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Image Recognition Market: Emerging Trends Driving the Sector to Grow at a CAGR of 14%

As per the report published by Fior Markets, the global image recognition market is expected to grow from USD 31.6 billion in 2020 and reach USD 74.94 billion by 2028, growing at a CAGR of 14% during the forecast period 2021-2028.

The image recognition market has grown significantly in recent years. This expansion can be ascribed to current technological advancements. Image recognition is not limited to traditional eye-based biometric identification. In the image recognition sector, new fields are emerging. Image recognition, facial recognition, and 3D object recognition are examples of these. The global image recognition market already employs face recognition and biometric data technology to identify individuals based on distinctive facial traits. Furthermore, vehicular safety, advertising, security and surveillance, biometric scanning devices, pedestrian recognition, and E-commerce, with numerous applications in diverse fields, are all available.

Machine learning-powered image recognition technology has been integrated into various sectors, including self-driving vehicles, automated picture organizing of visual webpages, and face recognition on social networking websites. Visual listening and visual analytics are critical components of digital marketing. One of the most prominent uses of picture identification is social media monitoring. This technology is also widely employed in safety and security applications, such as facial recognition used by law enforcement agencies. Furthermore, at security checks, airports are increasingly utilizing face recognition technology. The ability of software to recognize places, objects, people, text, and photos in photos is called image recognition. Image recognition can be accomplished by computers using machine vision technology in conjunction with a camera and artificial intelligence software. Image recognition is utilized in a wide range of machine-based visual tasks, including identifying image content with meta tags, performing image content search, guiding autonomous robots and self-driving cars, and accident prevention systems.

The global image recognition market is expected to witness significant growth, owing to the growing number of users purchasing online from their smartphones or other mobile computing devices in the sector of digital shopping. Moreover, the rise in the use of electronic health records and remote health care practices is expanding the potential for the benefit of various image recognition products and services and the need for efficient and profitable retail execution processes with adherence to compliance standards. The factors restraining the market are privacy and dependability. People are still hesitant to utilize picture recognition technologies because they fear that they are being watched. Many well-established companies, such as banking and finance, are rapidly adopting image recognition technology. Social media networks such as Facebook and Twitter utilize image recognition technology to identify their billions of users worldwide. An increasing number of websites use this technology to assist visitors in recognizing them and improving their surfing experience. So, new technology will provide market growth opportunities.

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The key industry participants include NEC Corporation; Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH. To achieve a prominent market position in the global image recognition market, leading companies are increasingly focused on strategies such as product innovation, mergers and acquisitions, new advancements, joint ventures, collaborations, and partnerships.

  • In March 2018, Microsoft released pre-built tools with upgraded services, primarily Face API, Custom Vision Service, and Bing Entity Search. These services have been updated to offer enhancements to custom image classification and facial recognition.
  • In addition, in May 2019, Wikitude GmbH published the Wikitude SDK 8.5, which included new pictures recognition features such as the transparent area feature and image target collection.
  • Amazon Rekognition improved facial recognition in March 2019. This is the service’s fifth model upgrade since its start. Face inspection generates a wealth of metadata regarding recognized faces, including gender, age range, emotions, traits such as ‘Smile,’ ‘Eyeglasses,’ and ‘Beard,’ face pose, face image quality, and face landmarks.
  • In April 2019, Google partnered with Atos to open a new AI laboratory in Paris. The facility will allow consumers, businesses, and governments to identify AI use cases, co-create and prototype viable AI solutions, and accelerate the adoption of the rapidly evolving technology.

The marketing and Advertising segment dominated the market and held the largest market share of 28.22% in the year 2020

Based on application, the global image recognition market is segmented into Security and Surveillance, Scanning and Imaging, Augmented Reality, Marketing and Advertising, and Image Search. The Marketing and Advertising segment dominated the market and held the largest market share of 28.22% in 2020. This expansion can be ascribed to the fact that many firms have adopted technology to enhance their marketing activities through sophisticated advertising, consumer engagement, and branding. The most prominent social media platforms integrate AI-enabled picture recognition technologies to improve user experience and allow marketers to insert contextually relevant advertisements.

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The media and Entertainment segment dominated the market and held the largest market share of 19.02% in the year 2020

Based on vertical, the global image recognition market is segmented into Media and Entertainment, BFSI, Automobile and Transportation, Retail and e-commerce, Telecom and IT, Government, and Healthcare. The Media and Entertainment segment dominated the market and held the largest market share of 19.02% in 2020. This increase can be due to the availability of internet connections, and social media is widely incorporating the usage of artificial intelligence, augmented and virtual reality for effective image recognition of users. Furthermore, the increasing use of picture recognition technology for interactive marketing and creative campaigns by merchants, encompassing both online and offline modes, is one of the most critical drivers driving global image recognition market growth.

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