Image Recognition Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Image Recognition Market: Snapshot
The world market for image recognition is basically triggered by the soaring demand for security applications and products that are enabled with the function of image recognition. The growing usage of high bandwidth data services has encouraged the requirement for solutions of image recognition. In addition to that, high acceptance of the technology of image recognition technology by many different companies in various sectors such as healthcare and defense, automotive, and retail also contribute towards the growth of the world market for image recognition..
The said market has been segregated on the basis of various categories. On such category is technology, the international market for image recognition market has been divided into the categories of optical character recognition, code recognition, facial recognition, pattern recognition, object recognition, and digital image processing. The category of code recognition technology segment is estimated to be the leading segment in the world market for image recognition. There has been a surge in the adoption of code recognition technology particularly in the region of North America so as to make an offering of better facilities to the customers thereby enhancing customer loyalty.
On the basis of the category of industry, the world market for image recognition is segmented into IT & telecom, transportation & logistics, media & entertainment, BFSI, healthcare, government, retail & consumer goods, and others such as gaming & education. The category of media & entertainment industry is forecasted to lead the internal market for image recognition in the years to come due to the wide usage of the technology of image recognition by social media. The soaring usage of image recognition in various segments such as television, gaming, and movies is further enhancing the growth of this segment.
Image Recognition Market: Overview
Image recognition has emerged as a reliable alternative for card-based recognition systems to evade data theft and data breach instances. Image recognition technologies comprise voice, iris, palm, hand vein pattern, fingerprints, retina, hand geometry, facial pattern recognition. Image recognition based on these indications can be applied across various fields such as vehicular safety, advertising, security and surveillance, biometric scanning machines, pedestrian recognition, and e-commerce.
Image Recognition Market: Key Trends
The increasing demand for high bandwidth data services in BFSI and retail sector is one of the primary factors driving the global image recognition market. The increasing use of smartphones and other mobile devices for e-commerce is attracting vendors to invest in the image recognition space to offer an enhanced shopping experience on the digital medium.
Moreover, the increasing demand for products equipped with image recognition functions and the increasing need to add security features to avoid data breach is also influencing the market’s growth.
In healthcare, with the rapid adoption of electronic health record practices and remote healthcare practices, the scope of utilization of image recognition technology is expected to be on the rise.
The rising application of image recognition technology across various sectors such as automotive, defense, retail, and education is expected to contribute substantially to the growth of the image recognition market. Some other key end-users of image recognition technology are media, academia/government, gaming, and libraries and archives.
However, the deployment of image recognition technology is limited due to low-resolution image size and storage limitations of indications that function on this technology.
Image Recognition Market: Market Potential
The adoption of image recognition is incessantly increasing to offer enhanced security requirements. With the inclusion of artificial intelligence, image recognition systems are expected to offer the next level of security for smart home solutions. This is because the key to reliable security in smart homes is dependent on real-time notifications, accurate recognition, and availability of various auxiliary functions. Smart recognition monitoring systems that are used presently use identity recognition, environmental judgment, trajectory recognition, and compensation recognition.
Image Recognition Market: Regional Outlook
North America, Asia Pacific, Europe, and Rest of the World are the regions into which the global image recognition market can be divided. The presence of tech giants such as Google, Facebook, Apple, IBM, etc. makes North America the leading regional image recognition market. Moreover, higher adoption of advanced technologies for enhanced security of smart devices is also fuelling the growth of this regional market.
However, Asia Pacific also stands as a significant regional market for image recognition as the region is home to a large number of IT companies. The high volume growth of e-commerce and the ceaseless consumption of mobile devices also makes Asia Pacific a significant market for image recognition. The growing middle-class population with disposable incomes is highly technology-savvy, which is expected to be an influential factor for growth of the Asia Pacific image recognition market in the coming years.
Image Recognition Market: Competitive Landscape
Some of the key vendors in the global image recognition market include LTU Technologies, Honeywell, Itarff Technology, and Catchoom. Some other prominent vendors in this market are Wikitude, Sharp Vision Software, Panasonic, Hitachi, Toshiba, Qualcomm Technologies, NEC, and Blipper. Major vendors in the market are focused on new product launches in order to enhance their product portfolio and for enhanced customer experience. Existing players in the market are continually introducing innovative products and upgrading their products to increase their market share. With technological advancements in image recognition, major vendors are focused on introducing next generation services and solutions.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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