Global Image Recognition Market – Overview
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. Image recognition refers to a technique used for acquiring, processing, scrutinizing, and sympathizing images. It 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. The image recognition market is highly competitive due to the increase in acceptance of technology across various industry verticals and by different companies. The growing trend of virtual reality and other stimulation products is creating a huge market potential for image recognition solutions and services.
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According to a recent study report published by Market Research Future, The global market of Image Recognition is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). The security and surveillance application is expected to grow at the highest rate during the forecast period. This is owing to the increasing demand for high level security applications and growing awareness regarding the same. Whereas, the based on component, the hardware sub segment is expected to hold the largest market share of the image recognition market owing to increasing adoption of devices enabled with image recognition software and solutions.
On the other hand, lack of awareness and lack of technical expertise are major factors responsible for hindering the growth of image recognition market. Also, implementation of image recognition will require upgradation of infrastructure, which will ultimately result in added costs and may hamper the market growth.
Image Recognition Market Key Players
The novel players shaping the image recognition sector globally are Honeywell (U.S.), Toshiba (Japan), Itraff Technology (Poland), Sharp Vision Software (U.S.), Jestec (LTU Technologies) (Japan), Panasonic (Japan), NEC (Japan), Qualcomm Technologies (U.S.), Hitachi (Japan), Catchoom and others.
Image Recognition Market Competitive Analysis
The competitive outlook for the market is projected to diversify extensively in the coming period. The market competitors find themselves in a promising position with the capacity to handle the pace of change. The contestants are dynamically addressing the challenges to growth and are creating strategies that can have the best overall effect on the market's development. The developments in the market are likely to be fuelled by the rise in investments and product inventions. The market influencers are taking an interest in the making of strong value chains that can yield increased profits. The prospects for growth in the market have ample room for growth in the forecast period. The perceived propensity for the market’s growth has improved following the accessibility to positive aspects in the market.
Image Recognition Market Segmental Analysis
The segmentation of the image recognition market is carried out on the basis of solution, deployment, component, application, and region. On the basis of the solution, the image recognition market is segmented into barcode/ quick response code recognition, facial recognition, sensors, optical object recognition, object recognition, and pattern recognition. Based on deployment, the image recognition market is segmented into on demand and on premises. On the basis of component, the image recognition market is segmented into software and hardware. On the basis of application areas, the image recognition market is segmented into healthcare, BFSI, IT and telecom, hospitality, aerospace, automobile, retail industry, defense and SME organizations among others. The regions considered in the global image recognition market are North America, Europe, Asia Pacific, and the rest of the world.
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Image Recognition Market Detailed Regional Analysis
The regional analysis of the image recognition market globally includes regions such as Europe, North America, Asia Pacific, and the rest of the world. The Asia Pacific region is controlling the market for image recognition with a large market share. Owing to the high availability of inexpensive smartphones and tablets along with the evolving trend of using digital technology in China and India the market is showing favorable growth. The increasing level of foreign investments in the market is expected to further boost the market growth in the forecast period. The North American region is projected to witness substantial growth during the forecast period. Nations such as U.S and Canada are estimated to motivate the development of the image recognition market in the North American region due to advanced adoption of innovative and progressive technologies such as mobile application security solutions in the region. The severe fall in the usage of native applications and a significant shift towards the adoption of cloud-based applications in the region is likely to show immense growth in the upcoming period.
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