The global image recognition market size was valued at USD 53.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2030.
This growth is attributed to the increasing volumes of image data, advancements in artificial intelligence (AI) and machine learning (ML), and the growing demand for automation across various sectors are pivotal. In addition, the integration of image recognition in applications such as healthcare, retail, and security enhances operational efficiency and customer engagement. Furthermore, the rise of edge computing and mobile solutions further supports market expansion.
Gather more insights about the market drivers, restrains and growth of the Image Recognition Market
Image recognition technology, powered by machine learning, has been embedded in several fields, such as self-driving vehicles, automated image organization of visual websites, and face identification on social networking websites. One of the most popular applications of image identification is social media monitoring, as visual listening and visual analytics are essential factors of digital marketing. Image recognition is highly used in applications related to safety and security, such as facial recognition used by law enforcement agencies. Furthermore, airports are increasingly using face remembrance technology at security checkpoints.
The growing popularity of high-bandwidth data services and advanced machine learning has led to a higher demand for image recognition technology among people. Establishments in different sectors such as media & entertainment, retail, IT & telecom, and Banking, Financial Services, and Insurance (BFSI) have led to the growing utilization of advanced technologies within their companies, consequently driving the acceptance of image recognition. The system for image recognition assists in recognizing objects, buildings, locations, logos, individuals, and other images. Moreover, advances in image recognition tech enable connecting offline materials such as brochures and magazines with promotional videos, AR experiences, and product details using images from a smartphone.
In addition, an automated system for recognizing images is essential in computer vision, as it can pinpoint an image or attribute within digital photos and videos. It allows users to collect and analyze data in real-time. Information is gathered in complex dimensions and results in numerical or symbolic data. Computer vision, an image recognition component, allows for object recognition, event detection, image reconstruction, learning, and video tracking tasks. Image recognition technology has seen various opportunities arise in areas such as big data analysis and successful branding of products and services, thanks to the expanding use of image databases.
Furthermore, since the database serves as the training material for image recognition solutions, open-source frameworks such as software libraries and software tools form the building blocks of the solution. These frameworks help prepare or train machines to learn from the images available in the database by providing different types of computer vision functions, such as medical screening, obstacle detection in vehicles, and emotion and facial recognition, among others. Some of the leading libraries for image recognition include UC Berkeley's Caffe, Google Tensor Flow, and Torch.
Image Recognition Market Segmentation
Grand View Research has segmented the image recognition market report based on, technique, component, deployment mode, vertical, application, and region.
Technique Outlook (Revenue, USD Million, 2018 - 2030)
• QR/ Barcode Recognition
• Object Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition
Component Outlook (Revenue, USD Million, 2018 - 2030)
• Hardware
• Software
• Service
• Managed
• Professional
• Training, Support, and Maintenance
Deployment Mode Outlook (Revenue, USD Million, 2018 - 2030)
• Cloud
• On-Premises
Vertical Outlook (Revenue, USD Million, 2018 - 2030)
• Retail & E-commerce
• Media & Entertainment
• BFSI
• Automobile & Transportation
• Telecom & IT
• Government
• Healthcare
• Others
Application Outlook (Revenue, USD Million, 2018 - 2030)
• Augmented Reality
• Scanning & Imaging
• Security & Surveillance
• Marketing & Advertising
• Image Search
Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
• Latin America
o Brazil
• Middle East and Africa (MEA)
o Saudi Arabia
o South Africa
o UAE
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Key Companies And Market Share Insights
Some key companies in the image recognition market include Attrasoft, Inc., Blinkfire Analytics, Inc., Kairos AR, Inc., Catchroom, Chooch., Cloudsight, Inc., Google, GumGum, Inc., Hitachi, Ltd.; and others that focus on development with continuous innovations and enhancements.
• Blinkfire Analytics, Inc. specializes in AI-powered visual content analysis for sports, media, and entertainment industries. Blinkfire's proprietary platform uses computer vision and machine learning algorithms to automatically detect, track, and analyze brand exposures, logos, and sponsorships within images and videos, providing valuable insights for brands, teams, and leagues. The company's offerings include sponsorship valuation, brand monitoring, and audience engagement metrics, enabling clients to measure the effectiveness of their marketing efforts and optimize their sponsorship strategies.
• Kairos AR, Inc. provides facial recognition and image analysis solutions, offering products and services that leverage artificial intelligence and machine learning to deliver accurate and efficient image recognition capabilities. Kairos' flagship platform, Kairos Face Recognition, provides real-time facial recognition, identification, and verification, with security, access control, and customer experience applications. The company's other offerings include Kairos Demographics, which analyzes age, gender, and emotions, and Kairos Emotions, which detects and interprets emotional responses. Kairos' solutions are used across various industries, including healthcare, finance, and retail, and are designed to integrate with existing systems and infrastructure, enabling seamless deployment and scalability.
Key Image Recognition Companies:
The following are the leading companies in the image recognition market. These companies collectively hold the largest market share and dictate industry trends.
• Attrasoft, Inc.
• Blinkfire Analytics, Inc.
• Catchroom
• Chooch.
• Cloudsight, Inc.
• GumGum, Inc.
• Hitachi, Ltd.
• Honeywell International Inc.
• Kairos AR, Inc.
• LTU Tech
• NEC Corporation
• Qualcomm Technologies, Inc.
• DEEPSIGNALS
• Calrifai, Inc.
• Wikitude, a Qualcomm company
Recent Developments
• In April 2023, Chooch launched ImageChat, a solution that enables enterprises to create detailed computer vision models using text prompts. Trained on over 11 billion parameters and 400 million images, ImageChat can identify more than 40 million visual details. This innovative tool offered users to generate captions and keywords for images and videos and interact with visual content to gain deeper insights. Combining AI Vision with large language models, ImageChat enhances data reliability and accuracy, making it ideal for object detection and detailed reasoning applications.
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