Business news

Image Recognition Market Size Forecasted to Reach Valuation of USD 80.29 Billion in 2028

By Biswas Debanjan

Posted on December 30, 2021

According to a recent analysis, the global image recognition market size was valued at USD 25.67 Billion in 2020 and is forecast to exceed USD 80.29 Billion in terms of revenue, at a CAGR of 15.3% over 2021-2028. The market growth is driven by rise in Virtual Reality (VR) and Augmented Reality (AR) trends and increasing adoption of smartphones globally.

Increasing inclusion of face recognition feature in electronic gadgets, including tablets, personal computers, and smartphones is offering lucrative opportunities for players in the image recognition industry. Extensive application of image recognition in security and surveillance is fostering market size. Increasing budgets for homeland security and defense in countries like China, Russia, and India will positively impact industry growth.

Some of the other key mage recognition applications include smart photo libraries, targeted advertising, accessibility for the visually impaired, enhanced research capabilities, media interactivity, and others. Increase in number of mobile device usage and the advent of cloud media services will favor image recognition market growth through 2028. However, concerns related to image recognition technology, including misuse of facial recognition data, improper data storage, and security breaches, may restraint industry growth to some extent.

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Some Key Highlights in the Report

Based on component, the software segment accounted for a major chunk of the global image recognition market revenue share in 2020 on account of rapid integration of image recognition software in medical imaging, photo editing, computer graphics, and others. The advent of Industry 4.0 and increasing popularity of industry automation trend is expected to further boost the adoption of image recognition software across various industries in the coming years.
Based on industry vertical, the automobile and transportation segment is expected to gain major traction over the forecast period due to high reliance of autonomous vehicles in image recognition. The tool is extensively integrated in autonomous vehicles used by Uber and Google. Powered by deep learning, the computer vision systems are trained with thousands of images of road signs, obstacles, and humans on the road under different lighting and weather conditions for better safety.
In the regional landscape, North America is one of the major markets for image recognition on account of extensive integration of Artificial Intelligence in e-commerce and digital shopping in the region. Rapid proliferation of advanced technologies, including cloud-based technologies, AI, and deep learning, across various industry verticals will boost regional industry growth through 2028.
Key players in the global image recognition market include Qualcomm, IBM Corporation, Honeywell, Microsoft, Toshiba, Huawei, NEC Corporation, Oracle, Slyce, and Catchoom, among others.

For the purpose of this study, Emergen Research has segmented the global image recognition market on the basis of component, application, deployment mode, technique, industry vertical, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- Services
Application Outlook (Revenue, USD Billion; 2018–2028)
- Security and Surveillance
- Scanning and Imaging
- Augmented Reality
- Image Search
- Marketing and Advertising
Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
- On-premises
- Cloud
Technique Outlook (Revenue, USD Billion; 2018–2028)
- Object Recognition
- QR/ Barcode Recognition
- Pattern Recognition
- Facial Recognition
- Optical Character Recognition
Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Media & Entertainment
- Healthcare
- Retail & E-commerce
- BFSI
- IT & Telecom
- Automobile & Transportation
- Government
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
  1. U.S.
  2. Canada
  3. Mexico
- Europe
  1. Germany
  2. U.K.
  3. France
  4. Spain
  5. Benelux
  6. Rest of Europe
- Asia Pacific
  1. China
  2. India
  3. Japan
  4. South Korea
  5. Rest of APAC
- Latin America
  1. Brazil
  2. Rest of LATAM
- Middle East & Africa
  1. Saudi Arabia
  2. UAE
  3. Rest Of MEA