The Global Image Recognition Market is showing immense growth; mainly due to the emergence of cloud technologies and growing demand for high bandwidth data services across different industry verticals t has emerged as most popular alternative to other recognition technologies. Increasing use of image recognition applications and increasing use of high bandwidth data services is one major factor driving the growth of image recognition market. Also, increasing security applications and products enabled with image recognition functions is another major factor driving the market growth
Image Recognition Market Information, by Technology (2D, 3D, Sensors), by Product (Touch Based Gesture Recognition, Touch-Less Gesture Recognition), by Applications (Entertainment, Consumer Electronics, Healthcare, Hospitality, Retail) – Forecast 2016-2022
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Competitive Dashboard:
Some of the key players profiled by MRFR in the report are Jestec (LTU Technologies) (Japan), Itraff Technology (Poland), Sharp Vision Software (U.S.), Honeywell (U.S.), Toshiba (Japan), Qualcomm Technologies (U.S.), Panasonic (Japan), NEC (Japan), Hitachi (Japan), and Catchoom.
Market Synopsis:
Market Research Future (MRFR) has projected in its latest study that the global image recognition market is set to expand steadily at a moderate pace throughout the forecast period 2016 to 2022. The adoption of the technology across different industry verticals such as retail, healthcare, defense, automobile, etc. is likely to catapult the image recognition market on an upward trajectory.
In the era of fast moving technological advancement where visual content is continuously replacing the conventional technology of textual solutions, technologies such as image recognition, facial recognition and 3D object recognition are building a very strong layout for providing superior solutions in the area such as security and surveillance, automotive safety, automatic driving and assistance, forensics and police investigations, biometric scanning appliances, healthcare and e-commerce etc.
Various businesses have started recognizing the benefits of collecting the information from images digitally. This digital information can help to enhance customer experience and offer various new ways to approach customers. The rising sophistication of image recognition technologies is expected to grow at a fast pace. In most of the regions of the world, due to the increase in the tech savvy people many new players are focusing towards incorporating Image Recognition technologies in their products.
The growing demand of the virtual market and other stimulation products is creating a huge market potential for image recognition products.
Market Segmentation:
By solution, the global image recognition market has been segmented into facial recognition, barcode/ quick response code recognition, sensors, object recognition, optical object recognition, and pattern recognition.
By deployment, the image recognition market is segmented into on premises and on demand.
By component, the global image recognition market has been segmented into hardware and software.
By application, global image recognition market has been segmented into BFSI, IT and Telecom, healthcare, hospitality, retail industry, automobile, aerospace, entertainment, consumer electronics, and others.
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Industry Developments:
In July 2018, the U.S. based Cision has acquired ShareIQ assets for image recognition technologies.
In August 2018, NEC, a Japanese multinational, announced that it would provide facial recognition systems for the 2020 Paralympic Games and Summer Olympic to be held in Tokyo
Study Objective of Image Recognition Market
To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Image Recognition Market
To provide insights about factors affecting the market growth
To analyze the Image Recognition Market based on various factors- value chain analysis, porter’s five force analysis etc.
To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
To provide country level analysis of the market with respect to the current market size and future prospective
To provide country level analysis of the market for segment by deployment, by solution, by component, by application areas and sub-segments.
To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Image Recognition Market
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Regional Analysis:
By region, the global image recognition market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is currently holding the maximum share of the global market. It is likely to perpetuate its dominance over the forecast period. The growth in the region is highly attributable to the large-scale penetration of budget smartphones, increasing adoption of digital technologies, government initiatives for promoting digitalization, etc. The presence of emerging markets such as India and China in the region are likely to catalyze investments in the Asia Pacific image recognition market.
Europe and North America are poised to remain significant growth pockets throughout the assessment period. It can be ascribed to the adoption of the technology and investments in the technical advancements in the regions.
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