Facial recognition will help to drive considerable growth in the overall image recognition market over the next several years, according to a new forecast from Fortune Business Insights.
The market research firm estimates that the global image recognition market had a value of $20.19 billion in 2018, and that it will reach a whopping $81.88 billion by 2026. A CAGR of 19.6 percent is predicted for the forecast period of 2019-2026.
“The use of image recognition technology in surveillance and security systems, data validation, tracking, and data analysis will fuel the demand for the product across the world,” Fortune Business Insights asserted in a report summary. Going forward, growth in image recognition will be further stoked by increasing investment in R&D.
Biometric facial recognition is, of course, one form of AI-driven image recognition. Other technologies in this field include object recognition, pattern recognition, optical character recognition, and barcode recognition.
Leading companies highlighted in Fortune Business Insights’ report include Amazon Web Services, Google, IBM, Microsoft, NVidia, Honeywell, Qualcomm, Hitachi, LTU, and NEC, whose renowned facial recognition technology is being used by major government clients including US Customs and Border Protection.
January 2, 2020 – by Alex Perala