Global Image Recognition Market to Grow at a CAGR of 14.80% During 2024-2032, Driven by Technological Advancements Such as Object Tracking and Detection Systems Incorporation with Artificial Intelligence (AI)

North America holds a significant market share of the market due to the presence of leading technology companies such as Google Inc., IBM Corporation, and Microsoft Corporation, among others, and tech start-ups in the region.

Image recognition is increasingly used to search for products for online shopping. According to industry reports, by 2027, US retail e-commerce sales will surpass USD 1.7 trillion, accounting for more than 20% of total retail sales.

Applications for safety and security, such as face recognition for law enforcement, heavily rely on image recognition. Since image databases are becoming widely available, image recognition technology has seen a number of opportunities arise in applications such as big data analytics and successful product and service branding. Businesses in North America are progressive in adopting AI with image recognition, which is expected to aid the image recognition market expansion in the forecast period.

In November 2023, DARWIN, a Honeywell-led project under the European Union's SESAR 3 Joint Undertaking, was introduced by Honeywell International Inc. (NASDAQ: HON) to develop single-pilot operations in Europe and take advantage of artificial intelligence. The key area of study is to be a system for collaborating between humans and AI that clearly defines roles and responsibilities, with human pilots still having the final say in decisions.

The inability to maintain a cockpit workload low enough for a single person to handle even the most difficult situations, the requirement to substitute a second pair of eyes to cross-check the actions of the pilot in command, and the requirement to identify and mitigate a pilot incapacitation are among the challenges that currently prevent air transport aircraft from being manned by a single pilot.

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Market Analysis by Component, Deployment Mode, Technique, End Use, and Region:

• The market, based on component, can be divided into software, hardware, and services.

• On the basis of deployment mode, the market can be divided into cloud and on-premises.

• Based on technique, the market can be divided into barcode recognition, facial recognition, and object recognition, among others.

• The various end uses for image recognition include BFSI, IT and telecom, healthcare, retail, transportation and logistics, and manufacturing, among others.

• The regional markets for image recognition include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Recent advancements have produced extremely precise object tracking and detection systems. The real-time object tracking and location capabilities of these systems make them indispensable for autonomous vehicles and surveillance applications. Additionally, the incorporation of artificial intelligence (AI) and data annotation in image recognition drives the market growth.

• Face recognition technology is being increasingly used by airports at security checkpoints. It is estimated that in 2024, the recovery of global passenger traffic will reach 9.4 billion passengers.

• The demand for image recognition technology has increased due to consumers’ growing preference for superior machine learning and high-bandwidth data services. This solution has been adopted by industries such as media and entertainment, retail, information technology and telecommunications, and banking, financial services, and insurance. By 2027, B2C e-commerce revenue is expected to grow to USD 5.5 trillion globally, which further contributes to image recognition adoption.

• Image recognition is also employed in smart home devices for enhanced security and protection. According to industry sources, 63.43 million homes in the United States actively use smart home devices, which fuels the image recognition market demand.

Key Offerings of the Report:

• The EMR report gives an overview of the global image recognition market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, deployment modes, techniques, end uses, and major regions of image recognition.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global image recognition market are NEC Corporation, Hitachi, Ltd., Attrasoft, Inc., Honeywell International Inc, and Partium Technologies GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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