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Last edited 17 Aug 2022

Image recognition market

Image recognition is a process that uses biometric data, including bodily features and facial features, to distinguish and recognise individuals. The worldwide image recognition market is expected to see significant growth during the assessment period. The market is predicted to Reach US$ 109.7 Billion by 2030 Registering a CAGR of 18.7%.

Global image recognition market growth depends on recent advances in technology. The industry consists of new trends and traditional eye-based biometric recognition. The emerging trends in the image recognition industry include 3D object recognition, image recognition, and facial recognition.

Presently, global market growth is driven by the rising adoption of cloud-based technologies. Sectors like entertainment, media, banking, insurance, financial services, and the government are adopting image recognition fuelling the market. However, reliability and security might hinder growth in the review period.

The industry has been segmented into services, hardware, and software based on the component segment. The services segment is projected to account for the highest market growth rate for the review period. Recently, countries like China, Moscow, and Russia have adopted facial recognition, image recognition, and pattern recognition technologies to resist the spread of the covid virus.

In terms of the vertical segment, the global image recognition industry has been classified into BFSI, automobiles, IT, aerospace, retail industry, telecom and healthcare, defence, SMEs, and many more. Of these, the BFSI segment is anticipated to see the largest market size in the assessment period.

The market has shown rapid market growth in regions including Asia Pacific, North America, Europe, Latin America, and the rest of the world.

Currently, the Asia Pacific region is seeing the highest market growth due to the use of the latest image recognition technologies in operating smartphones. Countries like China and India have witnessed the strongest image recognition market growth in the retailing sector due to the rising demand for advanced digital services.

The North American regional market is predicted to see the second strongest market growth during the forecast timeframe. This region is fuelled by the increasing integration of AI with image recognition in the countries like Canada and the US as well as Research and Development (R & D) activities, acquisitions and mergers, and partnerships. The European regional market has acquired the third dominant place in generating market growth during the analysis period.