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 service, the professional service segment to register the highest growth rate during the forecast period
Professional services include integration and deployment, support and maintenance, and consulting services related to image recognition solutions. Image recognition vendors provide technical support during the implementation and use of image recognition solutions. Maintenance services include providing enhancements to solutions and assisting in resolving issues in deployed solutions and is forecasted to have the highest CAGR among the other professional services. The demand for professional services is expected to increase with the deployment of image recognition solutions
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Based on vertical, healthcare to grow at the highest CAGR during the forecast period
The healthcare vertical comprises hospitals, health clinics, medical and dental practices, healthcare equipment and services providers, pharmaceutical companies, biotechnology companies, and providers of related life sciences services. The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience. Image recognition solutions help healthcare organizations address the security issues related to users’ credentials and help them deliver an enriched experience to their patients. Therefore, healthcare registers the highest growth rate during the forecast period.
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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