GITNUX MARKETDATA REPORT 2024

Image Recognition Industry Statistics

The image recognition industry is expected to grow rapidly, with a projected market size of $31.62 billion by 2025, driven by increasing demand for machine learning and artificial intelligence applications across various sectors including healthcare, automotive, retail, and security.

With sources from: researchandmarkets.com, alliedmarketresearch.com, ncbi.nlm.nih.gov, marketsandmarkets.com and many more

Statistic 1

The global image recognition market size was valued at USD 25.65 billion in 2019.

Statistic 2

The image recognition industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.34% from 2020 to 2027.

Statistic 3

North America is projected to hold the highest share of the image recognition market.

Statistic 4

The market is significantly influenced by investments in machine learning by tech giants like Google, IBM, and Microsoft.

Statistic 5

The software market (hardware and services) is anticipated to dominate the image recognition market with a share of around 62.03% by 2026.

Statistic 6

Scanning and imaging is predicted to possess the quickest growth rate of 24.2% over the forecast period.

Statistic 7

Security and surveillance is the largest application segment in the image recognition market.

Statistic 8

Deep learning technology is forecasted to dominate the technology segment by 2026.

Statistic 9

Image recognition in the retail sector is projected to grow at 22% CAGR from 2019 to 2025.

Statistic 10

The Asia-Pacific region is expected to rise at a CAGR of 22.5% over the forecast period due to the surge in adoption of cloud-base technologies.

Statistic 11

In 2018, QR code recognition held the largest market share of 62.2% in the application segment.

Statistic 12

OCR has the potential to grow USD 12.6 billion by 2025, at a CAGR of 13.3%.

Statistic 13

The APAC Image Recognition Market is expected to reach $9.37 billion by 2021, at a CAGR of 21.7% from 2016 to 2021.

Statistic 14

The use of image recognition technologies in consumer electronics might reach $40.05 billion by 2025.

Statistic 15

By technology, pattern recognition dominated the market in 2019, accounting for 23.4% of the global image recognition market.

Statistic 16

APAC market is expected to grow at a faster pace due to high adoption rates of the technology in several sectors like healthcare.

Statistic 17

The demand for image recognition is witnessing significant growth in smartphones, mainly due to the rising trend of social media.

Statistic 18

Facial recognition is growing rapidly in the image recognition market and is expected to grow at a CAGR of 22.3% during the forecast period.

Statistic 19

The augmented reality segment in the image recognition market is expected to have the highest CAGR of 22.0% during 2020-2027.

Sources Icon Sources

In the following blog post, we will explore the dynamic landscape of the global image recognition industry, backed by compelling statistics and market insights. From the substantial market size and projected growth rates to regional market dominance and key technological trends, this analysis delves into the thriving world of image recognition. Stay tuned to uncover the latest trends and developments shaping this fast-evolving sector.

Statistic 1

"The global image recognition market size was valued at USD 25.65 billion in 2019."

Sources Icon

Statistic 2

"The image recognition industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.34% from 2020 to 2027."

Sources Icon

Statistic 3

"North America is projected to hold the highest share of the image recognition market."

Sources Icon

Statistic 4

"The market is significantly influenced by investments in machine learning by tech giants like Google, IBM, and Microsoft."

Sources Icon

Statistic 5

"The software market (hardware and services) is anticipated to dominate the image recognition market with a share of around 62.03% by 2026."

Sources Icon

Statistic 6

"Scanning and imaging is predicted to possess the quickest growth rate of 24.2% over the forecast period."

Sources Icon

Statistic 7

"Security and surveillance is the largest application segment in the image recognition market."

Sources Icon

Statistic 8

"Deep learning technology is forecasted to dominate the technology segment by 2026."

Sources Icon

Statistic 9

"Image recognition in the retail sector is projected to grow at 22% CAGR from 2019 to 2025."

Sources Icon

Statistic 10

"The Asia-Pacific region is expected to rise at a CAGR of 22.5% over the forecast period due to the surge in adoption of cloud-base technologies."

Sources Icon

Statistic 11

"In 2018, QR code recognition held the largest market share of 62.2% in the application segment."

Sources Icon

Statistic 12

"OCR has the potential to grow USD 12.6 billion by 2025, at a CAGR of 13.3%."

Sources Icon

Statistic 13

"The APAC Image Recognition Market is expected to reach $9.37 billion by 2021, at a CAGR of 21.7% from 2016 to 2021."

Sources Icon

Statistic 14

"The use of image recognition technologies in consumer electronics might reach $40.05 billion by 2025."

Sources Icon

Statistic 15

"By technology, pattern recognition dominated the market in 2019, accounting for 23.4% of the global image recognition market."

Sources Icon

Statistic 16

"APAC market is expected to grow at a faster pace due to high adoption rates of the technology in several sectors like healthcare."

Sources Icon

Statistic 17

"The demand for image recognition is witnessing significant growth in smartphones, mainly due to the rising trend of social media."

Sources Icon

Statistic 18

"Facial recognition is growing rapidly in the image recognition market and is expected to grow at a CAGR of 22.3% during the forecast period."

Sources Icon

Statistic 19

"The augmented reality segment in the image recognition market is expected to have the highest CAGR of 22.0% during 2020-2027."

Sources Icon

Interpretation

In conclusion, the global image recognition market is experiencing rapid growth and is expected to continue expanding significantly in the coming years. Factors such as the increasing adoption of cloud-based technologies, investments in machine learning by tech giants, and the rise of applications like security and surveillance and facial recognition are driving this growth. North America currently holds the largest share of the market, but the Asia-Pacific region is expected to grow at a faster pace, especially in sectors like healthcare. The dominance of software in the market, advancements in deep learning technology, and the projected growth of specific segments like scanning and imaging, retail, and augmented reality further highlight the dynamic and promising nature of the image recognition industry moving forward.

Can You Trust Our Report?

The statistics are checked by us and then entered into the database. Our market data reports have been linked to by some of the largest publishers and companies on the Internet.

Learn more about our process here.

Submit Your Own Statistic Data

Would you like to submit your own researched statistics on this topic? You are welcome to use the form below and submit your suggestion to us. We will check the source and approve it if necessary.

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!