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Global Image Recognition Market to Reach $73.344 Billion by 2026

Strategic Insights

— 1 min read

The global image recognition market is driven by the flourishing e-commerce industry and intense competition among cloud companies, with the market expected to grow at a CAGR of 17.59% to reach $73.344 billion by 2026. The market is segmented by component, technology, deployment, application, end-user, and region, with facial recognition technology expected to witness significant growth due to its use in security applications. The BFSI segment is expected to grow rapidly due to the use of image recognition technology to identify and remove fake accounts and offer personalized communication services to customers.

Key Takeaways:

  • The global image recognition market stood at $27.764 billion in 2020 and is expected to grow with a CAGR of 17.59% to reach $73.344 billion by 2026.
  • The market is driven by the flourishing e-commerce industry and intense competition among cloud companies, with the use of data shared by consumers on online platforms to identify people, items, buildings, logos, and products.
  • Facial recognition technology is expected to witness significant growth in the forecast period, driven by its use in security applications for law enforcement agencies.
  • The BFSI segment is expected to grow rapidly due to the use of image recognition technology to identify and remove fake accounts and offer personalized communication services to customers.
  • The market is segmented by component, technology, deployment, application, end-user, and region, with the BFSI segment expected to be a significant contributor to the market growth.
  • Companies mentioned in the report include Amazon, Alphabet, Microsoft, IBM, Qualcomm, NEC, Hitachi, Toshiba, Fujitsu, Honeywell, Oracle, Catchoom, Vispera, Ximilar, and LTU Technologies.
  • The growth of the market in the forecast period is fueled by the efforts of market players to improve online retail and optimize processes, including shelf recognition, merchandising standards, and product placement.
  • The use of image recognition technology to buy products online is facilitating the growth of the market in the forecast period.

Statistics:

  • Global image recognition market size: $27.764 billion in 2020
  • CAGR: 17.59%
  • Market size by 2026: $73.344 billion
  • Market growth rate: 17.59% CAGR from 2020 to 2026
  • Segments: component, technology, deployment, application, end-user, and region

Sources:

  • "Global Image Recognition Market, By Component (Software, Hardware, Services), By Technology (Digital Image Processing, Code Recognition, Facial Recognition, Others), By Deployment, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2026" report by ResearchAndMarkets.com
  • M2 PressWIRE, January 5, 2022
  • ResearchAndMarkets.com, https://www.researchandmarkets.com/r/vzu2ov

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