The market intelligence study Image recognition weighs upon its global standing in the forecast period from 2021 to 2028. The study employs both primary and secondary research techniques to assess, interpret, segment as well as forecast the total revenue generated by the industry across different regions. To determine the size, share and development rate of the business, the research determines the performance across different product categories and geography. The study further offers detailed statistical analysis regarding key factors including the drivers, opportunities, challenges and restraints that have a substantial effect on the progress of the Image recognition market.
The global image recognition market size is expected to reach USD 80.29 Billion at a steady CAGR of 15.3% in 2028, according to latest analysis by Emergen Research. Increasing usage of smartphones globally and rising adoption of Virtual Reality (VR) and Augmented Reality (AR) are key factors driving growth of the global image recognition market.
Other factors include growing demand for face recognition in tablets, smartphones, and personal computers due to technological advancements. Increasing budgets for homeland security and defense spending by government in countries such as China, Russia, and India is also contributing to growth of the market to a significant extent. In February 2020, Department of Homeland Security officials detailed the use of facial recognition technologies by the administration across the U.S. To date, over 43.7 million individuals have been scanned at border crossings, outbound ships, and elsewhere by various systems. Facial recognition identified 252 persons attempting to use a combined 75 U.S. travel documents belonging to someone else, around 7% under the age of 18 and 20% of who had criminal records.
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This research evaluates micro-markets and takes a closer look at the different growth trends, future prospects and regulations that will regulate the industry in the coming years. Researchers have also included some of the top performers in the sector to calculate their industry shares as well as core competencies. The research explains the technological developments in the sector along with upcoming areas of the industry that might potentially attract massive investments. The study further analyzes competitive developments including but not restricted to collaborations, joint ventures, investments, acquisitions and mergers.
Top Companies Operating in the Image recognition Market and Profiled in the Report are:
- IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.
Regional analysis of the Image recognition market includes analysis of the production and consumption ratio, supply and demand dynamics, regional trends and growth drivers, growth prospects, presence of key manufacturers and vendors, and market size and share in key regions such as North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. The report further offers key insights into country wise analysis and major factors driving revenue growth of each regional market.
Key Highlights in the Report
- The software segment accounted for largest revenue share in 2020 due to a sudden and rapid increase in adoption of image recognition software in computer graphics, medical imaging, and photo editing, among others. Rapidly growing trends of industry automation and Industry 4.0 are driving adoption of image recognition software, and the trend is expected to continue over the forecast period.
- Image recognition or tracking is used in augmented reality to track, detect, and augment 2D images. Image tracking is dependent on advanced computer vision technology to track and augment images. Jack Daniels augmented reality app turns whisky bottles into pop-out storybooks. The free app uses a tablet or smartphone camera to recognize the sticker on the bottle and unfolds the whole manufacturing process of the drink in a matching black and white pop-up book.
- Image recognition is an important tool in autonomous vehicles used by Uber and Google. The technology detects road signs and obstacles through sensors in front of a vehicle and identifies these with the help of this technology. Computer vision systems powered by deep learning are trained with thousands of images of humans, road signs, and obstacles on the road under different weather and lighting conditions. The intelligence of the system continues to increase as new information is fed in.
- North America accounted for largest revenue share in 2020 due to high level of integration of AI in e-commerce and digital shopping. Companies in the region are quick to adopt advanced technologies such as AI, deep learning, and cloud-based technologies, which is propelling growth of the market.
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The research weighs upon various problems and solutions related to the import and export status, supply chain management, channel distribution, demand and supply and gross margin that often bother expansive as well as new entrants A thorough analysis of market players dominating the Image recognition market and their winning strategies to remain competitive and ahead in the market adds granularity to the intelligence report. The definitive study explores the recent events in the industry from acquisition and mergers, product launches, technology innovation and product pipeline to underline the future potential or prospects of the business.
Emergen Research has segmented the global image recognition market on the basis of component, application, deployment mode, technique, industry vertical, and region:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- Services
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Security and Surveillance
- Scanning and Imaging
- Augmented Reality
- Image Search
- Marketing and Advertising
- Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
- Technique Outlook (Revenue, USD Billion; 2018–2028)
- Object Recognition
- QR/ Barcode Recognition
- Pattern Recognition
- Facial Recognition
- Optical Character Recognition
- Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Media & Entertainment
- Healthcare
- Retail & E-commerce
- BFSI
- IT & Telecom
- Automobile & Transportation
- Government
- Others
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The study relies heavily on both qualitative and quantitative to generate, interpret and analyze raw data about the target market, product or services offered and prominent market players operating in the Image recognition market for the forecast period, The new intelligence study further digs deep to extract all data pertaining to aspects such as production capability, spending power, customer preference and potential customers to offer usable business information. This report can be considered as a cautious assessment of the target customers, their requirements, geography generating maximum sales and potential distribution channel.
Key Benefits of Buying the Global Image recognition Report:
- Comprehensive analysis of the changing competitive landscape
- Assists in decision making processes for the businesses along with detailed strategic planning methodologies
- The report offers an 8-year forecast and assessment of the Global Image recognition Market
- Helps in understanding the key product segments and their estimated growth rate
- In-depth analysis of market drivers, restraints, trends, and opportunities
- Comprehensive regional analysis of the Global Image recognition Market
- Extensive profiling of the key stakeholders of the business sphere
- Detailed analysis of the factors influencing the growth of the Global Image recognition Market
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