Global Image Recognition Market By Technology (Code Recognition, Digital Inage processing, Facial recognition, Object Recognition, Pattern recognition, Optical Character Recognition), Component (Hardware, Software, Services), Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented reality, Marketing & Advertising), Deployment Type (On-Premise, Cloud), Industry (BFSI, Media & Entertainment, Retail & Consumer Goods, IT & Telecom, Government, Healthcare, Transportation & Logistics, Education, Gaming), Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Image Recognition Market
Global image recognition market is set to witness a healthy CAGR of 22.25% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market value can be attributed due to increasing demand of image recognition technologies and applications in gaming consoles and mobile computing devices.
Market Definition: Global Image Recognition Market
Image recognition refers to identifying and detecting an object or a feature in digital image or video. It includes identification on the parameters such as faces, patterns, fingerprints, hand geometry, hand veins, finger geometry, palm recognition, retina recognition and voice recognition. It is widely being used by the businesses globally to enhance their customer experiences and increase their security and surveillance.
- Growing adoption of image recognition applications, which is fueling the growth of the market
- Increasing demand for security applications and products enabled with the image recognition function, is boosting the market growth
- Surging uses of high bandwidth data services, had increased the market size of image recognition
- Growing use of artificial intelligence by the companies globally, is driving the growth of the market
- High initial cost of setting up of image recognition systems and devices, is restricting the growth of the market
- Lack of image size resolution, is hindering the growth of the market
- Lack of technical experts in the industry, is hindering the market growth
Segmentation: Global Image Recognition Market
- Code Recognition
- Digital Image Processing
- Facial Recognition
- Object Recognition
- Pattern Recognition
- Optical Character Recognition
- Managed Services
- Professional Services
- Training, Support and Maintenance Services
- Scanning and Imaging
- Security and Surveillance
- Image Searching
- Augmented Reality
- Marketing and Advertising
By Deployment Type
- Banking, Financial Services and Insurance
- Media and Entertainment
- Retail and Consumer Goods
- IT and Telecom
- Transportation and Logistics
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In July 2019, First Insight Inc., announced New insight customer experience platform which is fast and combines enhanced customer insights with the product level analytics which increases the efficiency and productivity of the user and can enhance the overall customer experience.
- In January 2017, Qualcomm Technologies Inc., and ODG announced the first augmented reality smart glasses with new snapdragon 835 processor enabled which uniquely delivers power efficiency and performance required for the compact AR/VR smart glasses.
- In October 2016, NEC Corporation announced the global launch of their NeoFace image data mining that utilizes artificial intelligence to accurately search the video footages for the required individual. The software can be utilized for various applications like criminal investigation, searching lost child and proving improved customer service.
Global image recognition market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of image recognition market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players
Few of the major competitors currently working in the global image recognition market are Qualcomm Technologies, Inc., NEC Corporation, Google., LTUTech, Catchoom, Honeywell International Inc, Hitachi, Ltd., Wikitude GmbH, Slyce, Attrasoft, Inc., JASTEC Co. Ltd., Apple Inc., Facebook, Twitter, IDEMIA, Gemalto NV, Ayonix Face Technologies, Cognitec Systems GmbH, Aware, Inc., Daon, Neurotechnology, Herta Security, KeyLemon Ind. among others.
Research Methodology: Global Image Recognition Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved