A new report from Grand View Research predicts that the overall image recognition market will jump to $109.4 billion between 2020 and 2027. That figure represents a CAGR of 18.8 percent for the entire forecast period.
The vast image recognition market includes everything from surveillance and medical imaging to the driver assist systems in smart cars. It also covers scanners and biometric modalities like facial recognition. The sheer breadth of the market ensures that there are a wide variety of potential applications, and will lead to business opportunities in several different areas.
For example, Grand View notes that facial recognition is becoming an increasingly popular automated security solution at airports and other large venues, while a growing number of organizations are deploying digital image processing to make onboarding more convenient. Meanwhile, social media sites like Twitter and Facebook have helped normalize image recognition technology with tag-your-friends features that automatically sort large volumes of information and deliver a more engaging user experience.
Grand View credits the increasing ubiquity of digital cameras in smartphones and other devices for the exponential growth in the volume of photo and video content that is now available through various digital channels. Companies are leveraging that data in a number of different ways. SnapPay, for instance, is using facial recognition to facilitate naked payments in North America, while NEC has teamed up with the Star Alliance to bring biometric identity verification to airport security checkpoints.
While image recognition offers plenty of opportunities, high development and processing costs could prove to be deterrents for smaller companies with less resources. Image recognition companies also need to be able to guarantee that people’s personal information is being protected, especially in sensitive areas like payments and identity.
Grand View highlighted Google, NEC, and Qualcomm as some of the key players in the image recognition space.
March 26, 2020 – by Eric Weiss