Global Image Recognition Market Report and Forecast 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.

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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

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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.

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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

Image Recognition Market Report Snapshots

Image Recognition Market Size

Image Recognition Market Share

Image Recognition Market Analysis

Image Recognition Companies