According to research report “Image Recognition Market by Technology (Digital Image Processing, Facial Recognition, Pattern Recognition), Component (Hardware, Software, and Services), Deployment Mode (On-premises & Cloud), Application, Vertical, and Region – Global Forecast to 2025″, the global 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 is one of the major factors expected to drive the growth of this market.
Browse 247 market data Tables and 45 Figures spread through 243 Pages and in-depth TOC on “Image Recognition Market – Global Forecast to 2025”
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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.
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.
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North America to hold the largest market share during the forecast period.
Due to the COVID-19 impact, North America is going through tremendous strain, due to which major countries such as the US and Canada are bearing huge losses. The privacy of customers is mostly being affected during this unprecedented time. The rise in the integration of AI with image recognition and AR is expected to drive the market growth in the US and Canada. The US and Canada both have strong economic conditions and are expected to be major contributors to the MFA markets growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying MFA and services.
Market Players
Key and innovative vendors in the MFA market include Micro Focus (UK), Broadcom (US), Microsoft (US), IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), Trax (Singapore), Catchoom (Spain), Slyce (US), LTU Tech (France), Imagga (Bulgaria), Vispera(Turkey), Blippar(UK), Ricoh innovations (US), Clarifai(US), Deepomatic (France), Wikitude (Austria), Huawei (China), Honeywell (US), Toshiba (Japan), Oracle (US).
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