Image Recognition

According to Stratistics MRC, the Global Image Recognition Market is accounted for $45.4 billion in 2023 and is expected to reach $157.1 billion by 2030 growing at a CAGR of 19.4% during the forecast period. A rapidly growing sector focused on the creation and use of technologies that allow computers to understand and comprehend visual data is known as the ""image recognition market."" Image recognition systems examine digital photos or videos using sophisticated algorithms and artificial intelligence to recognise and classify objects, patterns, and characteristics in visual data. 

According to a report by the Center for Security and Emerging Technologies (CSET), India is well-positioned to become a significant player and an essential partner in the AI ecosystem. According to research published by a US think tank, India's AI policy is on the right track. 

Market Dynamics: 

Driver: 

Increasing demand for automation

The adoption of image recognition technology is being aided by industries across the world seeking methods to improve operational efficiency, decrease manual involvement, and simplify operations. For instance, automated quality control systems in manufacturing use image recognition to find flaws and guarantee product uniformity, greatly increasing production accuracy and speed. Image recognition helps with automated inventory tracking in logistics and supply chain management, maximizing warehouse operations, and reducing errors.

Restraint:

High cost

The creation and implementation of sophisticated image recognition systems involve high costs for labour, software, and hardware. The overall expense is influenced by the requirement for strong computer resources, such as GPUs (Graphics Processing Units), for handling big datasets and complex algorithms. The cost is further increased by the need to get excellent training datasets for machine learning models.

Opportunity:

Growing use of security and surveillance

There's a growing demand for advanced and proactive security solutions in areas including vital infrastructure, public safety, transportation, and finance. Because it provides advanced capabilities like object detection, anomaly identification, and facial recognition, image recognition is essential in this context. Furthermore, image recognition improves safety in transportation by keeping an eye on traffic conditions and spotting odd activity. Image recognition technologies are in high demand as the world's attention to security grows, making them a vital component of reliable and intelligent security systems.

Threat:

Ethical and privacy concerns

Concerns over possible privacy violations have been raised by the broad use of image recognition technology, especially in surveillance and face recognition applications. Concerns about unapproved data gathering, lack of permission, and the possibility of biassed algorithms have led to regulatory scrutiny and public unease. There are serious concerns regarding individual rights and freedom raised by the indiscriminate use of picture recognition in public areas and its potential for widespread surveillance.

Covid-19 Impact

The COVID-19 epidemic has caused supply chain delays, lower consumer spending, and restrictions on in-person encounters, all of which have had varying effects on the image recognition market. Growth in the industry was hampered by several companies postponing investments in image recognition technology due to the economic slump. Long-term prospects remain favourable, though, as the pandemic brought attention to the significance of automation and digital transformation, which is possibly why image recognition systems were used more widely in a variety of industries during the post-pandemic recovery period.

The software segment is expected to be the largest during the forecast period

Due to the growing need for complex algorithms, machine learning, and artificial intelligence (AI) in image analysis, the software sector is predicted to develop profitably. Software has become a crucial part of image identification systems. More sophisticated software tools make it possible to precisely identify, categorise, and interpret visual data, increasing the versatility and robustness of image recognition. Moreover, accuracy and efficiency in picture identification are constantly being improved by machine learning techniques, especially deep learning models.

The facial recognition segment is expected to have the highest CAGR during the forecast period

Due to the growing integration of face recognition technology across several industries, such as security, retail, and finance, the market is expected to develop at the highest compound annual growth rate (CAGR) in the facial recognition category over the projected period. Facial recognition systems are essential for public safety, access management, and identity verification in security and surveillance. Additionally, facial recognition is used by the retail industry for loss prevention, targeted marketing, and customized consumer experiences.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to IT infrastructure and technological adoption, North America is a significant centre. North America is a major contributor to the global image recognition industry in terms of market size. The two biggest contributors to the North American market are the United States and Canada. Furthermore, artificial intelligence, image recognition, and augmented reality are being combined more and more in the US and Canada; this is anticipated to fuel market expansion in the area. Due to the presence of significant AI-based image recognition firms in the US, the technology is being more widely used in the area. Because of this, a lot of businesses are entering the US market with the goal of building up their AI portfolio.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rising use of smartphones and tablets, and the appeal of internet streaming are all contributing factors to the growing popularity of streaming in developing nations like China and India. The surge is attributed to the rising use of cloud and mobile technologies to handle information security. The burgeoning e-commerce sector, the rising smartphone adoption rate, and the economic expansion of countries like China and India are all contributing to the market's expansion. 

Key players in the market

Some of the key players profiled in the Image Recognition Market include Blinkfire Analytics, Inc, NEC Corporation, Slyce Acquisition Inc, Wikitude GmbH, Gumgum, Inc., Kairos AR, SparkTrendz, Chooch.com, Google, Attrasoft, Inc., Catchroom, Honeywell International Inc., Qualcomm Technologies, Inc. , Cloudsight, Inc., Amazon Web Services Inc., Intel Corporation, Nvidia Corporation, Samsung Electronics Co. Ltd., IBM Corporation and Micron Technologies Inc.

Key Developments:

In November 2023, Mastercard and NEC collaborate to advance in-store biometric payments. The partnership will bring the Biometric Checkout Program to the Asia Pacific region, expanding reach across the globe

In November 2023, NEC Thailand collaborates with Industrial Estate Authority of Thailand to monitor and manage industrial waste in 14 industrial estates. This system, designed in collaboration with the Industrial Estate Authority of Thailand (IEAT), gives IEAT the ability to track, monitor and manage the movement

In September 2023, Syte Acquires Top Visual Search Company Slyce to Expand North American Footprint. This strategic acquisition allows Syte to leverage Slyce's deep knowledge and experience in the North American market

Components Covered:
• Software
• Hardware
• Service     

Deployment Modes Covered:
• Cloud
• On-Premise   

Technologies Covered:
• Traditional Image Recognition
• Deep Learning-Based Image Recognition
• Other Technologies

Applications Covered:
• Facial Recognition
• Pattern Recognition
• Object Recognition
• Optical Character Recognition
• QR/Barcode Recognition
• Gesture Recognition
• Other Technologies

End Users Covered:
• Security & Surveillance
• Marketing & Advertising
• Retail & E-commerce
• Healthcare
• Entertainment & Media
• Manufacturing & Industrial
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances