Global Image Recognition Market is valued approximately at USD 22.9 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 20% over the forecast period 2019-2026. The image recognition refers to technologies that identify logos, places, people, building, objects, and several other variables in images. Mobile phones equipped with cameras are increasing creation of digital image and videos. Image recognition system uses the data shared by users through various platforms such as apps, social networks, and websites. The global Image Recognition market is categorized based on end-user as an uninterruptible power supply or backup in end use industries. This concept is used targeted advertising, smart photo libraries, toll booth monitoring, security surveillance, and systems for factory automation. The growth of the market can be mainly attributed to the rising demand for internet access and higher adoption of social media and web. Increasing demand for data analytics and advanced machine learning among different verticals such as BFSI and retail, has increased the demand for technology. The capability of image recognition technology to recognize and identify people and objects in images and understand the context have led the market growth. Furthermore, high demand from datacenters is expected to create significant growth opportunity in the market over the forecast period. However, facial recognition technology is anticipated to witness an expandable growth over the forecast period of 2019-2026.

The regional analysis of global Image Recognition market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing production of high mobile computing platform in the field of digital shopping and e-commerce activities. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as rapid urbanization, increasing disposable income, increasing industrial activities and demand for data analytics would create lucrative growth prospects for the Image Recognition market across Asia-Pacific region.