The global image recognition market is projected to record growth at a CAGR of 21% during the forecast period. Image recognition is a technology that has numerous applications, and detects objects and features in a digital image using various algorithms. The increasing adoption of facial recognition systems and the rise in the need for using data analytics, are estimated to sustain the market growth in a significant manner. However, the increasing expenditure accompanying the image recognition applications in the domains of retail, media, and marketing, is expected to deter market growth. Although there are market growth opportunities for image recognition with regards to the increasing usage of arterial intelligence, the concerns over image quality pose a threat to market growth.

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The significant development in the e-commerce sector and partnerships between the players in the market is contributing to the market growth. Some of the major companies in the region are Hitachi Ltd., Qualcomm Technologies, Inc., NEC Corporation, Google LLC., Honeywell International Inc., LTU Technologies, Amazon Web Services Inc., etc.

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