The global image recognition market stood at USD27.764 billion in 2020 and is growing with a CAGR of 17.59% to reach USD73.344 billion by 2026

·5 min read

The flourishing e-commerce industry and the intense competition among the major cloud companies are the major influencing factors for the global market demand. The data shared by the consumers on online platforms like social networking apps, mobile applications are used in image recognition technology.

New York, Dec. 22, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Global Image Recognition Market, By Component, By Technology, By Deployment, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2026" -
The data generated can be used to identify people, items, buildings, logos, and other products, making the required information easily accessible to the consumers. The efforts made by the market players to improve online retail and optimize the overall process are fueling the adoption of image recognition technology for better inventory management and drive customer satisfaction. Image recognition is majorly used for shelf recognition, maintaining compliance with merchandising standards, and product placement. The growing awareness about the use of advanced technologies to increase convenience and comfort while buying the products through the online sales channel and the use of image recognition technology to buy products online is facilitating the growth of the market in the forecast period.
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 facial recognition technology is expected to witness significant growth in the forecast period owing to its use in security applications.

These are in high demand from law enforcement agencies, which allow only authorized people to view or edit confidential information.
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 BFSI segment is expected to grow rapidly due to the use of image recognition technology to identify and remove fake accounts and offer personalized communication services to customers.
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.

Years considered for this report:

Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026

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.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the globe.

Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.

Through this technique, the analyst could include the providers which could not be identified due to the limitations of secondary research. The analyst examined the providers, distribution channels and presence of all major players across the globe.
The analyst 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. The analyst 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 the analyst.

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:
o Software
o Hardware
o Services
• Image Recognition Market, By Technology:
o Digital Image Processing
o Code Recognition
o Facial Recognition
o Object Recognition
o Pattern Recognition
o Optical Character Recognition
• Image Recognition Market, By Deployment:
o On Premise
o On Cloud
• Image Recognition Market, By Application:
o Scanning and Imaging
o Security and Surveillance
o Image Search
o Augmented Reality
o Marketing and Advertisement
• Image Recognition Market, By End User:
o IT and Telecom
o Government
o Healthcare
o Retail
o Automotive
o Media and Entertainment
o Others
• Image Recognition Market, By Region:
o North America
United States
o Asia-Pacific
South Korea
o Europe
United Kingdom
o South America
o Middle East & Africa
Saudi Arabia
South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Image Recognition Market.

Available Customizations:

With the given Market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).
Read the full report:

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