Market Overview:
The global image recognition technology market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The increasing demand for image recognition technology in various applications such as IT & telecom, BFSI, healthcare, retail, government, media & entertainment, transportation & logistics and manufacturing is driving the growth of the global image recognition technology market. The rising adoption of cloud-based services and big data analytics is also contributing to the growth of the global image recognition technology market. However, lack of awareness about benefits offered by image recognition technology and privacy concerns are some factors restraining the growth of this market.
Product Definition:
Image recognition is the ability of a computer system to identify and understand objects in digital images. It is used in a variety of applications, including facial recognition, object detection, and automatic tagging of photos.
Object Detection:
The global object detection and image recognition technology market size was valued at USD 2.98 billion in 2015. The increasing usage of the Internet, smartphones, cameras, surveillance systems is expected to drive the growth over the forecast period.
QR/Barcode Recognition:
QR/Barcode recognition is the process of identifying text or data represented by QR codes and barcodes. This technology helps in enhancing customer experience by providing quick access to information, products, and services. It also helps in reducing paper consumption as well as inventory cost for businesses that are involved in sales & distribution of products & services across the globe.
Application Insights:
The image recognition technology finds wide applications in various industries such as IT & telecommunication, banking, financial services and insurance (BFSI), healthcare, retail, government and media & entertainment. The BFSI sector is expected to emerge as the dominant segment over the forecast period owing to increasing adoption of image recognition technologies for fraud detection in passports and visas.
For instance; In November 2017; American Express announced a partnership with Microsoft to develop a new AI-based system that will help detect fraudulent use of credit cards by criminals on social networks. Similarly; In June 2017; DBS Bank launched an app called DBS Visual Identification Network (VIDN) that uses artificial intelligence for identifying potential frauds using visual data from its customers' smartphones. These are just few examples where image recognition technology is being used for authentication purposes across multiple sectors such as IT & telecom, BFSI etc.
Regional Analysis:
North America dominated the global market in 2017. The growth can be attributed to the presence of major technology players, such as Google LLC; Microsoft Corporation; and Amazon.com, Inc. Moreover, increasing investments by these companies for deploying innovative technologies are expected to drive regional growth over the forecast period.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to rising adoption of image recognition technology in various industries such as healthcare & life sciences, retail & e-commerce, government & defense agencies and others across countries such as China and Japan.
The BFSI sector is one of the prominent sectors that have adopted image recognition techology for customer service purposes across countries like India.
Growth Factors:
- Increasing demand for image recognition technology from retail sector for inventory management and customer service
- Proliferation of smart devices and the increasing demand for mobile apps that use image recognition technology
- The increasing demand for security cameras and surveillance systems that use image recognition technology
- The growing popularity of augmented reality (AR) and virtual reality (VR) applications, which require robust image recognition capabilities
- Advances in artificial intelligence (AI) that are making it possible to develop more sophisticated algorithms for recognizing objects in images
Scope Of The Report
Report Attributes
Report Details
Report Title
Image Recognition Technology Market Research Report
By Type
Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
By Application
IT & Telecom, BFSI, Healthcare, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, Others
By Companies
IBM Corporation, Imagga Technologies, Amazon Web Services, Qualcomm Incorporated, Google, Microsoft Corporation, NEC Corporation, LTU technologies, Catchoom Technologies, Intel Corporation
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
132
Number of Tables & Figures
93
Customization Available
Yes, the report can be customized as per your need.
Global Image Recognition Technology Market Report Segments:
The global Image Recognition Technology market is segmented on the basis of:
Types
Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
IT & Telecom, BFSI, Healthcare, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IBM Corporation
- Imagga Technologies
- Amazon Web Services
- Qualcomm Incorporated
- Google
- Microsoft Corporation
- NEC Corporation
- LTU technologies
- Catchoom Technologies
- Intel Corporation
Highlights of The Image Recognition Technology Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Object Detection
- QR/Barcode Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
- By Application:
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Government
- Media & Entertainment
- Transportation & Logistics
- Manufacturing
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Image Recognition Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Image recognition technology is a process that allows computers to identify objects and patterns in images. This can be used for a variety of purposes, such as recognizing text or identifying people in photos.
Some of the key players operating in the image recognition technology market are IBM Corporation, Imagga Technologies, Amazon Web Services, Qualcomm Incorporated, Google, Microsoft Corporation, NEC Corporation, LTU technologies, Catchoom Technologies, Intel Corporation.
The image recognition technology market is expected to register a CAGR of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Image Recognition Technology Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Image Recognition Technology Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Image Recognition Technology Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Image Recognition Technology Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Image Recognition Technology Market Size & Forecast, 2018-2028
4.5.1 Image Recognition Technology Market Size and Y-o-Y Growth
4.5.2 Image Recognition Technology Market Absolute $ Opportunity
Chapter 5 Global Image Recognition Technology Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Image Recognition Technology Market Size Forecast by Type
5.2.1 Object Detection
5.2.2 QR/Barcode Recognition
5.2.3 Facial Recognition
5.2.4 Pattern Recognition
5.2.5 Optical Character Recognition
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Image Recognition Technology Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Image Recognition Technology Market Size Forecast by Applications
6.2.1 IT & Telecom
6.2.2 BFSI
6.2.3 Healthcare
6.2.4 Retail
6.2.5 Government
6.2.6 Media & Entertainment
6.2.7 Transportation & Logistics
6.2.8 Manufacturing
6.2.9 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Image Recognition Technology Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Image Recognition Technology Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Image Recognition Technology Analysis and Forecast
9.1 Introduction
9.2 North America Image Recognition Technology Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Image Recognition Technology Market Size Forecast by Type
9.6.1 Object Detection
9.6.2 QR/Barcode Recognition
9.6.3 Facial Recognition
9.6.4 Pattern Recognition
9.6.5 Optical Character Recognition
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Image Recognition Technology Market Size Forecast by Applications
9.10.1 IT & Telecom
9.10.2 BFSI
9.10.3 Healthcare
9.10.4 Retail
9.10.5 Government
9.10.6 Media & Entertainment
9.10.7 Transportation & Logistics
9.10.8 Manufacturing
9.10.9 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Image Recognition Technology Analysis and Forecast
10.1 Introduction
10.2 Europe Image Recognition Technology Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Image Recognition Technology Market Size Forecast by Type
10.6.1 Object Detection
10.6.2 QR/Barcode Recognition
10.6.3 Facial Recognition
10.6.4 Pattern Recognition
10.6.5 Optical Character Recognition
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Image Recognition Technology Market Size Forecast by Applications
10.10.1 IT & Telecom
10.10.2 BFSI
10.10.3 Healthcare
10.10.4 Retail
10.10.5 Government
10.10.6 Media & Entertainment
10.10.7 Transportation & Logistics
10.10.8 Manufacturing
10.10.9 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Image Recognition Technology Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Image Recognition Technology Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Image Recognition Technology Market Size Forecast by Type
11.6.1 Object Detection
11.6.2 QR/Barcode Recognition
11.6.3 Facial Recognition
11.6.4 Pattern Recognition
11.6.5 Optical Character Recognition
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Image Recognition Technology Market Size Forecast by Applications
11.10.1 IT & Telecom
11.10.2 BFSI
11.10.3 Healthcare
11.10.4 Retail
11.10.5 Government
11.10.6 Media & Entertainment
11.10.7 Transportation & Logistics
11.10.8 Manufacturing
11.10.9 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Image Recognition Technology Analysis and Forecast
12.1 Introduction
12.2 Latin America Image Recognition Technology Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Image Recognition Technology Market Size Forecast by Type
12.6.1 Object Detection
12.6.2 QR/Barcode Recognition
12.6.3 Facial Recognition
12.6.4 Pattern Recognition
12.6.5 Optical Character Recognition
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Image Recognition Technology Market Size Forecast by Applications
12.10.1 IT & Telecom
12.10.2 BFSI
12.10.3 Healthcare
12.10.4 Retail
12.10.5 Government
12.10.6 Media & Entertainment
12.10.7 Transportation & Logistics
12.10.8 Manufacturing
12.10.9 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Image Recognition Technology Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Image Recognition Technology Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Image Recognition Technology Market Size Forecast by Type
13.6.1 Object Detection
13.6.2 QR/Barcode Recognition
13.6.3 Facial Recognition
13.6.4 Pattern Recognition
13.6.5 Optical Character Recognition
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Image Recognition Technology Market Size Forecast by Applications
13.10.1 IT & Telecom
13.10.2 BFSI
13.10.3 Healthcare
13.10.4 Retail
13.10.5 Government
13.10.6 Media & Entertainment
13.10.7 Transportation & Logistics
13.10.8 Manufacturing
13.10.9 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Image Recognition Technology Market: Competitive Dashboard
14.2 Global Image Recognition Technology Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 IBM Corporation
14.3.2 Imagga Technologies
14.3.3 Amazon Web Services
14.3.4 Qualcomm Incorporated
14.3.5 Google
14.3.6 Microsoft Corporation
14.3.7 NEC Corporation
14.3.8 LTU technologies
14.3.9 Catchoom Technologies
14.3.10 Intel Corporation
