Image Recognition Market To Hit Value 8.28 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on December 4th, 2023

San Francisco, 02 December 2023: The ReportImage Recognition Market Size, Share & Trends Analysis Report By Technique, By Application, By Component (Hardware, Software), By Deployment Mode, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

The global image recognition market size is expected to reach USD 128.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 13.4% from 2023 to 2030. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2023, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2023, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

Image recognition technology, powered by machine learning, has been embedded in several fields, such as self-driving vehicles, automated image organization of visual websites, and face identification on social networking websites. One of the most popular applications of image identification is social media monitoring, as visual listening and visual analytics are essential factors of digital marketing. Image recognition is highly used in applications related to safety and security, such as facial recognition used by law enforcement agencies. Furthermore, airports are increasingly using face remembrance technology at security checkpoints. For instance, in August 2023, Transportation Security Administration (TSA) conducted a short-term test for identity verification automation of the Travel Document Checker (TDC) at McCarran International Airport (LAS). This test involved facial recognition technology to assess the TDC’s ability to compare an image taken from a passenger’s identity document against the photo taken at the checkpoint.

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Major companies from various verticals, such as automotive, retail and e-commerce, security, and healthcare, are rapidly implementing digital image processing. For instance, in April 2022, Hyundai Motor Company and IonQ, the U.S.-based quantum computing company, joined forces to introduce a project to leverage quantum machine learning for image classification and 3D object detection in future mobility solutions. This collaboration entails the development of quantum techniques, utilizing IonQ's state-of-the-art quantum computer, IonQ Aria, to enhance the recognition of various objects, including pedestrians, cyclists, and road signs. By harnessing the power of quantum computing, the project aims to achieve more efficient and cost-effective processing, ultimately contributing to the advancement of safer and smarter mobility systems.

Image Recognition Market Report Highlights

• The facial recognition segment held the highest market share of 22.1% in 2022. The increasing demand for enhanced security measures across various industries, such as government, banking, and retail, has significantly contributed to the dominance of facial recognition systems.
• The marketing and advertising segment dominated the market with a market share of 29.9% in 2022. Many businesses adopted technology with advanced advertising, customer interaction, and branding to improve their marketing activities.
• Based on components, the market has been segmented into hardware, software, and service. The service segment held the largest revenue share of 38.5% in 2022 and is expected to capture the fastest CAGR of 14.9% during the forecast period.
• Based on the deployment mode, the market has been segmented into on-premise and cloud. The cloud segment dominated the market with a revenue share of 70.6% in 2022 and is anticipated to retain its position over the forecast period.
• Based on verticals, the market has been segmented into media and entertainment, BFSI, automobile and transportation, retail and e-commerce, telecom and IT, government, healthcare, and others. The retail & e-commerce segment dominated the market and represented a market share of 21.1% in 2022.
• North America accounted for the largest market share of 34.8% in 2022, majorly due to the rapid growth of cloud-based streaming services in the U.S. The segment's growth is attributed to the increasing integration of artificial intelligence and mobile computing platforms in digital shopping and e-commerce.

The increasing preference among individuals for high-bandwidth data services and advanced machine learning has increased the demand for image recognition technology. Establishments among various verticals such as media & entertainment; retail; IT & telecom; and Banking, Financial Services, and Insurance (BFSI) have resulted in the increasing use of advanced technologies in their organization, which, in turn, has boosted the adoption of image recognition. The image recognition system helps to identify objects, buildings, places, logos, and people, among other images. Furthermore, recent developments in image recognition technology have allowed users to link offline content, such as brochures and magazines, with digital content, such as promotional videos, augmented reality experiences, and product information, with the help of images captured on a smartphone.

Furthermore, an automated image recognition system plays a crucial role in computer vision, which is used to identify or detect an image or an attribute in digital images or videos. It enables users to gather and analyze data in real time. The data is collected in high dimensions and produces numerical or symbolic information. As part of image recognition, computer vision enables object recognition, event detection, image reconstruction, learning, and video tracking.

Image Recognition Market Report Scope

Image recognition technology has witnessed several opportunities emerging in applications such as big data analytics and effective branding of products and services, owing to the extending reach of image databases. Some image databases, such as ImageNet and Pascal VOC, are freely available. The database contains millions of Image Recognition-tagged images describing the objects in the image. It forms the basis for image recognition and enables computers to accurately and quickly identify objects in the picture. For instance, image recognition solutions quickly identify dogs in the image because it has learned what dogs look like by analyzing numerous images tagged with “dog.” Some leading social networking sites, such as Google and Facebook, have the advantage of accessing several user-labeled photos directly from their database to prepare their deep-learning networks to be highly accurate in detecting objects.

Furthermore, since the database serves as the training material for image recognition solutions, open-source frameworks such as software libraries and software tools form the building blocks of the solution. It helps to prepare or train machines to learn from the images available in the database by providing different types of computer vision functions such as medical screening, obstacle detection in vehicles, and emotion & facial recognition, among others. Some of the leading libraries for image recognition include UC Berkeley's Caffe, Google TensorFlow, and Torch.

The COVID-19 pandemic fueled the demand for contactless solutions, leading to increased adoption of image recognition technology. Facial recognition and gesture recognition systems have gained prominence across healthcare, retail, and transportation sectors, enabling touchless access control and authentication. Moreover, image recognition technology has played a crucial role in remote work and virtual communication, facilitating virtual meetings, real-time image analysis, and enhancing visual collaboration.

List of Key Players of Image Recognition Market

• Blinkfire Analytics, Inc.
• Gumgum, Inc.
• Kairos AR, Inc.
• SparkTrendz
• Cloudsight, Inc.
• Chooch.com
• Google
• Attrasoft, Inc.
• Catchroom
• Hitachi, Ltd.
• Honeywell International Inc.