Pune, Nov. 10, 2020 (GLOBE NEWSWIRE) -- The global image recognition market size is projected to reach USD 86.32 billion by 2027, exhibiting a CAGR of 17.6% during the forecast period. Active adoption of facial recognition technologies to screen people amid the current COVID-19 pandemic is ensuring stable growth of the market, observes Fortune Business Insights™ in its report, titled “Image Recognition Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (Code Recognition, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition), By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing and Advertising), By Deployment (On-Premise, Cloud), By End User (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecommunication, Government, Healthcare, Transportation and Logistics, and Others), and Regional Forecast, 2020-2027”.

With social distancing measures being aggressively imposed by most countries, governments and private sector organizations are rapidly deploying face recognition tools to screen and identify individuals. In India, for instance, Arvi, a health tech start-up, introduced contactless thermal scanning kiosks in June 2020, which use facial recognition tools equipped with artificial intelligence (AI) and machine learning (ML) capabilities. These kiosks are capable of detecting face through face-masks and checking temperatures of individuals through a thermal screening process. In another instance, Universal Studios in Singapore installed facial recognition scanners, which visitors will have to pass before entering the park, in August 2020. Thus, the COVID-19 pandemic is speeding up the adoption of image recognition solutions to curtail the spread of the virus. 

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The report states that the global market value stood at USD 23.82 billion in 2019 and also offers the following:

Market Restraint

Increasing Number of Bans on Facial Recognition Tools to Limit Market Growth

Chief among the factors limiting the image recognition market growth is the growing clamor around the world to ban the use of facial identification technologies. Such technologies, according to many experts, erode privacy, incite racial and cultural biases, and can be easily misused by those in power. Citing these dangers of image recognition technologies, activists, policymakers, and ordinary citizens around the world are demanding that these technologies need to be discarded. For example, Democrats in the US introduced the ‘Facial Recognition and Biometric Technology Moratorium Act’ in June 2020 to ban the use of facial recognition tools by federal law enforcement agencies. Tech companies are responding on similar lines. In Europe, the European Union is mulling a ban on facial recognition in public places for five years.  These governmental measures are likely to inhibit the growth of this market in the coming years.


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Regional Insights

Rising Demand for Automation Technologies to Favor Market Growth in North America

North America, with market size of USD 9.90 billion in 2019, is expected to dominate the image recognition market share during the forecast period. This is primarily attributable to the growing demand by businesses in the region for advanced automation solutions and services to optimize business processes. In addition, strong presence of large technological companies such as IBM in the region will further aid the expansion of the regional market.

In Europe, a rising emphasis on security and surveillance activities is fueling the adoption of image recognition technologies. Asia Pacific is slated to display the highest CAGR owing to the steadily rising investments in AI and a speedily progressing information & communication technology industry.

Competitive Landscape

Creation of Cutting-Edge Solutions by Key Players to Animate Competition

The R&D operations conducted by some of the largest tech companies in the world are the prominent features of the competitive landscape of this market. These companies are making massive investments in developing advanced image recognition solutions for different enterprises to maintain their competitive edge.



Industry Developments:

List of Key Players Covered in Image Recognition Market Report:


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