Global Image Recognition Market
Information Technology

Insights Into The Image Recognition Market’s Growth Potential 2024-2033

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


Robust Growth Trajectory: Market Overview

  • The image recognition market has witnessed rapid expansion, with a rise from $46.53 billion in 2023 to a projected $54.54 billion in 2024, boasting a compound annual growth rate (CAGR) of 17.2%.
  • Historic growth drivers include advancements in deep learning, surge in computer vision technologies, and increased adoption in various sectors such as healthcare and e-commerce.
  • Forecasts indicate accelerated growth, with the market poised to reach $105.59 billion by 2028, driven by integration in autonomous vehicles, augmented reality applications, and security systems.

Facial Recognition in Security Applications

  • Rising Security Concerns: Demand for image recognition escalates with the need for security solutions.
  • Facial recognition, a prominent feature, aids in identifying individuals in images, bolstering security measures.
  • Wide adoption observed in airports and border controls signifies the growing significance of facial recognition technology.

Augmented Reality’s Transformative Influence

  • Technological Advancements: Augmented reality (AR) emerges as a key trend, enhancing image recognition capabilities.
  • AR integrates digital data seamlessly with real-world environments, offering immersive experiences.
  • Qualcomm’s Snapdragon Spaces XR Developer Platform exemplifies the integration of AR into developer kits, fostering innovation and user engagement.


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Strategic Acquisitions and Market Expansion

  • Form’s Acquisition: FORM’s strategic acquisition of ShelfWise enriches enterprise efficiency through improved image recognition.
  • ShelfWise’s image recognition platform enhances FORM’s capabilities in frontline work management across diverse sectors.
  • Strategic acquisitions drive innovation and market consolidation, paving the way for enhanced image recognition solutions.


Market Segmentation and Regional Dynamics

  • Technique: QR/Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition.
  • Deployment: Cloud, On-Premises options cater to diverse business needs.
  • Component: Hardware, Software, and Services play pivotal roles in image recognition ecosystems.
  • Application: Augmented Reality, Scanning and Imaging, Security and Surveillance, Marketing and Advertising, Image Search.
  • Vertical: Retail and E-commerce, Media and Entertainment, BFSI, Automobile and Transportation, IT and Telecom, Government, Healthcare, among others.
  • North America led the image recognition market in 2023, with Asia-Pacific poised for significant growth in the forecast period.


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The Image Recognition Global Market Report 2024  provides an overview of the image recognition market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The image recognition market forecast analyzes image recognition market size, image recognition market share, leading competitor and their market positions.


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