Image Recognition Market Share, Size, Future Demand, Research, Emerging Trends, Region by Forecast to 2028

The global image recognition market size is expected to reach USD 80.29 billion at a steady CAGR of 15.3% in 2028, according to the latest analysis by Emergen Research. The increasing usage of smartphones globally and the rising adoption of virtual reality (VR) and augmented reality (AR) are key factors driving the growth of the global image recognition market.

By carefully analyzing the vital commercial data and broad geographic dispersion of the business, Emergen Research created a market research study on Image Recognition. The study provides comprehensive coverage of the qualitative and quantitative analysis of the market for Image Recognition as well as important market statistics. The study paper offers current estimates through 2021 as well as historical data from 2017 to 2018. The profiles of both well-known and emerging industry participants in the research contain a summary of the company, its product portfolio, strategic relationships, and corporate expansion goals.

Other factors include the growing demand for face recognition on tablets, smartphones, and personal computers due to technological advancements. Increasing budgets for homeland security and defense spending by governments in countries such as China, Russia, and India are also contributing to the growth of the market to a significant extent. In February 2020, Department of Homeland Security officials detailed the use of facial recognition technologies by the administration across the U.S. To date, over 43.7 million individuals have been scanned at border crossings, outbound ships, and elsewhere by various systems. Facial recognition identified 252 individuals attempting to use a combined 75 U.S. travel documents belonging to someone else, around 7% of whom were under the age of 18 and 20% of whom had criminal records.

Image recognition applications include targeted advertising, smart photo libraries, accessibility for the visually impaired, media interactivity, and enhanced research capabilities. Google, Microsoft, Facebook, Pinterest, and Apple are investing in resources and research into image recognition and related applications. Improper data storage, security breaches, and misuse of facial recognition data are some of the primary concerns related to image recognition technology, which could limit adoption in several areas.

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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

The leading market contenders listed in the report are:

IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce

Target Audience of the Global Image recognition Market Report:

Key Market Players
Investors
Venture capitalists
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers

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Major Geographies Analyzed in the Report:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Market Segmentations of the Image recognition Market

This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2021 and 2028. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Image recognition market on the basis of product, application, and region:

Segments Covered in this report are:

Component Outlook (Revenue, USD Billion; 2018-2028)

Hardware
Software
Services

Application Outlook (Revenue, USD Billion; 2018-2028)

Security and Surveillance
Scanning and Imaging
Augmented Reality
Image Search
Marketing and Advertising

Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)

On-premises
Cloud

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Some Key Highlights in the Report

The software segment accounted for largest revenue share in 2020 due to a sudden and rapid increase in adoption of image recognition software in computer graphics, medical imaging, and photo editing, among others. Rapidly growing trends of industry automation and Industry 4.0 are driving adoption of image recognition software, and the trend is expected to continue over the forecast period.
Image recognition or tracking is used in augmented reality to track, detect, and augment 2D images. Image tracking is dependent on advanced computer vision technology to track and augment images. Jack Daniels augmented reality app turns whisky bottles into pop-out storybooks. The free app uses a tablet or smartphone camera to recognize the sticker on the bottle and unfolds the whole manufacturing process of the drink in a matching black and white pop-up book.
Image recognition is an important tool in autonomous vehicles used by Uber and Google. The technology detects road signs and obstacles through sensors in front of a vehicle and identifies these with the help of this technology. Computer vision systems powered by deep learning are trained with thousands of images of humans, road signs, and obstacles on the road under different weather and lighting conditions. The intelligence of the system continues to increase as new information is fed in.
North America accounted for largest revenue share in 2020 due to high level of integration of AI in e-commerce and digital shopping. Companies in the region are quick to adopt advanced technologies such as AI, deep learning, and cloud-based technologies, which is propelling growth of the market.

Additional information offered by the report:

Along with a complete overview of the global Image recognition market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Image recognition market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.

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