Press release
Facial Recognition's Role In The Growing Demand For Image Recognition In Security Applications Driver: Leading Transformation in the Image Recognition Market in 2025
Image Recognition Market Size
The image recognition market is being propelled by the growing demand for security applications and products equipped with image recognition capabilities. Facial recognition services are a key security application of image recognition. By using image recognition technology, facial recognition is used to identify individuals in pictures. The rise in acts of terrorism, cyber attacks, and global identity theft has resulted in an increase in facial recognition usage. For example, Techreport, a website formally focused on personal computing technology and culture reported in August 2023, that facial recognition technology, for security or border control checks, is widespread in 20% of countries' airports. Thus, the rising demand for security applications and products is anticipated to boost the image recognition market demand.
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What is the future CAGR of the image recognition market, and how will it impact industry expansion?
In recent times, the image recognition market has seen substantial growth. Its size is projected to expand from $53.4 billion in 2024 to $61.97 billion in 2025, with a compound annual growth rate (CAGR) of 16.1%. The surge observed in the historical period can be linked to factors such as the advancements in deep learning and neural networks, the development in computer vision technologies, the rise in availability of image data, the uptake of image recognition in healthcare, and the growth of e-commerce and visual search.
Over the forthcoming years, a swift expansion is anticipated in the image recognition market, with projections indicating a rise to $127.58 billion in 2029 and a compound annual growth rate (CAGR) of 19.8%. This anticipated increase during the forecast period is linked to several factors including integration of image recognition technology in self-driving vehicles, higher uptake in augmented reality (AR) applications, growth in security and surveillance systems, the widening use of image recognition in retail and fashion sectors, and an accentuated focus on edge computing for real-time image recognition. Key future trends comprise of object detection and identification in images, confluence of image recognition and natural language processing, application of image recognition in social media and content moderation, advancements in explainable AI within the realm of image recognition, and emerging use of image recognition for monitoring crops in the agricultural sector.
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What are the most significant trends transforming the image recognition market today?
Advancements in technology are rapidly becoming a notable trend in the image recognition market. With major players striving to maintain their standing, new tech like augmented reality is being used. Augmented reality, or AR, merges digital data with the real world in real time. AR users experience their actual environment overlapped with produced perceptual information via visual, audio, or other sensory data. A case in point is Klarna's launch in October 2023, a Swedish-founded financial service business, which introduced the "Shopping Lens". It is an AI-powered image recognition instrument meant to heighten the shopping experience. It allows customers to upload images of products they're interested in and matches them to the best available deals on the Klarna app. With the power to identify more than 10 million products and correlate them with over 50 million offers, Shopping Lens has been designed to simplify buying by offering price comparisons, reviews, and similar products. With this tool, Klarna positions itself as a competitor to tech giants like Google and Amazon, who have developed similar tools e.g. Google Lens and Amazon Rekognition.
Which key market segments comprise the image recognition market and drive its revenue growth?
The image recognition market covered in this report is segmented -
1) By Technique: QR Or Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
2) By Deployment: Cloud, On-Premises
3) By Component: Hardware, Software, Service
4) By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, marketing And Advertising, Image Search
5) By Vertical: Retail And E-commerce, Media And Entertainment, BFSI, Automobile And Transportation, IT And Telecom, Government, Healthcare, Other Verticals
Subsegments:
1) By QR Or Barcode Recognition: 1D Barcode Recognition, 2D Barcode (QR Code) Recognition
2) By Object Recognition: Image Classification, Object Detection
3) By Facial Recognition: 2D Facial Recognition, 3D Facial Recognition
4) By Pattern Recognition: Shape Recognition, Texture Recognition
5) By Optical Character Recognition (OCR): Text Recognition, Handwriting Recognition
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What regions are at the forefront of image recognition market expansion?
North America was the largest region in the image recognition market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the image recognition market?
Major companies operating in the image recognition market include Google LLC, Catchoom Technologies S. L., Hitachi Ltd., Honeywell International Inc, Amazon Web Services Inc., Blippar Group Limited, Clarifai Inc., CloudSight Inc., Deepomatic, Descartes Labs Inc., EyeEm Mobile GmbH., Imagga Technologies Ltd., iMerit Technology Services, Kneron Inc., Megvii Technology Limited, Neurala Inc., Nviso SA, Osaro Inc., PTC Inc., Qualcomm Technologies Inc., SenseTime Group Limited, Snap Inc., Toshiba Corporation, ViSenze Pte Ltd., Wikitude GmbH, Zebra Medical Vision Ltd., Zivid AS
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What Is Covered In The Image Recognition Global Market Report?
•Market Size Forecast: Examine the image recognition market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the image recognition market for a structured understanding.
•Key Players Overview: Analyze major players in the image recognition market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the image recognition market.
•Segment Contributions: Evaluate how different segments drive overall growth in the image recognition market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the image recognition market.
•Industry Challenges: Identify potential risks and obstacles affecting the image recognition market.
•Competitive Landscape: Review strategic developments in the image recognition market, including expansions, agreements, and new product launches.
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