Global Image Recognition Market: Scope & Applications

Global Image Recognition Market

Image recognition is a process in which different software are used in the computer technologies so that they can identify and detect the different objects. They usually use different artificial technologies or camera so that they can easily identify these objects. Image recognition is widely used in application such as security surveillance, toll booth monitoring, factory automation and others. Pattern matching, face recognition, optical character recognition, license plate recognition are some of the common image recognition algorithms. Today, this image recognition are used to guide autonomous car, robots, accident avoid system and others. Many different techniques such as convolutional neural filters, max pooling, stride configuration and padding are used so that program can be improved and can identify the subject with more clarity.

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The Major Factors Driving the Market are:

  • Increasing use of image recognition applications: Image recognition is playing a very important role for the future of the tech and is changing the way to see the world. Today, image recognition is used in our daily life whether it is gaming, healthcare, retail industry, social media platforms, security industry and automobile industry. Many car manufacturers are using this technology in self- driving car so that they can reduce the rate of accidents, and keep the traffic rules and regulation in an organized way. Even healthcare industry is using this technology for microsurgical procedures. For security and safety purposes image recognition has been developed such as drones, security camera, facial recognition devices and others. Increasing usage of image recognition in different application is the factor for the market growth
  • Increasing demand for security applications and products enabled with image recognition functions: Security is very important for everyone and many new technologies and development are taking place so that the security can be increased everywhere. Today, many different security devices have been developed that have image recognition in it. Facial recognition biometric device, security camera and drones are there to increase the safety and security of the people. This image recognition are used in many products whether it is gaming or retail sector because they are changing the total experience of the people and creating a new platform for them

The Global Image Recognition Market is segmented on the basis of technology into code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition; component is segmented into hardware, software and services; services segment is further segmented into managed services, professional services, training, support, and maintenance services; application is segmented into scanning & imaging, security & surveillance, image search, augmented reality, and marketing & advertising; deployment type is segmented into on-premises, and cloud; industry is segmented into banking, financial services and insurance, media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics.

Some of the major launches related to the global image recognition market are as follows:

  • In March 2018, Staqu announced the launch of their new AI-powered eye-wearable Smart Glass which have hybrid of speech and image recognition technology. It is specially designed so that they can warn citizens about any danger around them. It also consists of in- built camera which has the ability of face recognition. The main aim of the launch is to increase the safety and security of the people
  • In March 2017, Salesforce announced the launch of their new tool Einstein Vision which is specially designed so that they can help the users to easily train custom image recognition system. This new tool will help the user to add various images, and then machine will create a recognizer which will analyze the future pictures

According to Data Bridge Market Research, global image recognition market is growing at a healthy CAGR of 20.3% during the forecast period of 2017 to 2024

The major players in the market are Qualcomm Technologies, Inc., NEC India Pvt. Ltd., Google Inc., JASTEC Co., Catchoom, Honeywell International Inc., Hitachi, Ltd., Slyce, Wikitude GmbH, Attrasoft, Inc., itraff, Apple, Inc., Facebook, Inc., Twitter, Inc, Google Inc., and others.

 Image recognition has the ability to identify object whether it is people, building, logos, brands and others and uses many different software and artificial intelligence technologies. Today, this image recognition is widely used in different applications security, healthcare, gaming, automation and others and with new innovation and development they are going to expand worldwide. Many players are focusing on create their own image recognition with more advanced features which is the factor creating new opportunities for this market.