The latest report by IMARC Group, titled “Image Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global image recognition market size reached US$ 35.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 89.3 Billion by 2028, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.

Image recognition encompasses a collection of technologies designed to identify various digital images, ranging from logos, objects, and places to people and buildings. It is a subset of artificial intelligence (AI) and computer vision, and it involves several key steps, including classification, tagging, detection, and segmentation. These processes enable image recognition to be applied in numerous machine-based visual tasks, such as conducting image content searches, providing guidance to autonomous robots and self-driving vehicles, and labeling the content of meta-tagged images.

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Image Recognition Market Trends and Drivers:

The ​global image recognition market is experiencing significant growth, primarily driven by its increasingly widespread application in various end-use industries such as ​healthcare, ​retail, and ​automotive. The rising demand for ​security products and applications integrated with advanced image recognition technologies is further fueling market expansion. Additionally, the retail sector is adopting image recognition for tasks such as product placement, shelf identification, and meeting merchandising standards. This growing utilization of image recognition in retail is creating a promising outlook for the market.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Amazon Web Services Inc. (Amazon.com Inc.)
  • Attrasoft Inc.
  • Google LLC (Alphabet Inc.)
  • Hitachi Ltd.
  • Honeywell International Inc.
  • International Business Machines Corporation
  • Microsoft Corporation
  • NEC Corporation
  • Qualcomm Technologies Inc. (Qualcomm Incorporated)
  • Slyce Inc.
  • Wikitude GmbH.

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The report has segmented the market into the following categories:

Breakup by Component:

  • Hardware
  • Software
  • Services

Breakup by Technology:

  • Object Detection
  • QR/Barcode Recognition
  • Facial Recognition
  • Pattern Recognition
  • Optical Character Recognition
  • Others

Breakup by Application:

  • Scanning and Imaging
  • Security and Surveillance
  • Image Searching
  • Augmented Reality
  • Marketing and Advertising
  • Others

Breakup by Deployment Type:

  • On-premises
  • Cloud-based

Breakup by End Use Industry:

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

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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