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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Image Recognition 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.
Global 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 Report Snapshots
Image Recognition Market Share
Image Recognition Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global market for image recognition reached a value of more than USD 34.33 billion in 2023.
The market is expected to grow at a CAGR of 14.80% between 2024 and 2032.
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.
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.
Key players in the image recognition market include NEC Corporation, Hitachi, Ltd., Attrasoft, Inc., Honeywell International Inc., and Partium Technologies GmbH, among others.
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.
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.
The primary components of image recognition are software, hardware, and services.
The various techniques in image recognition are barcode recognition, facial recognition, and object recognition, among others.
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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