Global Image Recognition Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2026
MarketResearch.biz delivers in-depth insights on the global image recognition market in its upcoming report titled, “Global Image Recognition Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2026”. The global image recognition market is estimated to register a CAGR of XX.X% in terms of value during forecast period 2017–2026. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2026. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global image recognition market report has been segmented on the basis of technique, component, application, deployment mode, industry verticals, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Image recognition is a machine vision technology wherein software and hardware are used to identify place, object, people in a digital image or video. Machine vision along with artificial intelligence is used to achieve image recognition.
Increasing adoption of image recognition for various applications in various sectors such as retail, marketing, media is a major factor driving growth of the global image recognition market. In addition, increasing adoption of big data analytics and high bandwidth data services are other factors driving growth of the global market. Moreover, increasing adoption of consumer analytics to understand consumer preference and behavior is another factor expected to support growth of the global market.
High installation cost of image recognition system is a major factor hampering growth of the global image recognition market. In addition, faulty image sensors and cameras is a challenge which is hampering growth of the global market to a certain extent. However, technological advancements towards product development in terms of advanced sensors, camera, and lower cost is expected to create lucrative business opportunities for major manufacturers in the global market over the forecast period.
The market in North America accounts for highest revenue share in the global image recognition market and is expected to maintain its dominance over the forecast period. Presence of major manufacturers and increasing adoption of machine learning techniques and growing digital shopping and e-commerce platform are major factors driving growth of the North America image recognition market. The Europe image recognition market is expected to witness significant growth and is expected to register a CAGR of X.X% over the forecast period. The Asia Pacific image recognition market is expected to witness highest growth and is projected to register a CAGR of XX.X% over the next 10 years. This growth can be attributed to increasing adoption of cloud based services and rapid development in retail sector in countries such as India, China, etc. in this region.
Global image recognition market segmentation:
Segmentation on the basis of technique:
- QR/Barcode Recognition
- Object Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
Segmentation on the basis of component:
Segmentation on the basis of application:
- Augmented Reality
- Scanning & Imaging
- Security & Surveillance
- Marketing & Advertising
- Image Search
Segmentation on the basis of deployment mode:
Segmentation on the basis of industry verticals:
- Retail & E-commerce
- Media & Entertainment
- Banking, Financial services and Insurance (BFSI)
- Telecom & IT
- Automobile & Transportation
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Attrasoft, Inc.
- NEC Corporation
- Google, Inc.
- Catchoom Technologies S.L
- Hitachi, Ltd.
- Honeywell International, Inc.
- LTU Technologies
- Qualcomm Incorporated
- Slyce, Inc.
- Wikitude GmbH
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