Image Recognition Market Size, Share, Growth Report 2032

Image Recognition Market: Size

The global Image Recognition market size was worth around USD 51.12 billion in 2023 and is predicted to grow to around USD 164.53 billion by 2032 with a compound annual growth rate (CAGR) of roughly 13.87% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Image Recognition market on a global and regional level.

Request Free Sample

Image Recognition Market: Overview

Image recognition is a software device that is used to recognize the place, object, writing, actions, machine-based tasks, etc. Image recognition mainly includes camera and artificial intelligence, which helps to complete the process of image recognition. The image-based virtual tasks and barcode scanning are two primary tasks performed by the image recognition software device. Furthermore, self-driven cars and handling robot systems also use the image recognition system.

Image recognition technology is used in various applications including advertising, automation of factory and malls, security surveillance, monitoring purpose, etc., which is the primary growth factor of the global image recognition market. Several key players are working on image recognition software to develop their own software application that has advanced security features and data surveillance. Key players, such as Google, Facebook, etc., are investing majorly in advancing their research and development activities related to image recognition technology, which is also fuelling this global market. However, technological issues and the lack of awareness about image recognition system may restrain the global image recognition market.

Request Free Sample

Image Recognition Market: Segmentation

The global image recognition market is divided based on technology, component, application, deployment, and industry vertical.

By technology, the global image recognition market includes code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition. The facial recognition segment is predicted to account for a significant share of the global market. The component segment of the market includes hardware, services, and software.

By application, the global image recognition market is classified as scanning & imaging, security, and surveillance, image search, augmented reality, and marketing and advertising. The security and surveillance segment accounted for the dominant market share, owing to the technological benefits like security and protection of virtual data and forensic identification. Cloud and on-premises comprise the deployment segment of the market.

By industry vertical, the global image recognition market is classified into BFSI, media and entertainment, retail and consumer goods, IT and telecom, government, healthcare, transportation and logistics, and others. The media and entertainment segment accounted for a dominant share in the global market in 2018, due to the rising use of image recognition in movies, social media, and gaming.

Image Recognition Market: Report Scope

Image Recognition Market: Regional Analysis

By geography, the North American image recognition market is projected to grow substantially over the forecast time period, owing to the growing use of image recognition in malls, e-commerce platforms, and government work and increasing investments made for technological developments.

Image Recognition Market: Competitive Players

Some key players of the global image recognition market are:

• Google
• Honeywell International
• Hitachi
• LTU Technologies
• Slyce
• NEC Corporation
• Qualcomm Incorporated
• Catchoom
• Wikitude
• Tetrasoft

The global image recognition market is segmented as follows:

By Technology

• Code Recognition
• Digital Image Processing
• Facial Recognition
• Object Recognition
• Pattern Recognition
• Optical Character Recognition

By Component

• Hardware
• Software
• Services

By Application

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

By Deployment

• On-Premises
• Cloud

By Industry Vertical

• BFSI
• Media and Entertainment
• Retail and Consumer Goods
• IT and Telecom
• Government
• Healthcare
• Transportation and Logistics
• Others

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa