Image Recognition Market to Reach USD 73.344 Billion by 2026

Image Recognition MarketGlobal Image Recognition Market was valued at USD27.764 billion in 2020 and is expected to grow at a CAGR of 17.59% during the forecast period owing to the rise of online gaming, the introduction of driverless cars, increased usage of social media platforms, increasing security concerns for user identification processes across the globe. Technological advancements across the healthcare sector and retail industry are further propelling the market. However, training data and generalization concerns are expected to hamper the market growth during the forecast period.

The global image recognition market can be segmented based on component, technology, deployment, application, end user, and region. Based on component, the market can be segmented into software, hardware and services. The software segment held a major share in 2020 and is expected to continue to do so in the forecast period as well. In terms of technology, the market can be segmented into digital image processing, code recognition, facial recognition, object recognition, pattern recognition and optical character recognition. The code recognition segment is expected to grow at a rapid pace during the forecast period, owing primarily to the rapid adoption of QR-codes across various verticals to combat virus spread. Based on the deployment mode, the market is bifurcated into on premise and on cloud. The on cloud deployment is expected to grow at a rapid pace due to increased cost savings, and superior flexibility and scalability of data. Based on applications, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality and marketing and advertisement. The augmented reality segment is expected to grow the fastest, owing to increased adoption of augmented reality platforms in the gaming, construction, and healthcare sectors. Based on end user, the market is segmented into IT & telecom, government, retail, automobile, healthcare, media & entertainment and others including, power and energy, oil and gas, transportation and logistics, etc., out of which the retail industry is expected to be the fastest growing segment. Image recognition and object detection techniques can assist consumer brands in standardizing store checks and obtaining consistent results across all sales channels, allowing them to confidently make business decisions based on shelf data.

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, LTU Technologies Inc. are among the leading players operating in the global image recognition market. Companies operating in the market are using strategies such as product advancements through the addition of new features, mergers, and collaborations to boost their share.

“Image Recognition technology has altered the perspective of the world. It is one of the most widely used applications of machine learning. In the healthcare industry, image recognition technology is constantly being used. It aids in the detection of tissue anomalies such as tumors, bone cracks, and various types of cancer. Robots that use computer vision and image recognition techniques power the microsurgical process in the healthcare sector. Image recognition is also widely used for advertising purposes, allowing users to discover similar items for sale utilizing image similarity models. Furthermore, with the introduction of driverless cars and ADAS systems in the automobile segment, the use of image recognition has increased in the sector because it aids in identifying the object or obstacle in front of the driver while driving and making automated decisions based on AI. Image recognition is also used in security cameras, drones, facial recognition biometrics devices, and other devices. The North America region is expected to dominate the market through 2020, owing to rapid technological adoption across various industry verticals such as healthcare, retail, automobiles, and so on. The use of facial recognition security measures and drones is expected to drive the regional market and the market is expected to continue to dominate in the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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