March 1, 2024

Image Recognition Market Size to Worth USD 166.01 Bn by 2033

The global image recognition market size was valued at USD 47 billion in 2023 and is projected to hit around USD 166.01 billion by 2033, notable at a CAGR of 13.50% from 2024 to 2033.

Key Takeaways

  • North America contributed 36% of market share in 2023.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2024 and 2033.
  • By technique, the facial recognition segment has held the largest market share of 23% in 2023.
  • By technique, the pattern recognition segment is anticipated to grow at a remarkable CAGR of 14.8% between 2024 and 2033.
  • By application, the marketing and advertising segment generated over 30% of market share in 2023.
  • By application, the augmented reality segment is expected to expand at the fastest CAGR over the projected period.
  • By component, the service segment generated over 39% of market share in 2023.
  • By component, the software segment is expected to expand at the fastest CAGR over the projected period.
  • By deployment mode, the cloud segment generated over 71% of market share in 2023.
  • By deployment mode, the on-premises segment is expected to expand at the fastest CAGR over the projected period.

Image Recognition Market Size 2024 To 2033

Introduction:

The Image Recognition Market has witnessed substantial growth in recent years, driven by advancements in artificial intelligence (AI), machine learning, and computer vision technologies. Image recognition, also known as computer vision, refers to the ability of computers to interpret and understand visual information from digital images or videos. This technology has found widespread applications across various industries, including healthcare, retail, automotive, security, and entertainment. The increasing adoption of image recognition solutions for tasks such as object detection, facial recognition, gesture recognition, and optical character recognition (OCR) has fueled the expansion of this market globally.

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Growth Factors:

Several factors contribute to the robust growth of the image recognition market. Firstly, the proliferation of smartphones equipped with high-quality cameras and the rise of social media platforms have generated massive amounts of visual data, creating a demand for efficient image processing and analysis tools. Additionally, the emergence of deep learning algorithms and convolutional neural networks (CNNs) has significantly improved the accuracy and performance of image recognition systems, driving their adoption across various sectors. Moreover, the increasing focus on enhancing customer experience, optimizing business processes, and improving operational efficiency has led organizations to invest in image recognition solutions to gain actionable insights from visual data.

Image Recognition Market Scope

Report CoverageDetails
Growth Rate from 2024 to 2033CAGR of 13.50%
Global Market Size in 2023USD 47 Billion
Global Market Size by 2033USD 166.01 Billion
U.S. Market Size in 2023USD 11.84 Billion
U.S. Market Size by 2033USD 42.20 Billion
Base Year2023
Forecast Period2024 to 2033
Segments CoveredBy Technique, By Application, By Component, and By Deployment Mode
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

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Image Recognition Market Dynamics

Drivers:

Several drivers propel the growth of the image recognition market. One key driver is the growing need for security and surveillance applications, particularly in sectors such as law enforcement, defense, and public safety. Image recognition technology enables the identification and tracking of objects, individuals, and activities in real-time, enhancing security measures and enabling proactive intervention. Furthermore, the integration of image recognition capabilities into autonomous vehicles, drones, and other smart devices is driving innovation in the automotive, aerospace, and consumer electronics industries, fueling market growth. Additionally, the increasing adoption of image recognition for marketing and advertising purposes, such as targeted product recommendations and personalized content delivery, is contributing to market expansion.

Restraints:

Despite its rapid growth, the image recognition market faces certain challenges and restraints. One significant restraint is the concerns surrounding data privacy and security, particularly regarding the collection, storage, and usage of visual data. The proliferation of image recognition systems raises ethical and legal issues related to surveillance, facial recognition, and biometric data processing, leading to regulatory scrutiny and consumer backlash. Additionally, the complexity and computational intensity of deep learning algorithms used in image recognition pose challenges in terms of deployment and scalability, especially for resource-constrained environments. Moreover, the lack of standardization and interoperability among image recognition solutions hinders seamless integration and collaboration across different platforms and applications.

Opportunities:

Despite the challenges, the image recognition market presents significant opportunities for growth and innovation. One key opportunity lies in the healthcare sector, where image recognition technology can revolutionize medical imaging, diagnostics, and patient care. By enabling the automated analysis of medical images such as X-rays, MRIs, and CT scans, image recognition systems can assist healthcare professionals in early disease detection, treatment planning, and monitoring patient outcomes. Furthermore, the integration of image recognition with augmented reality (AR) and virtual reality (VR) technologies opens up new possibilities in gaming, entertainment, and immersive experiences. Additionally, the increasing adoption of image recognition in retail analytics, inventory management, and supply chain optimization presents lucrative opportunities for vendors to address evolving market needs and drive business growth.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Recent Developments

  • In May 2023, MetaStudio, a game development studio from Portugal, revealed a strategic partnership with Immutable, a leading provider of Ethereum Layer 2 scaling solutions. This collaboration is set to transform the gaming metaverse by introducing groundbreaking technologies and advancements. Leveraging MetaStudio’s game development expertise and Immutable’s state-of-the-art scaling solutions, the joint effort aims to redefine the gaming experience and push the boundaries of what is achievable in the virtual world.
  • In April 2023, Philips and AWS joined forces to migrate Philips HealthSuite Imaging PACS to the cloud, enabling the integration of AI-powered tools to support clinicians. The expanded collaboration with AWS seeks to facilitate the creation and implementation of generative AI applications. These applications are designed to enhance clinical workflows, improve efficiency, and elevate diagnostic capabilities. By harnessing the capabilities of the cloud and AI, Philips and AWS are committed to driving innovation in healthcare and providing clinicians with advanced tools to deliver enhanced patient care.
  • In November 2022, NEC Corporation initiated the promotion of its advanced multimodal biometric authentication solution, the flagship product under its “Bio-IDiom” brand. This groundbreaking solution integrates NEC’s industry-leading face recognition and iris recognition technologies, recognized as top performers by the US National Institute of Standards and Technology (NIST). NEC is introducing this solution to the Japanese market, with plans for a global release in the spring of 2023. This innovative authentication solution underscores NEC’s dedication to delivering cutting-edge biometric solutions to meet the diverse needs of customers worldwide.
  • In July 2022, Clarifai, a major AI platform specializing in unstructured image, video, text, and audio data, introduced Clarifai Community, a new complimentary service. The Clarifai Community aims to empower individuals globally to create, share, and leverage AI capabilities. Utilizing Clarifai’s comprehensive platform known for its end-to-end AI lifecycle management, this service caters to the needs of data scientists, developers, and even non-technical business users. With Clarifai Community, users gain access to powerful AI tools, fostering collaboration and innovation across various domains.
  • In May 2022, Hitachi, Ltd. launched Lumada Inspection Insights, a comprehensive digital solution suite for inspecting, monitoring, and optimizing critical assets. Developed by Hitachi Energy and Hitachi Vantara, Lumada Inspection Insights enables customers to automate asset inspection processes while supporting sustainability initiatives, improving physical security, and mitigating risks associated with storms or fires. The solution, integrated with advanced artificial intelligence (AI) capabilities, utilizes powerful analysis of photographs and videos, including LiDAR, thermal, and satellite imagery. This all-encompassing offering empowers organizations to streamline asset management and make informed decisions to ensure operational efficiency and resilience.
  • In November 2021, the Snapdragon Spaces XR Developer Platform was introduced to facilitate the development of augmented reality (AR) experiences that seamlessly adapt to surrounding spaces. With a primary focus on developers, the platform integrates established technology and an open ecosystem, enabling the exploration of new possibilities in spatial computing. This innovative platform lays the groundwork for advancing AR applications, providing immersive experiences that seamlessly blend digital content with real-world environments.

Image Recognition Market Companies

  • Google LLC
  • Microsoft Corporation
  • IBM Corporation
  • Amazon Web Services, Inc.
  • Qualcomm Technologies, Inc.
  • Intel Corporation
  • NVIDIA Corporation
  • Cognex Corporation
  • Honeywell International Inc.
  • Catchoom Technologies S.L.
  • LTU Technologies (A Dassault Systèmes Company)
  • Slyce Inc.
  • Toshiba Corporation
  • NEC Corporation
  • Zebra Medical Vision Ltd.

Segments Covered in the Report

By Technique

  • QR/Barcode Recognition
  • Object Recognition
  • Facial Recognition
  • Pattern Recognition
  • Optical Character Recognition

By Application

  • Augmented Reality
  • Scanning & Imaging
  • Security & Surveillance
  • Marketing & Advertising
  • Image Search

By Component

  • Hardware
  • Software
  • Service

By Deployment Mode

  • Cloud
  • On-Premises

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Image Recognition Market 

5.1. COVID-19 Landscape: Image Recognition Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Image Recognition Market, By Technique

8.1. Image Recognition Market, by Technique, 2024-2033

8.1.1. QR/Barcode Recognition

8.1.1.1. Market Revenue and Forecast (2021-2033)

8.1.2. Object Recognition

8.1.2.1. Market Revenue and Forecast (2021-2033)

8.1.3. Facial Recognition

8.1.3.1. Market Revenue and Forecast (2021-2033)

8.1.4. Pattern Recognition

8.1.4.1. Market Revenue and Forecast (2021-2033)

8.1.5. Optical Character Recognition

8.1.5.1. Market Revenue and Forecast (2021-2033)

Chapter 9. Global Image Recognition Market, By Application

9.1. Image Recognition Market, by Application, 2024-2033

9.1.1. Augmented Reality

9.1.1.1. Market Revenue and Forecast (2021-2033)

9.1.2. Scanning & Imaging

9.1.2.1. Market Revenue and Forecast (2021-2033)

9.1.3. Security & Surveillance

9.1.3.1. Market Revenue and Forecast (2021-2033)

9.1.4. Marketing & Advertising

9.1.4.1. Market Revenue and Forecast (2021-2033)

9.1.5. Image Search

9.1.5.1. Market Revenue and Forecast (2021-2033)

Chapter 10. Global Image Recognition Market, By Component 

10.1. Image Recognition Market, by Component, 2024-2033

10.1.1. Hardware

10.1.1.1. Market Revenue and Forecast (2021-2033)

10.1.2. Software

10.1.2.1. Market Revenue and Forecast (2021-2033)

10.1.3. Service

10.1.3.1. Market Revenue and Forecast (2021-2033)

Chapter 11. Global Image Recognition Market, By Deployment Mode 

11.1. Image Recognition Market, by Deployment Mode, 2024-2033

11.1.1. Cloud

11.1.1.1. Market Revenue and Forecast (2021-2033)

11.1.2. On-Premises

11.1.2.1. Market Revenue and Forecast (2021-2033)

Chapter 12. Global Image Recognition Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Technique (2021-2033)

12.1.2. Market Revenue and Forecast, by Application (2021-2033)

12.1.3. Market Revenue and Forecast, by Component (2021-2033)

12.1.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Technique (2021-2033)

12.1.5.2. Market Revenue and Forecast, by Application (2021-2033)

12.1.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.1.5.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Technique (2021-2033)

12.1.6.2. Market Revenue and Forecast, by Application (2021-2033)

12.1.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.1.6.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Technique (2021-2033)

12.2.2. Market Revenue and Forecast, by Application (2021-2033)

12.2.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Technique (2021-2033)

12.2.5.2. Market Revenue and Forecast, by Application (2021-2033)

12.2.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.5.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Technique (2021-2033)

12.2.6.2. Market Revenue and Forecast, by Application (2021-2033)

12.2.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.6.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Technique (2021-2033)

12.2.7.2. Market Revenue and Forecast, by Application (2021-2033)

12.2.7.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.7.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Technique (2021-2033)

12.2.8.2. Market Revenue and Forecast, by Application (2021-2033)

12.2.8.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.8.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Technique (2021-2033)

12.3.2. Market Revenue and Forecast, by Application (2021-2033)

12.3.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Technique (2021-2033)

12.3.5.2. Market Revenue and Forecast, by Application (2021-2033)

12.3.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.5.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Technique (2021-2033)

12.3.6.2. Market Revenue and Forecast, by Application (2021-2033)

12.3.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.6.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Technique (2021-2033)

12.3.7.2. Market Revenue and Forecast, by Application (2021-2033)

12.3.7.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.7.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Technique (2021-2033)

12.3.8.2. Market Revenue and Forecast, by Application (2021-2033)

12.3.8.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.8.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Technique (2021-2033)

12.4.2. Market Revenue and Forecast, by Application (2021-2033)

12.4.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Technique (2021-2033)

12.4.5.2. Market Revenue and Forecast, by Application (2021-2033)

12.4.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.5.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Technique (2021-2033)

12.4.6.2. Market Revenue and Forecast, by Application (2021-2033)

12.4.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.6.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Technique (2021-2033)

12.4.7.2. Market Revenue and Forecast, by Application (2021-2033)

12.4.7.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.7.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Technique (2021-2033)

12.4.8.2. Market Revenue and Forecast, by Application (2021-2033)

12.4.8.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.8.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Technique (2021-2033)

12.5.2. Market Revenue and Forecast, by Application (2021-2033)

12.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.5.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Technique (2021-2033)

12.5.5.2. Market Revenue and Forecast, by Application (2021-2033)

12.5.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.5.5.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Technique (2021-2033)

12.5.6.2. Market Revenue and Forecast, by Application (2021-2033)

12.5.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.5.6.4. Market Revenue and Forecast, by Deployment Mode (2021-2033)

Chapter 13. Company Profiles

13.1. Google LLC

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Microsoft Corporation

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. IBM Corporation

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Amazon Web Services, Inc.

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Qualcomm Technologies, Inc.

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. Intel Corporation

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. NVIDIA Corporation

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Cognex Corporation

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. Honeywell International Inc.

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. Catchoom Technologies S.L.

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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