PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1459085
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1459085
The image recognition market is expected to grow from USD 46.7 billion in 2024 to USD 98.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16.1% during the forecast period. Continuous advancements in artificial intelligence (AI), deep learning, and computer vision technologies have significantly improved image recognition software's accuracy and capabilities, driving the market growth during the forecast period.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | By Offering, Technology, Application Area, Organization Size, and Vertical. |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
"As per application area, the scanning & imaging segment is expected to grow at a higher CAGR during the forecast period."
Image recognition technology seamlessly integrates with existing workflow systems and document management platforms. Integrating with scanning devices, document repositories, and business applications enables end-to-end automation of document processing workflows, improving overall efficiency and productivity. Image recognition automates data extraction from scanned documents, such as invoices, forms, or receipts. It can identify and extract key data fields, such as names, dates, amounts, and reference numbers, with high accuracy. This streamlines data entry processes, reduces manual errors, and improves data quality. Image recognition technology can classify documents based on their visual content, such as layout, structure, or keywords; this allows workflow systems to automatically route documents to the correct workflows, departments, or users, speeding up processing times and improving organizational efficiency.
"As per organization size, large enterprises will hold a larger market share in 2024."
Image recognition automates manual tasks such as data entry, document sorting, and quality control. Analyzing images and identifying relevant information reduces the need for human intervention, saving time and labor costs. Mage recognition analyzes visual data to identify inefficiencies or bottlenecks in operational processes. Monitoring workflows and analyzing process steps' images helps organizations identify optimization opportunities and improve overall efficiency. In industries such as manufacturing and utilities, image recognition monitors equipment performance and detects potential issues. Analyzing images from sensors or cameras identifies abnormalities or signs of wear and tear, enabling proactive maintenance and minimizing downtime.
"As per region, Europe will witness the second-largest market share during the forecast period."
Europe has advanced technological infrastructure, including high-speed internet connectivity, robust computing resources, and a skilled workforce in artificial intelligence (AI) and computer vision. These technological capabilities enable the development and deployment of sophisticated image recognition solutions across various industries. European countries have made significant strides in advancing image recognition capabilities. For instance, in the retail sector, companies like Zalando and ASOS utilize image recognition algorithms to offer personalized shopping experiences, enabling customers to search for products using images rather than keywords; this has enhanced user engagement and increased conversion rates and sales for these retailers. European hospitals and research institutions in healthcare also leverage image recognition technology for medical imaging analysis and diagnostics. For instance, the UK's National Health Service (NHS) has implemented image recognition systems to assist radiologists in interpreting medical images, leading to faster and more accurate diagnoses. In addition, government initiatives such as the European Commission's Digital Single Market Strategy and funding programs like Horizon Europe further support research and development in image recognition technology, driving innovation and competitiveness in the European market.
Note: Others include sales managers, marketing managers, and product managers
Note: The rest of the World consists of the Middle East & Africa, and Latin America
Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies' revenue ranges from USD 10 million to USD 100 million; and tier 3 companies' revenue is less than 10 million
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
Some of the significant vendors offering image recognition software and services across the globe include Google (US), Qualcomm (US), AWS (US), Microsoft (US), Toshiba (Japan), NVIDIA (US), Oracle (US), NEC (Japan), Huawei (China), Hitachi (Japan), Trax (Singapore), Samsung (South Korea), STMicroelectronics (Switzerland), ON Semiconductor Corporation (US), Snap2Insight (Portland), Attrasoft (US), Sterison (India), Unicsoft (UK), ParallelDots (US), Vue.ai (US), Catchoom (Spain), Wikitude (Austria), Ximilar (Czech Republic), Imagga Technologies (Bulgaria), Blippar (UK), Clarifai (US), LTU Technologies (France), and DeepSignals (US).
The market study covers the image recognition market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as offering, technology, application area, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall image recognition market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.