Image Recognition Market to Rise at 19.6% CAGR till 2026

The global image recognition market size is projected to reach USD 81.88 billion by 2026. The increasing incorporation of artificial intelligence in image recognition will fuel the demand for the product across the world. According to a report published by Fortune Business Insights™, titled, "Image Recognition Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Services (Implementation, Consulting and Training, and Support and Maintenance), By Technology (Barcode Recognition, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), By Applications (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, and Marketing and Advertising), By Deployment (On-Premises, Cloud), By End-User (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecommunications, Government, Healthcare, Transportation and Logistics, and Others) and Regional Forecast, 2019-2026," the market was worth USD 20.19 billion in 2018 and will exhibit a CAGR of 19.6% during the forecast period, 2019-2026.

The image recognition technology finds applications in widespread domains. The use of image recognition technology in surveillance and security systems, data validation, tracking, and data analysis will fuel the demand for the product across the world. The increasing investment in the research and development of newer image recognition methods and software will aid the growth of the market in the forthcoming years. The demand for image recognition has risen dramatically in recent years, accounting to widespread product applications and improved efficacies. The increasing smartphone penetration has provided a huge potential for the companies operating in the market.

The competitive landscape of the IoT in manufacturing market has been discussed in detail. In addition to growth stimulators, the report discusses a few of the factors that have restrained market growth. Forecast values for the market have been provided in the report for the period of 2019-2026. Additionally, the report identifies areas that have witnessed the highest demand and applications for the product in recent years. Besides this, a few of the leading products, major companies, and major industry developments of recent times have been highlighted in this report.

Increasing Number of Product Launches Will Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches have made the highest impact on market growth. In April 2019, Honeywell announced the launch of a new technology with AI-integrated capabilities in connected security platforms. The product was launched with in collaboration with Intel with the aim to improve site security and operator productivity. Through this product, the company plans to expand its portfolio of image recognition products and establish a stronghold in the market. The report includes a few of the major product launches of recent times and gauges their impact on the global market.

North America to Witness High Growth; Widespread Product Applications Will Aid Market Growth

The report analyzes the ongoing image recognition market trends across major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in North America will witness high growth in the coming years, due to the growing demand for image recognition across several industries. The growing incorporation of image recognition technology in banking sectors will contribute to market growth. Besides North America, the market in Asia Pacific is projected to emerge as the fastest growing market among due to the increasing investments in product development.

Key Industry Developments:

April 2018: Qualcomm Technologies, Inc. announced a collaboration with NetEase Youdao for the implementation of Youdao’s real-scene augmented reality (AR) translation-based platforms.

Some of the leading companies that are operating in the global image recognition market are:

• Amazon Web Services (AWS) Inc.
• Google LLC
• IBM Corporation
• Microsoft Corporation
• NVidia Corporation
• Honeywell International Inc.
• Qualcomm Technologies, Inc.
• Honeywell International, Inc.
• Hitachi, Ltd.
• LTU technologies
• NEC Corporation

Rahul Gdave Fortune Business Insight Writer