Image Recognition Global Market Report 2024

Image recognition refers to the capability of machines or software to identify the contents of an image, which can include objects, places, persons, and more. This technology can be integrated with built-in cameras to execute various activities. Image recognition is employed for machine-based visual tasks, such as labeling image content with meta-tags, conducting image searches, and guiding robots or self-driving cars.

The primary techniques of image recognition include QR/barcode recognition, object recognition, facial recognition, pattern recognition, and optical character recognition. QR/barcode recognition is utilized for tracking and storing product information in supply chains. QR codes, storing information as a series of pixels in a square-shaped grid, can be easily read by digital devices. Image recognition is implemented both on the cloud and on-premises using dedicated hardware, software, and services. Its applications span augmented reality, scanning and imaging, security and surveillance, marketing and advertising, and image search. Various industries, including retail and e-commerce, media and entertainment, BFSI, automobile and transportation, IT and telecom, government, healthcare, and others, leverage image recognition technology.

The image recognition market research report is one of a series of new reports that provides image recognition market statistics, including image recognition industry global market size, regional shares, competitors with an image recognition market share, detailed image recognition market segments, market trends and opportunities, and any further data you may need to thrive in the image recognition industry. This image recognition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The image recognition market size has grown rapidly in recent years. It will grow from $46.53 billion in 2023 to $54.54 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth during the historical period can be attributed to several factors, including the rise in advances in deep learning and neural networks, the expansion of computer vision technologies, an increase in the availability of image data, the adoption of image recognition in healthcare, and the growth of e-commerce with a focus on visual search capabilities.

The image recognition market size is expected to see rapid growth in the next few years. It will grow to $105.59 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The anticipated growth in the forecast period can be attributed to various factors, including the integration of image recognition in autonomous vehicles, increased adoption in augmented reality (AR) applications, the growth of security and surveillance systems, the expansion of image recognition in retail and fashion, and an emphasis on edge computing for real-time image recognition. Significant trends expected in the forecast period encompass object detection and recognition in images, the integration of image recognition with natural language processing, the use of image recognition in social media and content moderation, the development of explainable AI in image recognition, and the adoption of image recognition in agriculture for crop monitoring.

The growth of the image recognition market is being propelled by the increasing demand for security applications and products integrated with image recognition functions. Image recognition finds extensive applications in security, particularly in services like facial recognition. This technology, utilizing image recognition, is employed to identify individuals in images, and its adoption has risen due to the global increase in terrorist acts, cyberattacks, and identity theft. For example, as reported by Techreport in August 2023, facial recognition technology is widely utilized in airports across 20% of countries for tasks such as check-in security and border control. Therefore, the heightened use of smartphones is expected to drive the demand for the image recognition market.

The image recognition market is anticipated to experience growth due to the increasing prevalence of smartphones. Smartphones, which combine traditional mobile phone functionality with advanced computing capabilities, have witnessed widespread adoption, creating a substantial user base for image recognition applications and services. The ubiquity of smartphones equipped with cameras allows for the integration of image recognition technology into various mobile apps, enhancing accessibility and convenience for users. According to Uswitch Limited in February 2023, mobile connections in the UK increased by 3.8% from the previous year, reaching 71.8 million. The projection that around 95% of the UK's population, approximately 65 million individuals, will own a smartphone by 2025 further supports the notion that the rising use of smartphones will fuel the demand for the image recognition market.

A key trend gaining popularity in the image recognition market is technological advancements. Major companies in this market are introducing innovative technologies, such as augmented reality (AR), to sustain their market presence. AR involves merging digital data with the user's real-world environment in real time, creating perceptual information that overlays the physical world using visual, audio, or other sensory data. Qualcomm, a US-based semiconductor company, introduced the Snapdragon Spaces XR Developer Platform in November 2021, providing an AR developer kit to expand existing apps and create new ones that leverage AR devices. This platform empowers developers to build headworn AR experiences with features like spatial mapping and meshing, occlusion, plane detection, object and image recognition, and other capabilities.

Major companies operating in the image recognition market are focusing on the introduction of new technological solutions, such as face occlusion detection, to maintain their market position. Face occlusion detection is a technology used in facial recognition and computer vision systems to identify situations where a portion of a person's face is obscured or hidden. For instance, in May 2023, AWS Amazon Web Services launched face occlusion detection in Amazon Rekognition DetectFaces and IndexFaces APIs to enhance face verification accuracy. This new attribute, FaceOccluded, identifies if a face in an image is partially obscured or not fully visible due to overlapping objects, clothing, or other body parts.

In July 2021, US-based integrated task management and image recognition company FORM acquired ShelfWise for an undisclosed amount. This strategic acquisition positions FORM to create an end-to-end platform that simplifies frontline work for enterprise teams across various sectors. ShelfWise, an image recognition platform recognizing products and prices on retail shelves, aligns with FORM's goals in providing comprehensive solutions.

Major companies operating in the in the image recognition market report are Attrasoft Inc., Google LLC, Catchoom Technologies S. L., Hitachi Ltd., Honeywell International Inc, Amazon Web Services Inc., Blippar Group Limited, Clarifai Inc., CloudSight Inc., Deepomatic, Descartes Labs Inc., EyeEm Mobile GmbH., Imagga Technologies Ltd., iMerit Technology Services, Kneron Inc., LTU Technologies, Megvii Technology Limited, Locl Interactive Inc., Neurala Inc., Nviso SA, Osaro Inc., PTC Inc., Qualcomm Technologies Inc., SenseTime Group Limited, Slyce Inc., Snap Inc., Toshiba Corporation, ViSenze Pte Ltd., Wikitude GmbH, Zebra Medical Vision Ltd., Zivid AS

North America was the largest region in the image recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the image recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The image recognition market includes revenues earned by entities by providing code recognition, digital image processing, and sensors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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