NEW YORK, March 11, 2024 /PRNewswire/ — The image recognition market size is expected to grow by USD 59.81 billion from 2022 to 2027. The market is expected to be progressing at a CAGR of 18.53% as per the latest Technavio market research report. North America is set to contribute significantly, accounting for 36% of the global market growth in the forecast period. Technavio’s analysts have provided detailed insights into the regional dynamics and key drivers shaping market trends. Notably, the United States drives much of North America’s market expansion, fueled by robust adoption of advanced technologies in homeland security and defense. A pivotal factor driving this growth is the implementation of cutting-edge image recognition for border security, particularly in detecting passport identity fraud. Industries such as BFSI prioritize facial recognition, further propelling market expansion. Additionally, escalating cyber threats and data breaches prompt increased investment in facial recognition technologies by governments and businesses alike. With these driving forces, the region is poised for significant market growth in the forecasted period.
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Increasing instances of identity threats to drive growth
The increasing instances of identity theft notably drive market growth. As a result of end users’ growing reliance on websites and web applications like social networks and gaming websites, identity and data theft cases are on the rise. In addition, end users are implementing secure authentication solutions owing to the complexity of these attacks rising. Hence, such factors drive market growth during the forecast period.
- The growing popularity of cloud-based image analysis solutions is an emerging trend in the market.
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Key Companies
The image recognition market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Advanced Micro Devices Inc., Alphabet Inc., Amazon.com Inc., Attrasoft Inc., Blippar Ltd., Clarifai Inc., Hitachi Ltd., Honeywell International Inc., Imagga Technologies Ltd., Intel Corp., International Business Machines Corp., LTU TECH, Micron Technology Inc., Microsoft Corp., NEC Corp., NVIDIA Corp., Partium, Qualcomm Inc., Samsung Electronics Co. Ltd., and Wikitude GmbH
Segmentation Analysis
This image recognition market report extensively covers market segmentation by end-user (media and entertainment, retail and e-commerce, BFSI, IT and telecom, and others), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market share growth by the media and entertainment segment will be significant for overall market growth during the forecast period. One of the major factors driving the growth is the multiplex’s adoption of video surveillance with facial recognition analysis to gauge audience engagement. The need for facial recognition in multiplex systems is growing worldwide. This results in the market will experience growth due to the increasing adoption of facial recognition in the media and entertainment industry during the forecast period.
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Analyst Review
In the image recognition technology, the fusion of machine learning and computer vision has catalyzed remarkable advancements across various sectors. One of the most transformative applications is evident in the development of self-driving vehicles, where automated image organization and visual websites play pivotal roles in navigating through dynamic environments.
Face identification systems have become ubiquitous, not only in social networking websites but also in law enforcement agencies and airports where security checkpoints heavily rely on face remembrance technology for identity verification automation. The Transportation Security Administration (TSA) employs cutting-edge image recognition systems such as the Travel Document Checker (TDC) at major airports like McCarran International Airport (LAS) to enhance safety and security measures.
Major companies, including those in healthcare and digital image processing, are leveraging image classification and 3D object detection powered by quantum machine learning offered by companies like Hyundai Motor Company and IonQ, a leading quantum computing company. IonQ’s Aria platform enables safer and smarter mobility systems by harnessing quantum techniques to process high-bandwidth data for advanced machine learning.
The integration of media & entertainment, IT & telecom, and Banking, Financial Services, and Insurance (BFSI) sectors into the image recognition ecosystem has fostered innovative solutions for digital marketing, security and surveillance, and augmented reality experiences. Brands utilize AI-enabled image recognition technologies to enhance user experience on social media platforms, tailoring advertisements with augmented content such as slideshows, videos, and 360° panoramas.
For instance, Busch-Jaeger Elektro GmbH leverages image recognition for its electrical installation technology, enhancing product presentations for its consumers. Similarly, the Germany-based travel magazine abenteuer und reisen employs image recognition to curate captivating content on city trips and long-distance travel, enriching the lifestyle experiences of its app users.
In the realm of retail and e-commerce, facial recognition technologies are reshaping security measures while enhancing customer experiences. From offline content such as brochures and magazines to digital content like promotional videos and augmented reality experiences, the landscape of automated image recognition systems continues to expand, catering to diverse needs across industries, all while ensuring the seamless processing of big data analytics and effective branding strategies.
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Market Overview
In the image recognition technology, advancements in machine learning have revolutionized various sectors, none more so than self-driving vehicles. Through intricate algorithms, these vehicles rely on automated image organization to navigate surroundings. Concurrently, visual websites leverage image recognition to enhance user experience, while face identification facilitates secure access. Moreover, social networking websites employ this technology for content personalization and safety measures. In the commercial sphere, image identification streamlines operations, while social media monitoring tools ensure brand integrity. With rapid technological strides, the image recognition market continues to expand, offering innovative solutions across diverse domains.
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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