Verified Market Research has released a new report that suggests that the market for image recognition technology will triple in the next few years. The report predicts that the market will jump from $30.28 billion in 2020 to $98.47 billion by 2027, which corresponds to a CAGR of 18.24 percent for the forecast period.
According to Verified, much of that growth can be attributed to the rising demand for security solutions. Facial recognition is part of the broader image recognition market, so the value of that market will rise as more organizations implement access and surveillance products with face-based biometric identification capabilities.
Verified called similar attention to the use of image recognition in the retail industry. The technology can be used in-store to help track (and stock) products on shelves, and to monitor customer behavior. That information can then be analyzed to give retailers a better sense of their audience and to provide better service in the future.
Image recognition also has major implications for e-commerce. With image recognition, customers would be able to scan a product in real life (or a product in a video stream) to find out where they can purchase that same product online. For example, Snap is currently developing a utility that would direct users to Amazon listings when they take a photo of a real-world product with the Snapchat app.
Verified identified Google, NEC, Qualcomm, and Hitachi as some of the major players in the image recognition space. The firm’s $98 billion figure, meanwhile, is in line with other forecasts for the image recognition market. Grand View Research believes that the market will hit $109.4 billion in the same 2027 timeframe, while Fortune Business Insights expects it to reach $81.88 billion one year earlier in 2026.
MarketsandMarkets has issued a slightly lower $53 billion prediction, though that figure is only based on an analysis of the market until 2025.
February 5, 2021 – by Eric Weiss