Image Recognition Market Size, Share, Growth Report 2030

The global image recognition market size was around USD 16.85 billion in 2018 and is expected to reach approximately USD 39.87 billion by 2025, at a CAGR of around 18.3% between 2019 and 2025.

The report covers a forecast and an analysis of the image recognition market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints of the image recognition market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities and threats to the image recognition market on a global level.

To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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Image Recognition Market: Segment Analysis

The global image recognition market is divided based on technology, component, application, deployment, and industry vertical.

By technology, the global image recognition market includes code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition. The facial recognition segment is predicted to account for a significant share of the global market. The component segment of the market includes hardware, services, and software.

By application, the global image recognition market is classified as scanning & imaging, security, and surveillance, image search, augmented reality, and marketing and advertising. The security and surveillance segment accounted for the dominant market share, owing to the technological benefits like security and protection of virtual data and forensic identification. Cloud and on-premises comprise the deployment segment of the market.

By industry vertical, the global image recognition market is classified into BFSI, media and entertainment, retail and consumer goods, IT and telecom, government, healthcare, transportation and logistics, and others. The media and entertainment segment accounted for a dominant share in the global market in 2018, due to the rising use of image recognition in movies, social media, and gaming.

By geography, the North American image recognition market is projected to grow substantially over the forecast time period, owing to the growing use of image recognition in malls, e-commerce platforms, and government work and increasing investments made for technological developments.

Image Recognition Market: Report Scope

Image Recognition Market : Competitive Space

Some key players of the global image recognition market are Google, Honeywell International, Hitachi, LTU Technologies, Slyce, NEC Corporation, Qualcomm Incorporated, Catchoom, Wikitude, and Tetrasoft.

The global image recognition market is segmented as follows:

By Technology

• Code Recognition
• Digital Image Processing
• Facial Recognition
• Object Recognition
• Pattern Recognition
• Optical Character Recognition

By Component

• Hardware
• Software
• Services

By Application

• Scanning and Imaging
• Security and Surveillance
• Image Search
• Augmented Reality
• Marketing and Advertising

By Deployment

• On-Premises
• Cloud

By Industry Vertical

• BFSI
• Media and Entertainment
• Retail and Consumer Goods
• IT and Telecom
• Government
• Healthcare
• Transportation and Logistics
• Others

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa