Image Recognition Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2021 - 2026

 

Overview

Image Recognition Market is forecast to reach $56.5 billion by 2025, after growing at a CAGR of 13.53% during 2020-2025. The rising use of smartphones and the adoption of augmented reality (AR) and virtual reality (VR) are leading to the development of image recognition market. Moreover, the increasing need for image recognition for media, entertainment, branding, online shopping, and education and so on are also propelling the image recognition market during the forecast period.  

Key Takeaways

  • The image recognition market is dominated by North America due to the increasing implementation of image recognition solutions for mobile application security and the rising use of smartphones and other mobile devices integrated with image recognition technology.
  • The embracement of new technologies such as AI facial recognition and the adoption of augmented and virtual reality is also a significant factor that is enhancing the image recognition market. 
  • Growing need of digital shopping and the developments in the healthcare sector including the adoption of electronic health records and remote health care practices will further create opportunities for fueling the growth of the image market
  • Image recognition is highly getting traction, but the challenging factor that is hindering the market growth is the storage and resolution size of the image.

Technology- Segment Analysis

The facial recognition segment holds the major market share in the image recognition market in 2019. The integration of artificial intelligence with facial recognition in smartphones and electronic gadgets is majorly driving the image recognition market. As facial recognition and optical character recognition are significantly enabling automated image recognition capabilities that are leading to the use of machine learning and big data analytics for recognizing photos. Moreover, the emerging use of facial recognition technology for media such as Facebook, Instagram and so on are also highly increasing which is fueling the image recognition market.

The other technologies such as code recognition are also becoming highly popular and further involves barcode recognition that identifies the optical information of an object. This technology is commonly being used across groceries, cosmetic products, branded utensils, and others. Thus, the increasing use of code recognition technology in retail stores and malls will further enhance the growth of the image recognition market.

Application - Segment Analysis

Banking, Financial Services, and Insurance is widely adopting artificial intelligence and increasingly integrating biometric facial recognition technology with banking software. Additionally, the BFSI segment is estimated to grow at a CAGR of 17.14%. The adoption of image recognition technology in banks is allowing banking customers to access their bank accounts, and moreover leading to the authentication of the customer’s information. The other industry such as healthcare, media, and entertainment are also playing a key role in driving the image recognition market.

In media and entertainment, the use of social networking sites is highly growing due to ease of internet access and moreover, social media is widely involving the use of artificial intelligence, augmented and virtual reality for providing effective image recognition of the users. Furthermore, the growing use of image recognition technologies for interactive marketing and creative campaigns by retailers including both online and offline modes are also the most significant factors that are driving the image recognition market growth.

Geography - Segment Analysis

North America dominated the image recognition market with a share of more than 31%, followed by APAC and Europe. The growing adoption of facial technology in the U.S is highly emphasizing the image recognition market in this region. According to the Department of Homeland Security, it is expected that facial technology will cover 97 percent of the airline passengers in the coming years. Additionally, according to the survey conducted by the Pew Research Center shows that the majority of Americans are trusting the law enforcement agencies to use facial recognition technology for monitoring security threats in public spaces.

The increasing penetration of smartphones and the increasing usage of social networking sites is also regarded as the common factor that is leading to the growth of the image recognition market in North America.

Location: United States

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