Image Recognition Market size to grow by USD 59.81 billion from 2022 to 2027, The growing popularity of cloud-based image analysis solutions - Technavio

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Oct 29, 2023, 23:00 ET

NEW YORK, Oct. 29, 2023 /PRNewswire/ -- The image recognition market size is expected to grow by USD 59,817.48 million 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. 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. 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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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

Geographical Analysis

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.

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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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Image Recognition Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 18.53%
Market growth 2023-2027	USD 59.81 billion
Market structure	Fragmented
YoY growth 2022-2023 (%)	18.15
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 36%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	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
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global image recognition market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global image recognition market 2017 - 2021 (USD million)

4.2 End-user Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 (USD million)

4.3 Deployment Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Deployment Segment 2017 - 2021 (USD million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

6.1 Market segments

Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

6.2 Comparison by End-user

Exhibit 32: Chart on Comparison by End-user
Exhibit 33: Data Table on Comparison by End-user

6.3 Media and entertainment - Market size and forecast 2022-2027

Exhibit 34: Chart on Media and entertainment - Market size and forecast 2022-2027 (USD million)
Exhibit 35: Data Table on Media and entertainment - Market size and forecast 2022-2027 (USD million)
Exhibit 36: Chart on Media and entertainment - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Media and entertainment - Year-over-year growth 2022-2027 (%)

6.4 Retail and e-commerce - Market size and forecast 2022-2027

Exhibit 38: Chart on Retail and e-commerce - Market size and forecast 2022-2027 (USD million)
Exhibit 39: Data Table on Retail and e-commerce - Market size and forecast 2022-2027 (USD million)
Exhibit 40: Chart on Retail and e-commerce - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Retail and e-commerce - Year-over-year growth 2022-2027 (%)

6.5 BFSI - Market size and forecast 2022-2027

Exhibit 42: Chart on BFSI - Market size and forecast 2022-2027 (USD million)
Exhibit 43: Data Table on BFSI - Market size and forecast 2022-2027 (USD million)
Exhibit 44: Chart on BFSI - Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on BFSI - Year-over-year growth 2022-2027 (%)

6.6 IT and telecom - Market size and forecast 2022-2027

Exhibit 46: Chart on IT and telecom - Market size and forecast 2022-2027 (USD million)
Exhibit 47: Data Table on IT and telecom - Market size and forecast 2022-2027 (USD million)
Exhibit 48: Chart on IT and telecom - Year-over-year growth 2022-2027 (%)
Exhibit 49: Data Table on IT and telecom - Year-over-year growth 2022-2027 (%)

6.7 Others - Market size and forecast 2022-2027

Exhibit 50: Chart on Others - Market size and forecast 2022-2027 (USD million)
Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 (USD million)
Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

6.8 Market opportunity by End-user

Exhibit 54: Market opportunity by End-user (USD million)
Exhibit 55: Data Table on Market opportunity by End-user (USD million)

7 Market Segmentation by Deployment

7.1 Market segments

Exhibit 56: Chart on Deployment - Market share 2022-2027 (%)
Exhibit 57: Data Table on Deployment - Market share 2022-2027 (%)

7.2 Comparison by Deployment

Exhibit 58: Chart on Comparison by Deployment
Exhibit 59: Data Table on Comparison by Deployment

7.3 Cloud-based - Market size and forecast 2022-2027

Exhibit 60: Chart on Cloud-based - Market size and forecast 2022-2027 (USD million)
Exhibit 61: Data Table on Cloud-based - Market size and forecast 2022-2027 (USD million)
Exhibit 62: Chart on Cloud-based - Year-over-year growth 2022-2027 (%)
Exhibit 63: Data Table on Cloud-based - Year-over-year growth 2022-2027 (%)

7.4 On-premise - Market size and forecast 2022-2027

Exhibit 64: Chart on On-premise - Market size and forecast 2022-2027 (USD million)
Exhibit 65: Data Table on On-premise - Market size and forecast 2022-2027 (USD million)
Exhibit 66: Chart on On-premise - Year-over-year growth 2022-2027 (%)
Exhibit 67: Data Table on On-premise - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Deployment

Exhibit 68: Market opportunity by Deployment (USD million)
Exhibit 69: Data Table on Market opportunity by Deployment (USD million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 71: Chart on Market share by geography 2022-2027 (%)
Exhibit 72: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 73: Chart on Geographic comparison
Exhibit 74: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 75: Chart on North America - Market size and forecast 2022-2027 (USD million)
Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 (USD million)
Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027

Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 (USD million)
Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 (USD million)
Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 APAC - Market size and forecast 2022-2027

Exhibit 83: Chart on APAC - Market size and forecast 2022-2027 (USD million)
Exhibit 84: Data Table on APAC - Market size and forecast 2022-2027 (USD million)
Exhibit 85: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.6 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.7 South America - Market size and forecast 2022-2027

Exhibit 91: Chart on South America - Market size and forecast 2022-2027 (USD million)
Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 (USD million)
Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 95: Chart on US - Market size and forecast 2022-2027 (USD million)
Exhibit 96: Data Table on US - Market size and forecast 2022-2027 (USD million)
Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 China - Market size and forecast 2022-2027

Exhibit 99: Chart on China - Market size and forecast 2022-2027 (USD million)
Exhibit 100: Data Table on China - Market size and forecast 2022-2027 (USD million)
Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

9.10 Japan - Market size and forecast 2022-2027

Exhibit 103: Chart on Japan - Market size and forecast 2022-2027 (USD million)
Exhibit 104: Data Table on Japan - Market size and forecast 2022-2027 (USD million)
Exhibit 105: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 106: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.11 India - Market size and forecast 2022-2027

Exhibit 107: Chart on India - Market size and forecast 2022-2027 (USD million)
Exhibit 108: Data Table on India - Market size and forecast 2022-2027 (USD million)
Exhibit 109: Chart on India - Year-over-year growth 2022-2027 (%)
Exhibit 110: Data Table on India - Year-over-year growth 2022-2027 (%)

9.12 Germany - Market size and forecast 2022-2027

Exhibit 111: Chart on Germany - Market size and forecast 2022-2027 (USD million)
Exhibit 112: Data Table on Germany - Market size and forecast 2022-2027 (USD million)
Exhibit 113: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 114: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 115: Market opportunity by geography (USD million)
Exhibit 116: Data Tables on Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 117: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 118: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 119: Overview on factors of disruption

11.4 Industry risks

Exhibit 120: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 121: Vendors covered

12.2 Market positioning of vendors

Exhibit 122: Matrix on vendor position and classification

12.3 Alphabet Inc.

Exhibit 123: Alphabet Inc. - Overview
Exhibit 124: Alphabet Inc. - Business segments
Exhibit 125: Alphabet Inc. - Key news
Exhibit 126: Alphabet Inc. - Key offerings
Exhibit 127: Alphabet Inc. - Segment focus

12.4 Amazon.com Inc.

Exhibit 128: Amazon.com Inc. - Overview
Exhibit 129: Amazon.com Inc. - Business segments
Exhibit 130: Amazon.com Inc. - Key news
Exhibit 131: Amazon.com Inc. - Key offerings
Exhibit 132: Amazon.com Inc. - Segment focus

12.5 Clarifai Inc.

Exhibit 133: Clarifai Inc. - Overview
Exhibit 134: Clarifai Inc. - Product / Service
Exhibit 135: Clarifai Inc. - Key offerings

12.6 Hitachi Ltd.

Exhibit 136: Hitachi Ltd. - Overview
Exhibit 137: Hitachi Ltd. - Business segments
Exhibit 138: Hitachi Ltd. - Key news
Exhibit 139: Hitachi Ltd. - Key offerings
Exhibit 140: Hitachi Ltd. - Segment focus

12.7 Honeywell International Inc.

Exhibit 141: Honeywell International Inc. - Overview
Exhibit 142: Honeywell International Inc. - Business segments
Exhibit 143: Honeywell International Inc. - Key news
Exhibit 144: Honeywell International Inc. - Key offerings
Exhibit 145: Honeywell International Inc. - Segment focus

12.8 Imagga Technologies Ltd.

Exhibit 146: Imagga Technologies Ltd. - Overview
Exhibit 147: Imagga Technologies Ltd. - Product / Service
Exhibit 148: Imagga Technologies Ltd. - Key offerings

12.9 Intel Corp.

Exhibit 149: Intel Corp. - Overview
Exhibit 150: Intel Corp. - Business segments
Exhibit 151: Intel Corp. - Key news
Exhibit 152: Intel Corp. - Key offerings
Exhibit 153: Intel Corp. - Segment focus

12.10 International Business Machines Corp.

Exhibit 154: International Business Machines Corp. - Overview
Exhibit 155: International Business Machines Corp. - Business segments
Exhibit 156: International Business Machines Corp. - Key news
Exhibit 157: International Business Machines Corp. - Key offerings
Exhibit 158: International Business Machines Corp. - Segment focus

12.11 LTU TECH

Exhibit 159: LTU TECH - Overview
Exhibit 160: LTU TECH - Product / Service
Exhibit 161: LTU TECH - Key offerings

12.12 Micron Technology Inc.

Exhibit 162: Micron Technology Inc. - Overview
Exhibit 163: Micron Technology Inc. - Business segments
Exhibit 164: Micron Technology Inc. - Key offerings
Exhibit 165: Micron Technology Inc. - Segment focus

12.13 Microsoft Corp.

Exhibit 166: Microsoft Corp. - Overview
Exhibit 167: Microsoft Corp. - Business segments
Exhibit 168: Microsoft Corp. - Key news
Exhibit 169: Microsoft Corp. - Key offerings
Exhibit 170: Microsoft Corp. - Segment focus

12.14 NEC Corp.

Exhibit 171: NEC Corp. - Overview
Exhibit 172: NEC Corp. - Business segments
Exhibit 173: NEC Corp. - Key news
Exhibit 174: NEC Corp. - Key offerings
Exhibit 175: NEC Corp. - Segment focus

12.15 NVIDIA Corp.

Exhibit 176: NVIDIA Corp. - Overview
Exhibit 177: NVIDIA Corp. - Business segments
Exhibit 178: NVIDIA Corp. - Key news
Exhibit 179: NVIDIA Corp. - Key offerings
Exhibit 180: NVIDIA Corp. - Segment focus

12.16 Partium

Exhibit 181: Partium - Overview
Exhibit 182: Partium - Product / Service
Exhibit 183: Partium - Key offerings

12.17 Qualcomm Inc.

Exhibit 184: Qualcomm Inc. - Overview
Exhibit 185: Qualcomm Inc. - Business segments
Exhibit 186: Qualcomm Inc. - Key news
Exhibit 187: Qualcomm Inc. - Key offerings
Exhibit 188: Qualcomm Inc. - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 189: Inclusions checklist
Exhibit 190: Exclusions checklist

13.3 Currency conversion rates for USUSD

Exhibit 191: Currency conversion rates for USUSD

13.4 Research methodology

Exhibit 192: Research methodology
Exhibit 193: Validation techniques employed for market sizing
Exhibit 194: Information sources

13.5 List of abbreviations

Exhibit 195: List of abbreviations

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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