MarketsandMarkets forecasts the Image Recognition Market size to grow from USD 26.2 billion in 2020 to USD 53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% from 2020 to 2025. Increased in the need for efficient and profitable retail execution processes with adherence to compliance standards and technological advancements to boost the adoption of image recognition market across the globe during the forecast period.
By component, the services segment to register the highest growth rate during the forecast period
Many countries have widely accepted image recognition in this COVID-19 situation. For instance, Moscow, Russia, and China have adopted image recognition, pattern recognition, and facial recognition technologies to detect individuals and resist the spread of virus. As a result of this, the service segment of the image recognition market has witnessed growth.Services for the image recognition market include implementation, deployment, product upgrades, maintenance, and consulting. Increase in the adoption of image recognition software has led to the growth of such services, which help the companies to increase overall revenue and enhance performance. Vendors in the image recognition market sometimes provide services via channel partners; these partners can help strengthen the geographical reach of solution vendors and improve the cost-effectiveness of their software. The growing demand for rich media is expected to drive companies, such as LTU Technologies, and Catchoom, to offer integrated training services, professional services, and support and maintenance services.
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Based on vertical, the BFSI segment estimated to hold the largest market size during the forecast period
As the current COVID-19 pandemic is impacting the world and dramatically altering society, governments and corporations are turning to novel uses of biometric technologies to limit contagion and maintain economic opportunities. COVID-19 has accelerated the adoption of AI in healthcare. AI-based tools and solutions can work quickly, be deployed at scale, and respond to the dynamic nature of the crisis. The BFSI vertical adopts innovative technologies due to increased centralization and computerization. The vertical, which includes commercial banks, non-banking financial organizations, and insurance companies, uses image recognition technology for electronic data and content management. The superior image processing technology is used for the automation and digitization of products and services, which ensure the smooth and effective electronic payment of checks, bills, and invoices, thus enhancing the use of mobile/internet banking. The technology also enables safe and secured online transactions.
The image recognition market includes major vendors such as IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), NEC Corporation(Japan), Trax (Singapore), Partium(Austria), LTU Tech (France), Vispera(Turkey), Blippar(UK), Clarifai(US), Wikitude (Austria), Huawei (China), Honeywell (US), Hitachi (Japan), Toshiba (Japan), Oracle (US). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the image recognition market.
IBM has been leading the field of AI since the 1950s, bringing one of the most innovative solutions to the market in the field of image recognition. IBM introduced Watson, an AI technology that can be applied across various verticals, such as finance, retail, travel and hospitality, and healthcare. Watson uses NLP and ML to reveal significant insights from large volumes of unstructured data. Using the Watson suite of APIs, retailers can receive immense benefits by segmenting customers individually and personalizing their shopping experiences. This ultimately results in more frequent shopping and thereby ensures higher customer loyalty. A retailer incorporating Watson API into the online shopping experience can deliver personalized advice on clothing with the help of NLP. As customers shop online, their choices can be refined, based on factors such as location, activity, gender, past purchase behaviour, and month of the year. By processing such data, recommendations will be provided based on the occasion and weather conditions in the region.
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Google specializes in offering search, ads, mobile, Android, online video, apps, ML, and Virtual Reality (VR) solutions. It is a major player in the global image recognition market. The company offers Vision AI to derive insights from product images in the cloud. Vision AI is categorized into AutoML Vison and Vision API. AutoML Vision simplifies the uploading image process whereas Vision API helps to understand the content of an image by encapsulating powerful ML models, classifies images into thousands of categories, automatically detects individual objects and faces within images, and finds and reads printed words contained within images. The company focuses on adopting organic and inorganic growth strategies to gain a strong foothold in the market. It has invested in new businesses, products, services, and technologies and is expected to continue doing so. Google is expanding its pool of ML talent with the purchase of a startup that specializes in smartphone image recognition.
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