Summary

Image Recognition Market Growth & Trends

The global image recognition market size is expected to reach USD 128.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 13.4% from 2023 to 2030. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

Image Recognition Market Report Highlights

• The facial recognition segment held the highest market share of 22.1% in 2022. The increasing demand for enhanced security measures across various industries, such as government, banking, and retail, has significantly contributed to the dominance of facial recognition systems.

• The marketing and advertising segment dominated the market with a market share of 29.9% in 2022. Many businesses adopted technology with advanced advertising, customer interaction, and branding to improve their marketing activities.

• Based on components, the market has been segmented into hardware, software, and service. The service segment held the largest revenue share of 38.5% in 2022 and is expected to capture the fastest CAGR of 14.9% during the forecast period.

• Based on the deployment mode, the market has been segmented into on-premise and cloud. The cloud segment dominated the market with a revenue share of 70.6% in 2022 and is anticipated to retain its position over the forecast period.

• Based on verticals, the market has been segmented into media and entertainment, BFSI, automobile and transportation, retail and e-commerce, telecom and IT, government, healthcare, and others. The retail & e-commerce segment dominated the market and represented a market share of 21.1% in 2022.

• North America accounted for the largest market share of 34.8% in 2022, majorly due to the rapid growth of cloud-based streaming services in the U.S. The segment's growth is attributed to the increasing integration of artificial intelligence and mobile computing platforms in digital shopping and e-commerce.

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Technique
1.1.2. Application
1.1.3. Component
1.1.4. Deployment mode
1.1.5. Vertical
1.1.6. Regional scope
1.1.7. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. GVR’s internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. Model Details
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Technique
2.2.2. Application
2.2.3. Component
2.2.4. Deployment mode
2.2.5. Vertical
2.2.6. Regional outlook
2.3. Competitive Insights
Chapter 3. Image Recognition Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Image Recognition Market Analysis Tools
3.4.1. Industry analysis - Porter’s
3.4.1.1. Supplier power
3.4.1.2. Buyer power
3.4.1.3. Substitution threat
3.4.1.4. Threat of new entrant
3.4.1.5. Competitive rivalry
3.4.2. PESTEL analysis
3.4.2.1. Political landscape
3.4.2.2. Technological landscape
3.4.2.3. Economic landscape
Chapter 4. Image Recognition Market: Technique Estimates & Trend Analysis
4.1. Image Recognition Market: Key Takeaways
4.2. Image Recognition Market: Movement & Market Share Analysis, 2022 & 2030
4.3. QR/Barcode Recognition
4.3.1. QR/barcode recognition market estimates and forecasts, 2017 to 2030 (USD Million)
4.4. Object Recognition
4.4.1. Object recognition market estimates and forecasts, 2017 to 2030 (USD Million)
4.5. Facial Recognition
4.5.1. Facial recognition market estimates and forecasts, 2017 to 2030 (USD Million)
4.6. Pattern Recognition
4.6.1. Pattern recognition market estimates and forecasts, 2017 to 2030 (USD Million)
4.7. Optical Character Recognition
4.7.1. Optical character recognition market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 5. Image Recognition Market: Application Estimates & Trend Analysis
5.1. Image Recognition Market: Key Takeaways
5.2. Image Recognition Market: Movement & Market Share Analysis, 2022 & 2030
5.3. Augmented Reality
5.3.1. Augmented reality market estimates and forecasts, 2017 to 2030 (USD Million)
5.4. Scanning & Imaging
5.4.1. Scanning & imaging delivery market estimates and forecasts, 2017 to 2030 (USD Million)
5.5. Security & Surveillance
5.5.1. Security & surveillance market estimates and forecasts, 2017 to 2030 (USD Million)
5.6. Marketing & Advertising
5.6.1. Marketing & advertising market estimates and forecasts, 2017 to 2030 (USD Million)
5.7. Image Search
5.7.1. Image search market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 6. Image Recognition Market: Component Estimates & Trend Analysis
6.1. Image Recognition Market: Key Takeaways
6.2. Image Recognition Market: Movement & Market Share Analysis, 2022 & 2030
6.3. Hardware
6.3.1. Hardware market estimates and forecasts, 2017 to 2030 (USD Million)
6.4. Software
6.4.1. Software market estimates and forecasts, 2017 to 2030 (USD Million)
6.5. Service
6.5.1. Service market estimates and forecasts, 2017 to 2030 (USD Million)
6.5.1.1 Managed
6.5.1.1.1 Managed market estimates and forecasts, 2017 to 2030 (USD Million)
6.5.1.2 Professional
6.5.1.2.1 Professional market estimates and forecasts, 2017 to 2030 (USD Million)
6.5.1.3 Training, support, and maintenance
6.5.1.3.1 Training, support, and maintenance market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 7. Image Recognition Market: Deployment Mode Estimates & Trend Analysis
7.1. Image Recognition Market: Key Takeaways
7.2. Image Recognition Market: Movement & Market Share Analysis, 2022 & 2030
7.3. On-Premises
7.3.1. On-premises market estimates and forecasts, 2017 to 2030 (USD Million)
7.4. Cloud
7.4.1. Cloud market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 8. Image Recognition Market: Vertical Estimates & Trend Analysis
8.1. Image Recognition Market: Key Takeaways
8.2. Image Recognition Market: Movement & Market Share Analysis, 2022 & 2030
8.3. Retail & E-commerce
8.3.1. Retail & e-commerce market estimates and forecasts, 2017 to 2030 (USD Million)
8.4. Media & Entertainment
8.4.1. Media & entertainment market estimates and forecasts, 2017 to 2030 (USD Million)
8.5. BFSI
8.5.1. BFSI market estimates and forecasts, 2017 to 2030 (USD Million)
8.6. Automobile & Transportation
8.6.1. Automobile & transportation market estimates and forecasts, 2017 to 2030 (USD Million)
8.7. Telecom & IT
8.7.1. Telecom & IT market estimates and forecasts, 2017 to 2030 (USD Million)
8.8. Government
8.8.1. Government market estimates and forecasts, 2017 to 2030 (USD Million)
8.9. Healthcare
8.9.1. Healthcare market estimates and forecasts, 2017 to 2030 (USD Million)
8.10. Others
8.10.1. Others market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 9. Image Recognition Market: Regional Estimates & Trend Analysis
9.1. Regional Outlook
9.2. Image Recognition Market by Region: Key Takeaway
9.3. North America
9.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.3.2. U.S.
9.3.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.3.3. Canada
9.3.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.4. Europe
9.4.1. UK
9.4.1.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.4.2. Germany
9.4.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.4.3. France
9.4.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.5. Asia Pacific
9.5.1. Japan
9.5.1.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.5.2. China
9.5.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.5.3. India
9.5.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.5.4. Australia
9.5.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.5.5. South Korea
9.5.5.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.6. Latin America
9.6.1. Brazil
9.6.1.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.6.2. Mexico
9.6.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.7. MEA
9.7.1. Saudi Arabia
9.7.1.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.7.2. South Africa
9.7.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
9.7.3. UAE
9.7.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
Chapter 10. Competitive Landscape
10.1. Recent Developments & Impact Analysis, By Key Market Participants
10.2. Market Participant Categorization
10.2.1. Blinkfire Analytics, Inc.
10.2.1.1. Company overview
10.2.1.2. Financial performance
10.2.1.3. Product benchmarking
10.2.1.4. Strategic initiatives
10.2.2. Gumgum, Inc.
10.2.2.1. Company overview
10.2.2.2. Financial performance
10.2.2.3. Product benchmarking
10.2.2.4. Strategic initiatives
10.2.3. Kairos AR, Inc.
10.2.3.1. Company overview
10.2.3.2. Financial performance
10.2.3.3. Product benchmarking
10.2.3.4. Strategic initiatives
10.2.4. SparkTrendz
10.2.4.1. Company overview
10.2.4.2. Financial performance
10.2.4.3. Product benchmarking
10.2.4.4. Strategic initiatives
10.2.5. Cloudsight, Inc.
10.2.5.1. Company overview
10.2.5.2. Financial performance
10.2.5.3. Product benchmarking
10.2.5.4. Strategic initiatives
10.2.6. Chooch.com
10.2.6.1. Company overview
10.2.6.2. Financial performance
10.2.6.3. Product benchmarking
10.2.6.4. Strategic initiatives
10.2.7. Google
10.2.7.1. Company overview
10.2.7.2. Financial performance
10.2.7.3. Product benchmarking
10.2.7.4. Strategic initiatives
10.2.8. Attrasoft, Inc.
10.2.8.1. Company overview
10.2.8.2. Financial performance
10.2.8.3. Product benchmarking
10.2.8.4. Strategic initiatives
10.2.9. Catchroom
10.2.9.1. Company overview
10.2.9.2. Financial performance
10.2.9.3. Product benchmarking
10.2.9.4. Strategic initiatives
10.2.10. Hitachi, Ltd.
10.2.10.1. Company overview
10.2.10.2. Financial performance
10.2.10.3. Product benchmarking
10.2.10.4. Strategic initiatives
10.2.11. Honeywell International Inc.
10.2.11.1. Company overview
10.2.11.2. Financial performance
10.2.11.3. Product benchmarking
10.2.11.4. Strategic initiatives
10.2.12. LTUTech
10.2.12.1. Company overview
10.2.12.2. Financial performance
10.2.12.3. Product benchmarking
10.2.12.4. Strategic initiatives
10.2.13. NEC Corporation
10.2.13.1. Company overview
10.2.13.2. Financial performance
10.2.13.3. Product benchmarking
10.2.13.4. Strategic initiatives
10.2.14. Qualcomm Technologies, Inc.
10.2.14.1. Company overview
10.2.14.2. Financial performance
10.2.14.3. Product benchmarking
10.2.14.4. Strategic initiatives
10.2.15. Slyce Acquisition Inc.
10.2.15.1. Company overview
10.2.15.2. Financial performance
10.2.15.3. Product benchmarking
10.2.15.4. Strategic initiatives
10.2.16. Wikitude GmbH
10.2.16.1. Company overview
10.2.16.2. Financial performance
10.2.16.3. Product benchmarking
10.2.16.4. Strategic initiatives