The Image Recognition Market is projected to grow from USD 15.95 billion in 2016 to USD 38.92 billion by 2021, at a CAGR of 19.5% during the forecast period. The demand for image recognition applications has fueled the growth of the image recognition market. Moreover, the increasing demand for security applications and products enabled with image recognition functions is enhancing growth of the market.
The sharing of media content on platforms such as Facebook, Instagram, Flickr, WhatsApp, and Snapchat is increasing exponentially with rise in the number of social media users. Image analytics is one of the potential solutions to handle unstructured big data. Image analytics uses image processing techniques such as image recognition and pattern recognition. Thus, the increasing demand of big data analytics will offer lucrative growth opportunities to the image recognition solution providers in the coming years.
Based on component, the service segment of the image recognition market is projected to grow at the highest rate during the forecast period. The services segment consists of professional services, managed services, and training, support & maintenance services. The rising use of image recognition applications is driving the growth for the service segment to assist an organization to adapt image recognition technology. Growing demand for rich media is also driving the growth of the service segment.
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Based on application, the security and surveillance segment is estimated to dominate the image recognition market during the forecast period. The major share of this segment is attributed to the increasing need of security applications and products with integration of innovative technologies such as surveillance cameras and face recognition technology to offer a more effective and efficient solution.
Based on deployment type, the cloud segment of the image recognition market is projected to grow at the highest CAGR during the forecast period. The adoption rate of cloud deployment is rising due to its pay-per-usage and reduced installation and maintenance cost features.
The Asia-Pacific image recognition market is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the high adoption of cloud, mobility, and infrastructure management solutions to address information security.
The image recognition market is dominated by North America during the forecast period. This can be attributed to the adoption of new and advanced technologies such as mobile application security solutions in North America region.
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Key players in the image recognition market are Qualcomm Inc., NEC Corporation, Google Inc., LTU Technologies, Catchoom Technologies S.L., Honeywell International Inc., Hitachi, Ltd., Slyce Inc., Wikitude GmbH, and Attrasoft, Inc., among others. These players have adopted various growth strategies, such as new product launches, partnerships, collaborations & agreements, expansions, and acquisitions to achieve growth in the image recognition market. The strategy of new product launches accounted for a share of 49% of the total developments that took place in the image recognition market. Partnerships, collaborations, and agreements accounted for a combined share of 32% of the total growth strategies adopted by the market players between 2013 and 2017. Market players have been focusing on these strategies to increase their customer base and revenue.
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