COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Key Findings
The global image recognition market is projected to record growth at a CAGR of 21% during the forecast period. The increasing demand for facial recognition, the technological advancements in the domain of facial recognition, and the favorable regulations, are the factors propelling the growth of the market.

Market Insights
Image recognition is a technology that has numerous applications, and detects objects and features in a digital image using various algorithms. The increasing adoption of facial recognition systems and the rise in the need for using data analytics, are estimated to sustain the market growth in a significant manner. However, the increasing expenditure accompanying the image recognition applications in the domains of retail, media, and marketing, is expected to deter market growth. Although there are market growth opportunities for image recognition with regards to the increasing usage of arterial intelligence, the concerns over image quality pose a threat to market growth.

Regional Insights
The global market for image recognition is assessed based on the markets present across regions such as, North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is estimated to record the highest growth rate during the forecast period, owing to the increasing demand for image recognition applications, and increasing IT budgets in the region.

Competitive Insights
The significant development in the e-commerce sector and partnerships between the players in the market is contributing to the market growth. Some of the major companies in the region are Hitachi Ltd., Qualcomm Technologies, Inc., NEC Corporation, Google LLC., Honeywell International Inc., LTU Technologies, Amazon Web Services Inc., etc.

Our report offerings include:

  • Explore key findings of the overall market
  • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
  • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
  • Market Segmentation cater to a thorough assessment of key segments with their market estimations
  • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
  • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
  • Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
  • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments