Image Recognition Market Research, Forecast by Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented Reality, Marketing & Advertising)

The report estimates that the global image recognition market was valued at $17.91 billion in 2017 and will grow at a CAGR of 21.8% from 2018 to 2025 to reach $86 billion.

The global image recognition market is expanding due to the rising popularity of media cloud services and the rapid development of facial recognition technologies. Additionally, an increase in the number of mobile devices with cameras, demand for security software, and goods with image recognition features all contribute to the market's expansion. The expensive cost of installing image recognition systems, however, is anticipated to restrain market expansion. On the other hand, the market is anticipated to benefit greatly from supportive legislation that require the use of image recognition products and from the increasing demand for image recognition in the healthcare sector.

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Cloud segment to be lucrative through 2025

The cloud segment captured 55.9% of the total market share in 2017 and would maintain its dominance through the forecast period, owing to increased adoption of cloud in various industry verticals such as media & entertainment, banking, financial services, and insurance (BFSI), and government organizations. The segment is expected to grow at the fastest CAGR of 23.3% through 2025. On the other hand, the on-premise segment would grow at a steady pace during the forecast period.

Service segment to grow the fastest through 2025

The service segment accounted for the largest share of 47.5% in 2017 and would maintain its lead through 2025, registering the fastest CAGR 23.5% from 2018 to 2025. This is attributed to the growing popularity of media cloud services and increasing demand for managed network security services. The other components discussed in the study are hardware and software.

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Healthcare segment to grow the fastest CAGR through 2025

Due to the increased need for image recognition in clinical decision support to increase the productivity of pathologists, radiologists, and other image-based diagnosticians, the healthcare segment is anticipated to grow at the fastest CAGR of 28.4% during the forecast period. However, the retail segment held the greatest share in 2017, accounting for 22.4%, since growing image recognition use in this sector encourages in-store advertising and boosts consumer interaction. By contrast, until 2025, the transportation and logistics segment is anticipated to contribute the biggest proportion of 17.9%. Other industries included in the study include manufacturing, BFSI, government, media & entertainment, and IT & telecom.

Object detection segment to dominate, facial recognition to witness robust growth through 2025

The object detection technology segment garnered 33% of the total market share in 2017 and is projected to maintain its lion's share through 2025. However, the facial recognition segment is expected to witness the fastest CAGR of 26.1% through the study period, owing to increased usage of the technology in both law enforcement and non-law enforcement applications. Moreover, the technology is widely preferred over other biometric technologies due to its non-contact process and easy deployment (using cameras and existing monitoring devices). The other technologies analyzed in the report include QR/barcode recognition, pattern recognition, and optical character recognition.

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Image search segment to dominate, augmented reality segment to attain fastest growth

The image search segment held the largest share in 2017, capturing 35.4% of the overall total market share. It is expected to maintain its lead through 2025, as this technology is increasingly used in the e-commerce sector for various applications such as visual search, product tagging, and content curation. However, the augmented reality segment is expected to grow at the fastest CAGR of 26.7% from 2018 to 2025. The other applications discussed in the report include scanning & imaging, security & surveillance, and marketing & advertising.

Asia-Pacific to grow the fastest, North America to accrue highest revenue

A rise in the use of electronic devices and smartphones with image recognition apps contributed 46.7% of the global market share in 2017 to North America. However, due to looming concerns from terrorist attacks and the region's growing tendency towards e-governance, Asia-Pacific will experience the quickest CAGR of 25.4% during the research period. The report also examines Latin America, Africa, the Middle East, and Europe (LAMEA).

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The leading companies operating in the global image recognition market include IBM Corporation, Imagga Technologies Ltd., Amazon Web Services, Inc., Qualcomm Incorporated, Google LLC, Microsoft Corporation, NEC Corporation, LTU technologies, Catchoom Technologies S.L., and Intel Corporation.

Key Findings of the Study -

• By deployment mode, the cloud segment is expected to exhibit significant growth in the global image recognition market during the forecast period.
• In 2017, the services segment accounted for the highest revenue in the component category.
• Based on industry vertical, the retail segment generated the highest revenue in 2017.
• Based on technology, the object detection generated the highest revenue in 2017.
• By application, the augmented reality segment is expected to exhibit significant growth in the global image recognition market during the forecast period.

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