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The Global Image Recognition Market is estimated to grow by USD 59.82 billion at a compound annual growth rate (CAGR) of 18.53% between 2022 and 2027. The growth of the market is driven by several key factors. This includes the rising instances of identity theft, prompting the need for advanced security solutions. Additionally, the increasing use of high-bandwidth data services and the adoption of 3D image processing technologies contribute to market expansion. These factors collectively highlight the market's significance in addressing modern digital challenges and driving technological advancements. This market analysis and report includes in-depth information about the key market drivers, trends, and challenges during the forecasted period.
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The market share growth by the media and entertainment segment will be significant during the forecast period. The multiplex's adoption of video surveillance with facial recognition analysis to gauge audience engagement is one of the main causes of this growth.
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The media and entertainment segment was valued at USD 6.32 billion in 2017 and continued to grow until 2021. Businesses that use technology to deliver eye-catching promotions, helpful visitor information, as well as projections and displays that enhance the atmosphere of the facility, attract and retain customers more successfully. The need for facial recognition in multiplex systems is growing globally. As a result, the market will experience growth due to the increasing adoption of facial recognition in the media and entertainment industry during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth in the market revenue in North America is primarily attributable to the US. The high adoption of cutting-edge technologies during the early stages of homeland security and defense is one of the primary causes of this growth. The market is expanding as a result of the implementation of image recognition for border security through the detection of passport identity fraud.
Applications for image recognition include media and entertainment, retail, and e-commerce, including online shopping malls. As facial recognition is extremely crucial to the BFSI industry, the market in North America is predicted to expand significantly during the forecast period. Furthermore, the rise in cyberattacks and data theft in businesses are other factors driving the market's expansion in the region. Governments have also increased spending on facial recognition technologies as a result of such incidents. Hence, due to such factors, the market in the region will witness growth during the forecast period.
The market is experiencing significant growth driven by advancements in image recognition technology and machine learning, particularly in applications such as self-driving vehicles and automated image organization, alongside the proliferation of visual websites and social networking platforms utilizing face identification for enhanced user experience and security. Additionally, image recognition plays a pivotal role in various sectors, including digital marketing, safety, and security, with applications ranging from facial recognition in law enforcement agencies and airports to face remembrance technology employed at security checkpoints by transportation security administration for efficient travel document checking. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing instances of identity theft are notably driving market growth, propelled by the widespread adoption of image recognition technology and machine learning. As visual websites, social networking platforms, and online gaming portals become increasingly prevalent, the vulnerability of end-users to identity and data theft rises correspondingly. To counter these sophisticated threats, end-users are turning to secure authentication solutions, leveraging facial recognition and biometric security.
These technologies harness advanced image identification and visual analytics, enabling robust user authentication based on physical and behavioral characteristics, thus fortifying safety and security measures. With the global surge in identity theft threats, industries like BFSI in emerging economies such as China, Indonesia, and India are actively embracing facial recognition technology to enhance security protocols, fueling market growth. Moreover, the integration of facial recognition technology in security checkpoints and travel document checkers at airports and transportation security administration agencies underscores its pivotal role in bolstering safety and security measures worldwide.
The growing popularity of cloud-based image analysis solutions is one of the major market trends. Advanced software for the analysis and processing of medical images has become popular among doctors and other healthcare professionals in recent years. The software improves disease diagnosis and treatment by providing useful clinical information. However, installing these imaging tools frequently necessitates sizable capital expenditures for both hardware and software. Over time, this raises both operational and medical costs.
Healthcare providers are increasingly using cloud computing and the software-as-a-service (SaaS) model to overcome this obstacle. In this model, processing electronic health records is done by healthcare professionals using remote applications provided by an external vendor. The images are processed by these models, and the data is then sent back to the user. According to this model, healthcare providers are paid according to how many services are used. Cloud computing also provides better quality services in addition to easy accessibility and quick response times. Hence, such factors are expected to increase the demand in the healthcare industry, which, in turn, will drive market growth and trends during the forecast period.
The high cost of deployment is a major challenge impeding the market growth. It takes time to deploy image recognition systems on a large scale in government agencies and airports, and these systems typically have a protracted sales cycle. Additionally, deployment costs vary according to user needs. Testing technologies is limited by financial constraints. As a result, these departments might suffer a significant loss if the implementation fails.
Other hidden costs, such as maintenance costs, middleware costs, and other associated costs, exist in addition to the actual cost of the solution. The high cost of deploying these systems is a result of all these factors. Such factors are expected to hinder the growth of the market in focus during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Imagga Technologies Ltd. - The company focuses on a platform as a service providing image recognition API that helps businesses understand and monetize image content in the cloud and on-premise.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global image recognition market, fueled by advancements in image recognition technology and machine learning, finds extensive applications in various sectors. From self-driving vehicles to automated image organization and visual websites, the technology enables face identification, image identification, and social media monitoring. It plays a crucial role in safety, security, and law enforcement, aiding face remembrance technology and identity verification automation at security checkpoints like those managed by the Transportation Security Administration (TSA) and Travel Document Checker (TDC) at places such as McCarran International Airport (LAS).
Major companies, including automotive giants like Hyundai Motor Company and quantum computing pioneers like IonQ, invest in quantum machine learning for image classification and 3D object detection, shaping future mobility solutions. In media, entertainment, IT, telecom, and BFSI sectors, image recognition enhances digital image processing, ensuring effective branding, security, and user experience across various platforms, from social media to augmented reality applications. Additionally, recent developments focus on offline content recognition, augmented reality experiences, and product information retrieval, driving the demand for AI-enabled image recognition technologies and user-centric advertising strategies. In today's digital age, image recognition technology is revolutionizing various industries, from marketing to public safety.
Social networking websites leverage visual listening and analytics tools to understand user behavior and preferences better. In digital marketing, image recognition enhances campaign effectiveness by analyzing visual content for insights and trends. Safety and security applications employ image recognition for surveillance and monitoring, aiding law enforcement agencies in identifying potential threats. Quantum computing companies like IonQ Aria are exploring quantum techniques to advance image recognition capabilities further. In transportation, image recognition contributes to safer and smarter mobility systems by detecting pedestrians, cyclists, and road signs. Moreover, businesses across sectors utilize automated image recognition systems for tasks such as logo detection, object recognition, and analyzing digital content, including promotional videos and magazines. This technology, powered by advanced machine learning and computer vision, continues to evolve, offering limitless possibilities for innovation and efficiency.
The market growth and forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Image Recognition Market Scope |
|
Market Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.53% |
Market growth 2023-2027 |
USD 59.82 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
18.15 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Micro Devices Inc., Alphabet Inc., Amazon.com Inc., Attrasoft Inc., Blippar Ltd., Clarifai Inc., Hitachi Ltd., Honeywell International Inc., Imagga Technologies Ltd., Intel Corp., International Business Machines Corp., LTU TECH, Micron Technology Inc., Microsoft Corp., NEC Corp., NVIDIA Corp., Partium, Qualcomm Inc., Samsung Electronics Co. Ltd., and Wikitude GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market trends and analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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