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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)

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Image Recognition Market

Global Image Recognition Market Share, Trends, Forecast: By Component: Software, Hardware, Services; By Deployment Mode: Cloud, On-premises; By Technique: Barcode Recognition, Facial Recognition, Object Recognition, Others; By End Use: BFSI, IT and Telecom, Healthcare, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Image Recognition Market Outlook

The global image recognition market size reached a value of more than USD 34.33 billion in 2023. The market is further expected to grow at a CAGR of 14.80% between 2024 and 2032.

 

image recognition market

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Key Trends in the Market

Image recognition is a process by which an object or a feature such as actions or writings are identified in a video or image. It is used for various purposes such as medical imaging, to detect defects and for security surveillance. For image recognition, a single high-level label is assigned by the artificial intelligence model to the image or the video.

 

  • Adoption of image recognition and artificial intelligence is helping retailers and manufacturers improve the quality of their products by spotting potential defects at an earlier stage and processing sales quickly. With the increasing competition in retail, image recognition can help provide companies with an advantage.
  • The growing population worldwide places strain on existing security infrastructure. Image recognition can be used for facial recognition, reducing the number of security personnel required to monitor specific areas by automating the security and identification process.
  • Rising prevalence of medical conditions that require radiology imaging and other imaging tests are increasing the demand for the image recognition market. With image recognition, minor defects can be identified accurately, facilitating early diagnosis and better prognosis overall.

 

Market Analysis

 

image recognition market by segments

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Based on component, the market can be divided into software, hardware, and services. On the basis of deployment mode, the market is bifurcated into cloud and on-premises. By technique, the image recognition market is categorised into barcode recognition, facial recognition, and object recognition, among others. On the basis of end use, the market is segmented into BFSI, IT and telecom, healthcare, retail, transportation and logistics, and manufacturing, among others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global image recognition market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • NEC Corporation
  • Hitachi, Ltd.
  • Attrasoft, Inc.
  • Honeywell International Inc.
  • Partium Technologies GmbH
  • Others

 

Market Share by Component

Software components hold a substantial share of the image recognition market, which can be attributed to the rapid advancements in software and the ease of upgrading to new software types. In image recognition, the identification capabilities are dependent upon the software. With basic hardware setup, advanced software can be used for various image recognition applications such as in computer graphics, medical imaging, and photo editing which has increased the demand of software in the market.

 

New software types often support image or video analytics features, enhancing the object identification capabilities and data analysis of larger volumes of data. Several industries use image recognition software to accelerate the extraction of the text from images. Dedicated image recognition software is also available for specific applications, increasing its demand in the market for image recognition.

 

Market Share by Technique

Object recognition is expected to account for a sizable share in the image recognition market due to the versatility in applications it offers. Based on the specific niche, object recognition can be adapted identify an object according to any parameter. In manufacturing, object recognition can be used to flag defects in products and in healthcare it can identify any aberrations in radiology or other imaging tests. Object recognition can also be used in the BFSI sector when scanning forms to identify any irregularities.

 

Meanwhile, facial recognition is projected to witness significant growth in the coming years. Facial recognition is being widely adopted by companies and governments for purposes of surveillance and security. By utilising facial recognition, end users can maximise results with fewer personnel, thereby saving costs and reducing errors.

 

image recognition market by region

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Competitive Landscape

NEC Corporation was established in 1899 and is headquartered in Tokyo in Japan. It is a Japanese information technology and electronics company that deals with the manufacture of products related to 5G, healthcare, computers, and other network products. They also provide solutions for society which promote efficiency, safety, and security.

 

Hitachi, Ltd. founded in 1910 is based out of Tokyo, Japan. It manufactures and provides its customers with construction machinery, smart life and eco-friendly systems, information and telecommunication systems, automotive systems, power systems and various other products for consumer and industrial use. It aims at creating a society that is sustainable with the help of data and technology.

 

Attrasoft, Inc. was founded in 2001 with headquarters in Georgia in the United States. Attrasoft, Inc. specialises in artificial intelligence and deep learning, developing software that can learn and adapt to user needs. Its range of products help with image recognition, single site image search engine, object detection within an image, video object detection, surveillance video analysis, and image tagging, among others.

 

Other market players include Honeywell International Inc., and Partium Technologies GmbH, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Deployment Mode
  • Technique
  • End Use
  • Region
Breakup by Component
  • Software
  • Hardware
  • Services
Breakup by Deployment Mode
  • Cloud
  • On-premises
Breakup by Technique
  • Barcode Recognition
  • Facial Recognition
  • Object Recognition
  • Others
Breakup by End Use
  • BFSI
  • IT and Telecom
  • Healthcare
  • Retail
  • Transportation and Logistics
  • Manufacturing
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • NEC Corporation
  • Hitachi, Ltd.
  • Attrasoft, Inc.
  • Honeywell International Inc
  • Partium Technologies GmbH
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Image Recognition Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Image Recognition Historical Market (2018-2023) 
    8.3    Global Image Recognition Market Forecast (2024-2032)
    8.4    Global Image Recognition Market by Component
        8.4.1    Software
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2023)
            8.4.1.3    Forecast Trend (2024-2032)
        8.4.2    Hardware
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2023)
            8.4.2.3    Forecast Trend (2024-2032)
        8.4.3    Services
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2023)
            8.4.3.3    Forecast Trend (2024-2032)
    8.5    Global Image Recognition Market by Deployment Mode
        8.5.1    Cloud
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2023)
            8.5.1.3    Forecast Trend (2024-2032)
        8.5.2    On-premises
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2023)
            8.5.2.3    Forecast Trend (2024-2032)
    8.6    Global Image Recognition Market by Technique
        8.6.1    Barcode Recognition
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2023)
            8.6.1.3    Forecast Trend (2024-2032)
        8.6.2    Facial Recognition
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2023)
            8.6.2.3    Forecast Trend (2024-2032)
        8.6.3    Object Recognition
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2023)
            8.6.3.3    Forecast Trend (2024-2032)
        8.6.4    Others
    8.7    Global Image Recognition Market by End Use
        8.7.1    BFSI
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2023)
            8.7.1.3    Forecast Trend (2024-2032)
        8.7.2    IT and Telecom
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2023)
            8.7.2.3    Forecast Trend (2024-2032)
        8.7.3    Healthcare
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2023)
            8.7.3.3    Forecast Trend (2024-2032)
        8.7.4    Retail
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2023)
            8.7.4.3    Forecast Trend (2024-2032)
        8.7.5    Transportation and Logistics
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2023)
            8.7.5.3    Forecast Trend (2024-2032)
        8.7.6    Manufacturing
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2018-2023)
            8.7.6.3    Forecast Trend (2024-2032)
        8.7.7    Others
    8.8    Global Image Recognition Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2018-2023)
        9.3.2    Forecast Trend (2024-2032)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2018-2023)
        9.4.2    Forecast Trend (2024-2032)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2018-2023)
        9.5.2    Forecast Trend (2024-2032)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    NEC Corporation
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Hitachi, Ltd.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Attrasoft, Inc.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Honeywell International Inc
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Partium Technologies GmbH
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Others
12    Industry Events and Developments


List of Key Figures and Tables

1.    Global Image Recognition Market: Key Industry Highlights, 2018 and 2022
2.    Global Image Recognition Historical Market: Breakup by Component (USD Million), 2018-2023
3.    Global Image Recognition Market Forecast: Breakup by Component (USD Million), 2024-2032
4.    Global Image Recognition Historical Market: Breakup by Deployment Mode (USD Million), 2018-2023
5.    Global Image Recognition Market Forecast: Breakup by Deployment Mode (USD Million), 2024-2032
6.    Global Image Recognition Historical Market: Breakup by Technique (USD Million), 2018-2023
7.    Global Image Recognition Market Forecast: Breakup by Technique (USD Million), 2024-2032
8.    Global Image Recognition Historical Market: Breakup by End Use (USD Million), 2018-2023
9.    Global Image Recognition Market Forecast: Breakup by End Use (USD Million), 2024-2032
10.    Global Image Recognition Historical Market: Breakup by Region (USD Million), 2018-2023
11.    Global Image Recognition Market Forecast: Breakup by Region (USD Million), 2024-2032
12.    North America Image Recognition Historical Market: Breakup by Country (USD Million), 2018-2023
13.    North America Image Recognition Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Europe Image Recognition Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Europe Image Recognition Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Asia Pacific Image Recognition Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Asia Pacific Image Recognition Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Latin America Image Recognition Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Latin America Image Recognition Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Middle East and Africa Image Recognition Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Middle East and Africa Image Recognition Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Global Image Recognition Market Structure

Key Questions Answered in the Report

What was the global image recognition market size in 2023?

The global market for image recognition reached a value of more than USD 34.33 billion in 2023.

What is the growth rate of the market for image recognition?

The market is expected to grow at a CAGR of 14.80% between 2024 and 2032.

What are the major global image recognition market drivers?

The major market drivers are adoption of advanced technology, increasing demand from a wider range of end users, and growing need for safety and surveillance.

What are the key trends of the global image recognition market?

The key trends of the market are usage in manufacturing for quality control, image and video tagging for easier analysis, and increasing applications in healthcare for faster diagnoses and improved prognoses.

Who are the key market players?

Key players in the image recognition market include NEC Corporation, Hitachi, Ltd., Attrasoft, Inc., Honeywell International Inc., and Partium Technologies GmbH, among others.

What is image recognition?

Image recognition is a process by which an object or a feature such as actions, objects, or writings are identified in still images or in video.

What are the benefits of image recognition?

The key advantages of image recognition are that it improves efficiency, saves manual efforts, reduces errors, can operate all hours, and can be customised as needed.

What are the primary components of image recognition?

The primary components of image recognition are software, hardware, and services.

What are the various techniques in image recognition?

The various techniques in image recognition are barcode recognition, facial recognition, and object recognition, among others.

What are the key end uses of image recognition?

The key end uses of image recognition are BFSI, IT and telecom, healthcare, retail, transportation and logistics, and manufacturing, among others.

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