Image Recognition Market to Grow at an Impressive Rate through 2026
High proliferation of smart devices and rise in demand for cloud services is expected to drive the demand for global image recognition market in the forecast period.
According to TechSci Research report, “Global Image Recognition Market By Component (Hardware, Software and Services), By Deployment (On-premise and Cloud), By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing and Advertising), By Company, By Region, Forecast & Opportunities, 2026”, global image recognition market is expected to witness significant growth for the next five years owing to diverse use of image recognition solutions in various applications such as to ensure security at airports, facial image recognition technology is used. Automotive, healthcare and retail are some of the promising end-user industries using image recognition technology extensively. Technological advancements in the field of image recognition such as face recognition, moderation of content is paving the way for the market growth in the coming next five years. Biometrics used in official and residential spaces and increasing demand for digital payments is accelerating the image recognition market growth. Adoption of machine learning and artificial intelligence in existing image recognition technology is enhancing the overall performance with better results. Augmented reality is using image recognition technology for detection of 2-D images and to generate augmented content for application in entertainment sector and product display. Text extraction and content discoverability are the two prominent drivers for global image recognition market.
However, high installation cost for image recognition devices may create hindrance in the global image recognition market growth.
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Global image recognition market is segmented into component, deployment, application, region, and company. Based on application, market is further categorized into scanning and imaging, security and surveillance, image search, augmented reality, marketing, and advertising. Marketing and advertising segment is dominating the market in 2020 and is expected to maintain its dominance throughout the forecast period. Organizations are adopting image recognition technologies to improve marketing activities by branding and advanced advertising. Placement of advertisements according to the context is driving the global image recognition market. Also, to improve the consumer experience organizations are adopting AI-based technology integrated image recognition solutions. Based on components, market is divided into hardware, software, and service. Software segment is expected to hold significant share for the next five years owing to the use of digital image processing for development of software including digital vision with the aid of API to foster the global image recognition market growth.
Microsoft Corporation, IBM Corporation, Qualcomm, Inc, Google LLC, Amazon Web Services Inc, NEC Corporation, Catchoom, Slyce Inc, Vispera Information Technologies, Toshiba Corporation are the leading players operating in global image recognition market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several image recognition manufacturers are coming up with their technologically advanced offerings.
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“Adoption of image recognition technology in plethora of applications such as automated vehicles, social media monitoring is influencing the global image recognition market growth. Digital marketing is booming industry and visual analytics, and visual listening facility of image recognition process is aiding the image recognition market across the globe. Rising security concerns is creating lucrative opportunities such as facial recognition is propelling the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Image Recognition Market By Component (Hardware, Software and Services), By Deployment (On-premise and Cloud), By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing and Advertising), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global image recognition market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global image recognition market.
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