER
    • IT & TELECOM
    • BFSI
    • HEALTHCARE
    • RETAIL
    • GOVERNMENT
    • MEDIA & ENTERTAINMENT
    • TRANSPORTATION & LOGISTICS
    • MANUFACTURING
    • OTHERS
  6. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • KEY BUYING CRITERIA
      • COST
      • COMPANY BACKGROUND & EXPERIENCE
      • EASE OF USE
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  7. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SINGAPORE
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • ATTRASOFT INC.
    • CATCHOOM TECHNOLOGIES S.L.
    • GOOGLE LLC.
    • HITACHI LTD.
    • HONEYWELL INTERNATIONAL INC.
    • LTU TECHNOLOGIES
    • NEC CORPORATION
    • QUALCOMM TECHNOLOGIES, INC.
    • AMAZON WEB SERVICES INC.
    • INTERNATIONAL BUSINESS MACHINE CORPORATION (IBM)
    • SLYCE INC.
    • IMAGGA TECHNOLOGIES LTD.
    • INTEL CORPORATION

LIST OF TABLES 

TABLE 1: GLOBAL IMAGE RECOGNITION MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 2: GLOBAL IMAGE RECOGNITION MARKET, BY DEPLOYMENT, 2019-2027 (IN $ MILLION)

TABLE 3: GLOBAL ON-PREMISE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 4: GLOBAL CLOUD MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5: GLOBAL IMAGE RECOGNITION MARKET, BY COMPONENT, 2019-2027 (IN $ MILLION)

TABLE 6: GLOBAL HARDWARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 7: GLOBAL SOFTWARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8: GLOBAL SERVICES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 9: GLOBAL IMAGE RECOGNITION MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)

TABLE 10: GLOBAL OBJECT DETECTION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 11: GLOBAL QR/BARCODE RECOGNITION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12: GLOBAL FACIAL RECOGNITION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13: GLOBAL PATTERN RECOGNITION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 14: GLOBAL OPTICAL CHARACTER RECOGNITION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 15: GLOBAL IMAGE RECOGNITION MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)

TABLE 16: GLOBAL SCANNING & IMAGING MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 17: GLOBAL SECURITY & SURVEILLANCE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 18: GLOBAL IMAGE SEARCH MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 19: GLOBAL AUGMENTED REALITY MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 20: GLOBAL MARKETING & ADVERTISING MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 21: GLOBAL IMAGE RECOGNITION MARKET, BY END USER, 2019-2027 (IN $ MILLION)

TABLE 22: GLOBAL IT & TELECOM MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 23: GLOBAL BFSI MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 24: GLOBAL HEALTHCARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 25: GLOBAL RETAIL MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 26: GLOBAL GOVERNMENT MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 27: GLOBAL MEDIA & ENTERTAINMENT MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 28: GLOBAL TRANSPORTATION & LOGISTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 29: GLOBAL MANUFACTURING MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 30: GLOBAL OTHERS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 31: OPPORTUNITY MATRIX

TABLE 32: VENDOR LANDSCAPE

TABLE 33: GLOBAL IMAGE RECOGNITION MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 34: NORTH AMERICA IMAGE RECOGNITION MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 35: EUROPE IMAGE RECOGNITION MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 36: ASIA PACIFIC IMAGE RECOGNITION MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 37: REST OF WORLD IMAGE RECOGNITION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

LIST OF FIGURE

FIGURE 1: GLOBAL IMAGE RECOGNITION MARKET, BY DEPLOYMENT, 2018 & 2027 (IN %)

FIGURE 2: GLOBAL IMAGE RECOGNITION MARKET, BY ON-PREMISE, 2019-2027 (IN $ MILLION)

FIGURE 3: GLOBAL IMAGE RECOGNITION MARKET, BY CLOUD, 2019-2027 (IN $ MILLION)

FIGURE 4: GLOBAL IMAGE RECOGNITION MARKET, BY HARDWARE, 2019-2027 (IN $ MILLION)

FIGURE 5: GLOBAL IMAGE RECOGNITION MARKET, BY SOFTWARE, 2019-2027 (IN $ MILLION)

FIGURE 6: GLOBAL IMAGE RECOGNITION MARKET, BY SERVICES, 2019-2027 (IN $ MILLION)

FIGURE 7: GLOBAL IMAGE RECOGNITION MARKET, BY OBJECT DETECTION, 2019-2027 (IN $ MILLION)

FIGURE 8: GLOBAL IMAGE RECOGNITION MARKET, BY QR/BARCODE RECOGNITION, 2019-2027 (IN $ MILLION)

FIGURE 9: GLOBAL IMAGE RECOGNITION MARKET, BY FACIAL RECOGNITION, 2019-2027 (IN $ MILLION)

FIGURE 10: GLOBAL IMAGE RECOGNITION MARKET, BY PATTERN RECOGNITION, 2019-2027 (IN $ MILLION)

FIGURE 11: GLOBAL IMAGE RECOGNITION MARKET, BY OPTICAL CHARACTER RECOGNITION, 2019-2027 (IN $ MILLION)

FIGURE 12: GLOBAL IMAGE RECOGNITION MARKET, BY SCANNING & IMAGING, 2019-2027 (IN $ MILLION)

FIGURE 13: GLOBAL IMAGE RECOGNITION MARKET, BY SECURITY & SURVEILLANCE, 2019-2027 (IN $ MILLION)

FIGURE 14: GLOBAL IMAGE RECOGNITION MARKET, BY IMAGE SEARCH, 2019-2027 (IN $ MILLION)

FIGURE 15: GLOBAL IMAGE RECOGNITION MARKET, BY AUGMENTED REALITY, 2019-2027 (IN $ MILLION)

FIGURE 16: GLOBAL IMAGE RECOGNITION MARKET, BY MARKETING & ADVERTISING, 2019-2027 (IN $ MILLION)

FIGURE 17: GLOBAL IMAGE RECOGNITION MARKET, BY IT & TELECOM, 2019-2027 (IN $ MILLION)

FIGURE 18: GLOBAL IMAGE RECOGNITION MARKET, BY BFSI, 2019-2027 (IN $ MILLION)

FIGURE 19: GLOBAL IMAGE RECOGNITION MARKET, BY HEALTHCARE, 2019-2027 (IN $ MILLION)

FIGURE 20: GLOBAL IMAGE RECOGNITION MARKET, BY RETAIL, 2019-2027 (IN $ MILLION)

FIGURE 21: GLOBAL IMAGE RECOGNITION MARKET, BY GOVERNMENT, 2019-2027 (IN $ MILLION)

FIGURE 22: GLOBAL IMAGE RECOGNITION MARKET, BY MEDIA & ENTERTAINMENT, 2019-2027 (IN $ MILLION)

FIGURE 23: GLOBAL IMAGE RECOGNITION MARKET, BY TRANSPORTATION & LOGISTICS, 2019-2027 (IN $ MILLION)

FIGURE 24: GLOBAL IMAGE RECOGNITION MARKET, BY MANUFACTURING, 2019-2027 (IN $ MILLION)

FIGURE 25: GLOBAL IMAGE RECOGNITION MARKET, BY OTHERS, 2019-2027 (IN $ MILLION)

FIGURE 26: PORTER’S FIVE FORCE ANALYSIS

FIGURE 27: KEY BUYING IMPACT ANALYSIS

FIGURE 28: GLOBAL IMAGE RECOGNITION MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 29: UNITED STATES IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30: CANADA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31: UNITED KINGDOM IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 32: GERMANY IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33: FRANCE IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 34: SPAIN IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 35: ITALY IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 36: RUSSIA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 37: REST OF EUROPE IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 38: CHINA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 39: JAPAN IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 40: INDIA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 41: SINGAPORE IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 42: SOUTH KOREA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 43: AUSTRALIA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 44: REST OF ASIA PACIFIC IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 45: LATIN AMERICA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

FIGURE 46: MIDDLE EAST & AFRICA IMAGE RECOGNITION MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY DEPLOYMENT
    • ON-PREMISE
    • CLOUD
  2. MARKET BY COMPONENT
    • HARDWARE
    • SOFTWARE
    • SERVICES
  3. MARKET BY TECHNOLOGY
    • OBJECT DETECTION
    • QR/BARCODE RECOGNITION
    • FACIAL RECOGNITION
    • PATTERN RECOGNITION
    • OPTICAL CHARACTER RECOGNITION
  4. MARKET BY APPLICATION
    • SCANNING & IMAGING
    • SECURITY & SURVEILLANCE
    • IMAGE SEARCH
    • AUGMENTED REALITY
    • MARKETING & ADVERTISING
  5. MARKET BY END USER
    • IT & TELECOM
    • BFSI
    • HEALTHCARE
    • RETAIL
    • GOVERNMENT
    • MEDIA & ENTERTAINMENT
    • TRANSPORTATION & LOGISTICS
    • MANUFACTURING
    • OTHERS
  6. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SINGAPORE
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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