Image Recognition Market size is expected to reach USD 107.84 Billion in 2030 and register a revenue CAGR of 15.0% during the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of image recognition is due to various factors such as increasing use of high bandwidth data services and growing demand for image recognition solutions in security & surveillance.

Image recognition technology is used in various end uses such as self-driving vehicles, face identification on social networking websites, face recognition by law enforcement agencies and face remembrance technology at security checkpoints at airports. Companies from various sectors such as automotive, retail and e-commerce, security and healthcare are using digital image processing techniques for identification, advertisements and automation purposes. Image recognition technique has emerged as the most promising alternative for establishing identity of individuals as compared to other methods of authentication.

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The automotive industry has indeed witnessed a rising demand for image recognition technology, which is expected to drive market revenue growth. Autonomous vehicles, despite not being widely available, have made significant progress, and image recognition plays a crucial role in their functionality. These vehicles rely on multiple video cameras, LIDAR, and radar sensors to detect and interpret their surroundings, including traffic signals, road signs, other vehicles, pedestrians, and obstacles.

The demand for image recognition technology in the security business is experiencing a significant upswing, driven by an ever-growing need for enhanced security systems. Image recognition technology offers a wide array of capabilities, including license plate recognition, object recognition, and facial recognition, all of which have the potential to revolutionize the field of security. These technologies empower businesses and organizations to bolster both public safety and the effectiveness of their security systems.

License plate recognition is a vital component of modern security systems, enabling quick and accurate identification of vehicles entering or exiting restricted areas. This technology is particularly valuable in law enforcement, parking management, and access control scenarios, where it contributes to the prevention of unauthorized access and the tracking of vehicles of interest.

Object recognition is another crucial application of image recognition technology in security. It allows for the automated detection and classification of objects, which can be used to identify suspicious items, monitor inventory, or track valuable assets. In high-security environments such as airports, border crossings, and critical infrastructure facilities, object recognition technology plays a pivotal role in threat detection and prevention.

Facial recognition technology has gained widespread attention for its ability to identify individuals based on their unique facial features. It has been implemented in various security contexts, from access control systems and identity verification to public safety efforts. While it offers immense potential for enhancing security, it also raises important ethical and privacy concerns that must be carefully addressed and regulated.

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)

• Cloud
• On premises

Component Outlook (Revenue, USD Million; 2018–2030)

• Hardware
• Software
• Services

End-Use Outlook (Revenue, USD Million; 2018–2030)

• Banking, Financial Services and Insurance
• Retail
• Healthcare
• Media and Entertainment
• Government
• Transportation and logistics
• Automotive
• Telecommunications
• Others

Application Outlook (Revenue, USD Million; 2018–2030)

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

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Key Regional Markets Covered in the Report:

·       North America (U.S., Canada, Mexico)

·       Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)

·       Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)

·       Latin America (Chile, Brazil, Argentina, Rest of Latin America)

·       The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Top Companies Operating in the Global Image Recognition Market:

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.

Some Key Highlights from the Report

·       By technology, facial recognition segment is expected to witness a faster revenue CAGR during the forecast period as it is being adopted in industries ranging from manufacturing to security and surveillance.  It is generally used for two factor authentication purpose. It can also be used to access mobile applications, get access to buildings, and for check-in tourist services.

·       By deployment, cloud segment accounted for largest market revenue share in 2020 and is expected to witness a faster revenue CAGR during the forecast period owing to increased adoption of image recognition solutions in end-use industries where centralized monitoring is required such as banking, financial 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 market revenue growth.

·       By application, marketing and advertising segment accounted for largest market revenue share in 2020. Augmented reality segment is expected to witness a higher revenue CAGR during the forecast period as it is being used for multiple purposes, such as product display and entertainment.

·       Image Recognition Market in North America accounted for largest revenue share in 2020 due to high adoption of advanced technologies, growth of retail & e-commerce sector, and presence of leading market players, such as Microsoft Corporation, NEC Corporation, and Qualcomm Technologies Inc.

·       Image Recognition Market in Asia Pacific region is expected to witness a faster revenue CAGR during the forecast period due to increasing use of mobiles and tablets, rapid technological advancements in emerging economies. Growing application of face remembrance in security and surveillance systems is also expected to drive market revenue growth.

·       In December 2021, NEC Corporation announced the development of a secure biometric authentication technology that allows users to authenticate themselves with encrypted face information. This technology reduces the risk of misuse if face information is leaked and contributes to the expansion of safe and secure biometric authentication use cases.

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Overall, image recognition technology plays a pivotal role in the advancement of autonomous vehicles, offering benefits such as enhanced safety, environmental improvements, and reduced traffic congestion. The efforts of market players like Waymo demonstrate the commitment to harnessing image recognition for the future of automotive transportation.

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