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The global image recognition market size is expected to grow from an estimated value of USD 26.2 billion in 2020 to USD 53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1 % from 2020 to 2025. The image recognition industry is driven by various factors, such as Increased in the need for efficient and profitable retail execution processes with adherence to compliance standards and technological advancements to boost the adoption of image recognition market across the globe during the forecast period. However, High installation cost of image recognition services can hinder the growth.
Services segment to grow at a higher CAGR during the forecast period
Services for the image recognition market include implementation, deployment, product upgrades, maintenance, and consulting. Increase in the adoption of image recognition software has led to the growth of such services, which help the companies to increase overall revenue and enhance performance. Vendors in the image recognition market sometimes provide services via channel partners; these partners can help strengthen the geographical reach of solution vendors and improve the cost-effectiveness of their software. The growing demand for rich media is expected to drive companies, such as LTU Technologies, and Catchoom, to offer integrated training services, professional services, and support and maintenance services
Hardware segment to account for a higher market share during the forecast period
This segment includes image sensors integrated with cameras. Hardware is an integral part of image recognition technology market. Many companies like IBM and Qualcomm provide their company made sensors which help detect products, shelf life and even trends. For instance, Qualcomm offers the Vision Intelligence 400 platform that is built with powerful image processing and ML for smart camera products; it performs face detection, face recognition, product classification, and license plate recognition.
Asia Pacific to grow at the highest rate during the forecast period
The image recognition market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. North America accounts for the highest share (33.49%) of the image recognition market in 2020. The factors supplementing this growth are the region’s stable economy, early adoption of technologies, and the presence of major image recognition vendors, such as IBM, AWS, Google, and Microsoft.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the image recognition market.
- By company type: Tier 1: 23%, Tier 2: 27%, and Tier 3: 50%
- By designation: C-level: 48%, Directors: 31%, and Others: 21%
- By region: North America: 26%, Europe: 28%, APAC: 30%, MEA: 10% and Latin America: 6%
Major vendors offering in image recognition market across the globe are IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), NEC Corporation(Japan), Trax (Singapore), Partium(Austria), LTU Tech (France), Vispera(Turkey), Blippar(UK), Clarifai(US), Wikitude (Austria), Huawei (China), Honeywell (US), Hitachi (Japan), Toshiba (Japan), Oracle (US).
The study includes an in-depth competitive analysis of the key players in the image recognition market, with their company profiles, recent developments, and key market strategies.
The market study covers the image recognition market size across segments. It aims at estimating the market size and growth potential of this market across different segments: component, application, deployment, end user type and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market 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 pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.