Image Recognition Market Size to Reach USD 58920 Million by 2026 at CAGR 15.6% - Valuates Reports

BANGALORE, India, March 31, 2021 /PRNewswire/ -- The Image Recognition Market is Segmented by Type (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition), by Application (BFSI, Media & Entertainment, Retail & Consumer Goods, IT & Telecom, Government, Healthcare, Transportation & Logistics, Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Software & Services Category.

The global Image Recognition market size is projected to reach USD 58920 Million by 2026, from US$ 20720 Million in 2019, at a CAGR of 15.6% during the forecast period 2021-2026.

Major factors driving the growth of Image recognition market size:

• Increasing penetration of Smartphones with image recognition technology for authentication, object identification and augmented reality use cases.
• Increasing adoption of image recognition technology in various end-user applications such as banking, smart cities, retail, automobiles.

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TRENDS INFLUENCING THE GROWTH OF IMAGE RECOGNITION MARKET SIZE

The growing penetration of smartphones with image recognition technology is expected to drive image recognition market size growth. Image recognition technology is majorly used in the Smartphone for mobile application security.

The increasing use of image recognition in retail for barcode identification is expected to increase image recognition market size. This technology is widely used in grocery stores, cosmetics, branded utensils, and other places.

The rising adoption of image recognition in the BFSI industry is expected to fuel the growth of image recognition market size. The demand for image identification technologies is increasing as security, and public safety concerns grow. For employee identification, attendance, and security, various organizations are deploying biometric or facial recognition systems in large numbers. Biometric facial recognition technology is increasingly being integrated into banking software for banking customers to easily access their accounts while ensuring that their information is authenticated.

Image recognition technology is increasingly being used in autonomous vehicles. This, in turn, is expected to propel the growth of image recognition market size. With the help of this image recognition technology, autonomous cars can detect obstacles and warn the driver about the proximity of walkways and guardrails. The technology can also read stoplights and road signs.

Furthermore, the acceptance of advanced technologies such as machine vision, artificial intelligence, and computer vision is encouraging the use of image detection and recognition technology. When combined with AI, image recognition can create valuable growth opportunities in several verticals, including gaming, social networking, and e-commerce.

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IMAGE RECOGNITION MARKET SHARE ANALYSIS

North America is expected to hold the largest market share during the forecast period. Increased adoption of new and advanced technologies such as mobile application security solutions is driving the growth of North America's image recognition market size. However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. This high growth is attributed to the high adoption of cloud, mobility, and infrastructure management solutions to address information security.

Based on type, facial recognition is expected to be one of the most lucrative segments in the image recognition market. The integration of artificial intelligence with facial recognition in smartphones and electronic devices is driving the segment's growth. 

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Image Recognition Breakdown Data by Type

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

Image Recognition Breakdown Data by Application

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

Top Major Players in the Image Recognition Industry

• Qualcomm
• NEC
• Google
• LTU Technologies
• Catchoom Technologies
• Honeywell
• Hitachi
• Slyce
• Wikitude
• Attrasoft
• Others

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