Image Recognition Market Size – USD 30.42 Billion in 2021, Market Growth – at a CAGR of 15.0%, Market Trends – Information Technology Sector Growth
NEW YORK, NY, USA, May 24, 2022 /EINPresswire.com/ — The advent of cloud media services and the surge of mobile devices are expected to drive market revenue growth
According to the latest Reports and Data report, the image recognition market size is expected to reach USD 107.84 billion by 2030 and register a revenue CAGR of 15.0% during the forecast period. The rapid revenue growth of the image recognition market is driven by various factors such as increasing usage of high bandwidth data services and increasing demand for image recognition solutions in the field of security and monitoring.
Image recognition technology is used in various end uses such as autonomous vehicles, facial identification on social media websites, facial recognition by law enforcement, and facial memory technology at checkpoints. airport security check. Companies in various industries such as automotive, retail and e-commerce, security and health use digital image processing techniques for identification, advertising and automation purposes. The image recognition technique has emerged as the most promising alternative for establishing the identity of individuals compared to other authentication methods.
Companies profiled in the global market report include Qualcomm Technologies Inc., Microsoft Corporation, NEC Corporation, IBM Corporation, Huawei Technologies Co. Ltd, Google LLC, Oracle Corporation, Honeywell International Inc., Toshiba Corporation, Amazon Web Services Inc. , Vispera Information Technologies and LTU Tech.
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Some highlights of the report
• By technology, the facial recognition segment is expected to witness a faster revenue CAGR over the forecast period as it is adopted in industries ranging from manufacturing to security and surveillance. It is generally used for two-factor authentication purposes. It can also be used to access mobile applications, access buildings and for registration of tourist services.
• By deployment, the cloud segment accounted for the largest revenue share of the market in 2020 and is expected to witness a faster revenue CAGR during the forecast period owing to the increased adoption of image recognition solutions in the end-use industries where centralized oversight is needed, such as banking, finance services, and insurance, media and entertainment, and government. Several organizations are implementing cloud-based image processing to secure confidential data, which is expected to drive the market revenue growth.
• By application, Marketing and Advertising segment accounted for the largest share of market revenue in 2020. Augmented Reality segment is expected to witness a higher revenue CAGR during the forecast period as it is used at multiple purposes, such as product display and entertainment.
• North America image recognition market accounted for largest revenue share in 2020 owing to high adoption of advanced technologies, growth in retail and e-commerce industry and the presence of leading players in the market, such as Microsoft Corporation, NEC Corporation and Qualcomm Technologies Inc. .
• Image recognition market in Asia-Pacific region is expected to experience faster revenue CAGR during the forecast period owing to growing usage of mobiles and tablets, rapid technological advancements in economies emerging. The growing application of face memory in security and surveillance systems is also expected to drive the market revenue growth.
• In December 2021, NEC Corporation announced the development of secure biometric authentication technology that allows users to authenticate with encrypted facial information. This technology reduces the risk of misuse in the event of facial information leaks and contributes to the expansion of safe and secure biometric authentication use cases.
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For the purposes of this report, Reports and Data has segmented the global image recognition market on the basis of technology, end use, component, deployment, application, and region:
Technology Outlook (Revenue, USD Million; 2018-2030)
• Code recognition
• Digital image processing
• Facial recognition
• Object recognition
• Pattern recognition
• Optical character recognition
Deployment Outlook (Revenue, USD Million; 2018-2030)
• On the spot
Components Outlook (Revenue, USD Million; 2018-2030)
End-Use Outlook (Revenue, USD Million; 2018-2030)
• Banking, financial services and insurance
• Health care
• Media and entertainment
• Transport and logistics
Application Outlook (Revenue, USD Million; 2018-2030)
• Scanning and imaging
• Security and monitoring
• Image search
• Augmented reality
• Marketing and advertising
Regional Outlook (Revenue, USD Million; 2018-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Main advantages of the image recognition report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the image recognition industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Image Recognition Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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