MarketsandMarkets Forecasts $53 Billion Image Recognition Market

MarketsandMarkets is predicting that the global Image Recognition Market will double in the next five years, growing from $26.2 billion to $53 billion between 2020 and 2025. Those numbers represent a CAGR of 15.1 percent for the forecast period.

The firm credits rapid technological advancements for much of that anticipated growth. That will be especially true in healthcare, which is expected to be the vertical with the highest CAGR moving forward. Image recognition can help provide patients with more personalized care experiences, and can be configured to recognize credentials and bolster security in an industry that regularly deals with sensitive personal information.

MarketsandMarkets also believes that the rising popularity of image recognition technology will create a surging demand for professional services to make sure that technology runs properly. Service providers will offer technical support when a new image recognition system is being installed, and will continue to provide maintenance, updates, and troubleshooting once those systems are up and running. The professional services segment will exhibit the highest growth in MarketsandMarkets’ five-year forecast window.

Perennial tech giants like IBM, Google, Qualcomm, Microsoft, and Amazon are expected to be at the forefront of the image recognition market. Trax, NEC, Huawei, AIRY3D, and Toshiba will be some of the biggest players outside of the US.

The MarketsandMarkets figures are slightly less ambitious than predictions from other firms. Grand View Research has indicated that the image recognition market will hit $109.4 billion in 2027, based on a CAGR of 18.8 percent. Fortune Business Insights similarly believes that it will hit $81.88 billion in 2026, based on a CAGR of 19.6 percent and a 2018 valuation of $20.19 billion.

It is worth noting that both of those rival predictions are from early 2020, and may not reflect the full disruptive impact of COVID-19. MarketsandMarkets recently placed the smaller facial recognition market at $8.5 billion in the same 2025 timeframe.  

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January 12, 2021 – by Eric Weiss