The global image recognition market was valued at USD 22,429.7million in 2018 and is expected to reach USD xx million by 2026, growing at a CAGR of 18.4% during the forecast period. Increasing applications of facial recognition in the BFSI industry and rising demand for security applications with image recognition functions are expected to drive the growth of the image recognition market.
The rising adoption of artificial intelligence (AI) is providing benefits in the way of automating operations and enriching customer experience. In some developing economies, governments are also focusing on the adoption of AI applications in different industries such as financial sectors, transportation & logistics, healthcare, and others. Increasing investments by governments on emerging technologies will drive the image recognition market in the future. For instance, the US government is planning to spend 1 billion USD in artificial intelligence research & development in the fiscal year 2020.
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Artificial intelligence has become the core of every technology-driven business in recent times, which has resulted in increasing advancements in these AI-driven businesses. Image recognition is one of the standard features in many artificial intelligence-enabled applications. So, the market for image recognition is expected to grow with the pace of the booming technology like AI and expand further in the upcoming years.
In terms of image recognition and analysis, there have been remarkable developments in recent years, and the technology is now surpassing human-level intelligence. AI-enabled image recognition helps to detect the tiniest nuances which cannot be noticed by human intelligence. These benefits are expected to accentuate the market for image recognition in the coming years.
Based on the recognition technology, the barcode recognition segment is expected to dominate the image recognition market during the forecast period.
Based on component, the software segment is expected to dominant the market during the forecast period.
Based on deployment, the on-premises segment is expected to lead the global market during the forecast period.
Based on applications, the security & surveillance segment is projected to grow at a significant CAGR during the forecast period.
North America accounted for the largest share in the global image recognition market in 2018.
In October 2017, Denso Corp., an automotive component and smart technology and systems supplier, has collaborated with FotoNation, for developing applications for automotive cabin sensing. As a result of this collaboration, Denso can enhance the customer experience by providing driver status monitor in vehicles. A sensor is used in the driver status monitor for detecting the face angle of the driver, drowsiness level, and eye closure for long durations.
In March 2019, Amazon Rekognition (developed by AWS) developed an enhanced facial recognition model. The face recognition model creates huge sized metadata for detected faces in the category of age range, emotions, gender, and facial attributes such as smile, beard, eyeglasses, face marks, and face pose.
In April 2019, Google Inc. has collaborated with Atos (provider of automated facial recognition solutions) after opening its new artificial intelligence (AI) laboratory in Paris, France. The laboratory will help customers and organizations in identifying the use cases for AI-enabled image recognition, create AI solutions prototype, and drive the adoption of the rapidly developing technology.