Image Recognition Market size to grow by USD 59.81 billion from 2022 to 2027, North America to account for 36% of the market growth - Technavio

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Nov 05, 2023, 22:00 ET

NEW YORK, Nov. 5, 2023 /PRNewswire/ -- The image recognition market size is expected to grow by USD 59.81 billion from 2022 to 2027. The market is expected to be progressing at a CAGR of 18.53% as per the latest Technavio market research report. North America is estimated to account for 36% of the market's overall growth. The growth in the market revenue in the region is primarily attributable to the US. The high adoption of cutting-edge technologies during the early stages of homeland security and defense is a primary cause for this growth. The market expands as a result of the implementation of image recognition for border security through the detection of passport identity fraud. For more insights on the market share of various regions- Download sample report in MINUTES

Technavio has announced its latest market research report titled Global Image recognition Market 2023-2027

Image recognition Market: Increasing instances of identity threats to drive growth

The increasing instances of identity theft notably drive market growth. As a result of end users' growing reliance on websites and web applications like social networks and gaming websites, identity and data theft cases are on the rise. In addition, end users are implementing secure authentication solutions owing to the complexity of these attacks rising. Hence, such factors drive market growth during the forecast period.

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Image Recognition Market: Growing Popularity Of Cloud-based Image Analysis Solutions

The growing popularity of cloud-based image analysis solutions is an emerging trend in the market. In recent years, advanced software for the analysis and processing of medical images has become popular among doctors and other healthcare professionals. The software improves disease diagnosis and treatment by providing useful clinical information. Hence, such factors fuel the market growth during the forecast period.

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Some of the key Image Recognition Market Players:

The image recognition market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Advanced Micro Devices Inc., Alphabet Inc., Amazon.com Inc., Attrasoft Inc., Blippar Ltd., Clarifai Inc., Hitachi Ltd., Honeywell International Inc., Imagga Technologies Ltd., Intel Corp., International Business Machines Corp., LTU TECH, Micron Technology Inc., Microsoft Corp., NEC Corp., NVIDIA Corp., Partium, Qualcomm Inc., Samsung Electronics Co. Ltd., and Wikitude GmbH

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Image Recognition Market: Segmentation Analysis

This image recognition market report extensively covers market segmentation by end-user (media and entertainment, retail and e-commerce, BFSI, IT and telecom, and others), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

The market share growth by the media and entertainment segment will be significant for overall market growth during the forecast period. One of the major factors driving the growth is the multiplex's adoption of video surveillance with facial recognition analysis to gauge audience engagement. The need for facial recognition in multiplex systems is growing worldwide. This results in the market will experience growth due to the increasing adoption of facial recognition in the media and entertainment industry during the forecast period.

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Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio