Report ID : AMR1005030 | Industries : ICT | Published On :January 2024 | Page Count : 223
Global Image Recognition Market Size, Share & Trends Analysis Report, By Component (Software, Services), By Technology (QR/Barcode Recognition, Facial Recognition, Object Recognition, Optical Character Recognition, Pattern Recognition), By Application (Security and Surveillance, Scanning and Imaging, Marketing and Advertising, Others), By Industry Vertical (Retail and Consumer Goods, Media, and Entertainment, Automotive, Healthcare, Public Services, Others), By Region, And Segment Forecasts, Till – 2030
Market Overview
According to Analytical Market Research, the global Image Recognition market estimated at USD 45.5 billion in 2022 and will expand at a compound annual growth rate (CAGR) of 11.6% from 2023 to 2030. Key players in the Image Recognition market employ various strategies to maintain and enhance their market presence. These strategies help key players capture a significant market share and remain competitive in the dynamic Image Recognition market. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated includes proficient analysis, predictive analysis, prescriptive analysis, cumulative analysis, and value chain analysis.
IMAGE RECOGNITION MARKET DYNAMICS: KEY DRIVERS & RESTRAINTS
Surge in Image Data Generation to boost Driving The Market Growth
The usage of smartphones, cameras, and IoT devices has led to an explosion in image data generation. This vast pool of visual data is propelling the demand for image recognition solutions in applications ranging from social media to security. Platforms such as E-commerce use image recognition for product recommendations, visual search, and inventory management. Retailers leverage image recognition for betterment of shopping experience, enhance inventory accuracy, and personalize marketing efforts, which significantly contribute to the Image Recognition Market.
Furthermore, image recognition is employed in medical image analysis for detection of early disease, diagnosis, and treatment planning. AI-driven image recognition enhances the speed & accuracy of medical image interpretation. Video surveillance systems also uses image recognition for facial recognition, license plate recognition, and object tracking. It plays an important role in enhancing security and reducing response times in critical situations. Social media platforms and content-sharing websites use image recognition to identify and filter inappropriate and harmful content, ensuring a safer online environment. All these above factors drive the market growth.
Data Privacy and Security Concerns Restraint The Market Growth
The usage of image recognition mostly involves processing and storing large amounts of visual information, including personal and sensitive data. This question concerns about data privacy and security. Unauthorized access and breach of trust can lead to significant consequences, both for individuals and organizations, leading to hesitancy in adopting these technologies. Image recognition systems are not always 100% accurate. They can make mistakes or errors in identifying objects, faces, or other visual elements, which is problematic in applications where accuracy is necessary, such as healthcare or autonomous vehicles. Enhancing accuracy remains a challenge, which is expected to limit the image recognition market growth.
How are Segments Performing in the Global Image Recognition Market?
Image Recognition Component Segment Breakdown
According to Analytical Market Research, the Image Recognition market by component is segmented into Software, and Services
Image Recognition Technology Segment Breakdown
According to Analytical Market Research, based on technology the market is bifurcated into QR/Barcode Recognition, Facial Recognition, Object Recognition, Optical Character Recognition, and Pattern Recognition
Image Recognition Application Segment Breakdown
According to Analytical Market Research, based on application the market is segmented into Security and Surveillance, Scanning and Imaging, Marketing and Advertising, and Others
Image Recognition Industry Vertical Segment Breakdown
According to Analytical Market Research, based on industry vertical the market is segmented into Retail and Consumer Goods, Media, and Entertainment, Automotive, Healthcare, Public Services, and Others
Image Recognition Geographic Exploration
According to Analytical Market Research, the North America region is predicted to dominate the market, owing to the rapid growth of cloud-based streaming services in the U.S. The rising integration of artificial intelligence (AI) and mobile computing platforms in the sphere of digital purchasing and e-commerce is credited with the segment's growth. Also, the rising improvements in car obstacle detection technologies in the region is likely to increase significantly during the forecast period. The U.S is at the forefront of technological innovation. Its home to various tech giants and start-ups focused on image recognition.
Other regions competing in the market are North America, Europe, Middle East and Africa, and Latin America respectively.
COMPETITIVE LANDSCAPE & RECENT DEVELOPMENT: IMAGE RECOGNITION
The competitive landscape of the market is partially consolidated. The significant players rapidly evolve with new strategies to attain a competitive edge and capture significant market share.
• For instance, in May 2023, Portuguese game studio MetaStudio entered collaboration with Immutable, a prominent Ethereum Layer 2 scaling solutions provider. This collaboration is expected to revolutionize the gaming metaverse by launching innovative technologies and advancements.
Noticeable Players Functioning in The Global Image Recognition Market Include:
• Blinkfire Analytics, Inc.
• Gumgum, Inc.
• Kairos AR, Inc.
• SparkTrendz
• Cloudsight, Inc.
• Chooch.com
• Google
• Attrasoft, Inc.
• Catchroom
• Hitachi, Ltd.
KEY BREAKDOWN: IMAGE RECOGNITION MARKET
By Component:
• Software
• Services
By Technology:
• QR/Barcode Recognition
• Facial Recognition
• Object Recognition
• Optical Character Recognition
• Pattern Recognition
By Application:
• Security and Surveillance
• Scanning and Imaging
• Marketing and Advertising
• Others
By Industry Vertical:
• Retail and Consumer Goods
• Media, and Entertainment
• Automotive
• Healthcare
• Public Services
• Others
Geographical Exploration:
• North America
o The USA
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Russia
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o New Zealand
o Singapore
o Malaysia
o Rest of Asia
• Latin America
o Brazil
o Argentina
o Colombia
o Peru
o Chile
o Venezuela
o Rest of Latin America
• Middle East and Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of Middle East & Africa
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1. Research Methodology
1.1. Global Image Recognition Market Snapshot, 2023 and 2030
1.2. Data Mining
1.3. Validation
1.4. Primary Interviews
1.5. List of Data Sources
1.6. Future Market Projections
1.7. Industry Developments and Key Market Events
2. Executive Summary
3. Market Overview
3.1. Market Scope and Definition
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunity
3.2.4. Challenges
3.2.5. Cumulative Impact due to Recent Energy Crisis
3.2.6. Cumulative Impact due to Nearing Economic Downturn
3.2.7. Post Covid-19 World Supply & Demand Conditions
3.2.8. Cumulative Impact of Russia-Ukraine Conflict
3.2.9. Key Trends
3.3. Image Recognition Market: Value Chain
3.3.1. List of Raw Material Supplier
3.3.2. List of Manufacturers
3.3.3. List of Application
3.4. Porter Five Force’s Analysis
3.5. Regulatory and Component Landscape
4. Global Image Recognition Market Outlook: Forecast (2023 – 2030)
4.1. Key Highlights
4.1.1. Market Size and Y-o-Y Growth
4.1.2. Absolute $ Opportunity
4.2. Market Size (US$ Mn) Analysis and Forecast
4.2.1. Current Market Size Forecast, 2023–2030
4.3. Global Image Recognition Market Outlook: Component
4.3.1. Introduction / Key Findings
4.3.2. Market Size (US$ Mn) and Forecast Component, 2023 – 2030
4.3.2.1. Software
4.3.2.2. Services
4.4. Global Image Recognition Market Outlook: Technology
4.4.1. Introduction / Key Findings
4.4.2. Market Size (US$ Mn) and Forecast By Technology, 2023 – 2030
4.4.2.1. QR/Barcode Recognition
4.4.2.2. Facial Recognition
4.4.2.3. Object Recognition
4.4.2.4. Optical Character Recognition
4.4.2.5. Pattern Recognition
4.5. Global Image Recognition Market Outlook: Application
4.5.1. Introduction / Key Findings
4.5.2. Market Size (US$ Mn) and Forecast By Application, 2023 – 2030
4.5.2.1. Security and Surveillance
4.5.2.2. Scanning and Imaging
4.5.2.3. Marketing and Advertising
4.5.2.4. Others
4.6. Global Image Recognition Market Outlook: Industry Vertical
4.6.1. Introduction / Key Findings
4.6.2. Market Size (US$ Mn) and Forecast By Industry Vertical, 2023 – 2030
4.6.2.1. Retail and Consumer Goods
4.6.2.2. Media, and Entertainment
4.6.2.3. Automotive
4.6.2.4. Healthcare
4.6.2.5. Public Services
4.6.2.6. Others
5. Global Image Recognition Market Outlook: Region
5.1. Key Highlights
5.2. Market Size (US$ Mn) and Forecast By Region, 2023 – 2030
5.2.1. North America
5.2.2. Europe
5.2.3. Asia Pacific
5.2.4. Latin America
5.2.5. Middle East & Africa (MEA)
6. North America Image Recognition Market Outlook: Forecast (2023 – 2030)
6.1. Key Highlights
6.2. Pricing Analysis
6.3. Market Size (US$ Mn) and Analysis By Market, 2023 – 2022
6.3.1. By Country
6.3.2. By Component
6.3.3. By Technology
6.3.4. By Application
6.3.5. By Industry Vertical
6.4. Market Size (US$ Mn) and Forecast By Country, 2023 – 2030
6.4.1. U.S.
6.4.2. Canada
6.4.3. Mexico
6.5. Market Size (US$ Mn) and Forecast By Component, 2023 – 2030
6.5.1. Software
6.5.2. Services
6.6. Market Size (US$ Mn) and Forecast By Technology, 2023 – 2030
6.6.1. QR/Barcode Recognition
6.6.2. Facial Recognition
6.6.3. Object Recognition
6.6.4. Optical Character Recognition
6.6.5. Pattern Recognition
6.7. Market Size (US$ Mn) and Forecast By Application, 2023 – 2030
6.7.1. Security and Surveillance
6.7.2. Scanning and Imaging
6.7.3. Marketing and Advertising
6.7.4. Others
6.8. Market Size (US$ Mn) and Forecast By Industry Vertical, 2023 – 2030
6.8.1. Retail and Consumer Goods
6.8.2. Media, and Entertainment
6.8.3. Automotive
6.8.4. Healthcare
6.8.5. Public Services
6.8.6. Others
7. Europe Image Recognition Market Outlook: Forecast (2023 – 2030)
7.1. Key Highlights
7.2. Pricing Analysis
7.3. Market Size (US$ Mn) and Analysis By Market, 2023 – 2030
7.3.1. By Country
7.3.2. By Component
7.3.3. By Technology
7.3.4. By Application
7.3.5. By Industry Vertical
7.4. Market Size (US$ Mn) and Forecast By Country, 2023 – 2030
7.4.1. Germany
7.4.2. France
7.4.3. U.K.
7.4.4. Russia
7.4.5. Italy
7.4.6. Spain
7.4.7. Rest of Europe
7.5. Market Size (US$ Mn) and Forecast By Component, 2023 – 2030
7.5.1. Software
7.5.2. Services
7.6. Market Size (US$ Mn) and Forecast By Technology, 2023 – 2030
7.6.1. QR/Barcode Recognition
7.6.2. Facial Recognition
7.6.3. Object Recognition
7.6.4. Optical Character Recognition
7.6.5. Pattern Recognition
7.7. Market Size (US$ Mn) and Forecast By Application, 2023 – 2030
7.7.1. Security and Surveillance
7.7.2. Scanning and Imaging
7.7.3. Marketing and Advertising
7.7.4. Others
7.8. Market Size (US$ Mn) and Forecast By Industry Vertical, 2023 – 2030
7.8.1. Retail and Consumer Goods
7.8.2. Media, and Entertainment
7.8.3. Automotive
7.8.4. Healthcare
7.8.5. Public Services
7.8.6. Others
8. Asia Pacific Image Recognition Market Outlook: Forecast (2023 – 2030)
8.1. Key Highlights
8.2. Pricing Analysis
8.3. Market Size (US$ Mn) and Analysis By Market, 2023 – 2030
8.3.1. By Country
8.3.2. By Component
8.3.3. By Technology
8.3.4. By Application
8.3.5. By Industry Vertical
8.4. Market Size (US$ Mn) and Forecast By Country, 2023 – 2030
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. South Korea
8.4.5. Australia
8.4.6. New Zealand
8.4.7. Singapore
8.4.8. Malaysia
8.4.9. Rest of Asia
8.5. Market Size (US$ Mn) and Forecast By Component, 2023 – 2030
8.5.1. Software
8.5.2. Services
8.6. Market Size (US$ Mn) and Forecast By Technology, 2023 – 2030
8.6.1. QR/Barcode Recognition
8.6.2. Facial Recognition
8.6.3. Object Recognition
8.6.4. Optical Character Recognition
8.6.5. Pattern Recognition
8.7. Market Size (US$ Mn) and Forecast By Application, 2023 – 2030
8.7.1. Security and Surveillance
8.7.2. Scanning and Imaging
8.7.3. Marketing and Advertising
8.7.4. Others
Market Size (US$ Mn) and Forecast By Industry Vertical, 2023 – 2030
8.7.5. Retail and Consumer Goods
8.7.6. Media, and Entertainment
8.7.7. Automotive
8.7.8. Healthcare
8.7.9. Public Services
8.7.10. Others
9. Latin America Image Recognition Market Outlook: Forecast (2023 – 2030)
9.1. Key Highlights
9.2. Pricing Analysis
9.3. Market Size (US$ Mn) and Analysis By Market, 2023 – 2030
9.3.1. By Country
9.3.2. By Component
9.3.3. By Technology
9.3.4. By Application
9.3.5. By Industry Vertical
9.4. Market Size (US$ Mn) and Forecast By Country, 2023 – 2030
9.4.1. Brazil
9.4.2. Argentina
9.4.3. Colombia
9.4.4. Peru
9.4.5. Chile
9.4.6. Venezuela
9.4.7. Rest of Latin America
9.5. Market Size (US$ Mn) and Forecast By Component, 2023 – 2030
9.5.1. Software
9.5.2. Services
9.6. Market Size (US$ Mn) and Forecast By Technology, 2023 – 2030
9.6.1. QR/Barcode Recognition
9.6.2. Facial Recognition
9.6.3. Object Recognition
9.6.4. Optical Character Recognition
9.6.5. Pattern Recognition
9.7. Market Size (US$ Mn) and Forecast By Application, 2023 – 2030
9.7.1. Security and Surveillance
9.7.2. Scanning and Imaging
9.7.3. Marketing and Advertising
9.7.4. Others
9.8. Market Size (US$ Mn) and Forecast By Industry Vertical, 2023 – 2030
9.8.1. Retail and Consumer Goods
9.8.2. Media, and Entertainment
9.8.3. Automotive
9.8.4. Healthcare
9.8.5. Public Services
9.8.6. Others
10. Middle East & Africa Image Recognition Market Outlook: Forecast (2023 – 2030)
10.1. Key Highlights
10.2. Pricing Analysis
10.3. Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2023 – 2030
10.3.1. By Country
10.3.2. By Component
10.3.3. By Technology
10.3.4. By Application
10.3.5. By Industry Vertical
10.4. Market Size (US$ Mn) and Forecast By Country, 2023 – 2030
10.4.1. Saudi Arabia
10.4.2. UAE
10.4.3. Egypt
10.4.4. Kuwait
10.4.5. South Africa
10.4.6. Rest of Middle East & Africa
10.5. Market Size (US$ Mn) and Forecast By Component, 2023 – 2030
10.5.1. Software
10.5.2. Services
10.6. Market Size (US$ Mn) and Forecast By Technology, 2023 – 2030
10.6.1. QR/Barcode Recognition
10.6.2. Facial Recognition
10.6.3. Object Recognition
10.6.4. Optical Character Recognition
10.6.5. Pattern Recognition
10.7. Market Size (US$ Mn) and Forecast By Application, 2023 – 2030
10.7.1. Security and Surveillance
10.7.2. Scanning and Imaging
10.7.3. Marketing and Advertising
10.7.4. Others
10.8. Market Size (US$ Mn) and Forecast By Industry Vertical, 2023 – 2030
10.8.1. Retail and Consumer Goods
10.8.2. Media, and Entertainment
10.8.3. Automotive
10.8.4. Healthcare
10.8.5. Public Services
10.8.6. Others
11. Competition Analysis
11.1. Market Share Analysis Of Top Vendors
11.2. Market Structure
11.2.1. Competition Intensity Mapping By Market
11.2.2. Competition Dashboard
11.2.3. Key Development Strategies
11.3. Company Profiles
11.3.1. Blinkfire Analytics, Inc.
11.3.1.1. Overview
11.3.1.2. Offerings
11.3.1.3. Business Segment & Geographic Overview
11.3.1.4. Key Financials
11.3.1.5. Key Market Developments
11.3.2. Gumgum, Inc.
11.3.3. Kairos AR, Inc.
11.3.4. SparkTrendz
11.3.5. Cloudsight, Inc.
11.3.6. Chooch.com
11.3.7. Google
11.3.8. Attrasoft, Inc.
11.3.9. Catchroom
11.3.10. Hitachi, Ltd.
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