Market Research Future (MRFR) has projected in its latest study that the global image recognition market is set to expand steadily at a moderate pace throughout the forecast period 2016 to 2022. The adoption of the technology across different industry verticals such as retail, healthcare, defense, automobile, etc. is likely to catapult the image recognition market on an upward trajectory.
The utilization of the image recognition solution for enhancing digital security is expected to fuel demand in the market over the next couple of years. Additionally, there has been a rise in the number of image recognition technology enabled applications. The trend is expected to continue across the review period propelling the market expansion.
The large-scale penetration of the smartphones all around the world has been estimated to have a positive influence on the image recognition market in the foreseeable future. The market has been benefitted by the growing dependence on visual content in digital marketing. It is poised to continue benefitting the global image recognition market over the next few years.
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Image recognition technology has developed its application in providing solutions regarding issues related to security and surveillance, automotive safety, automatic driving and assistance, forensics and police investigations, biometric scanning appliances, etc, Also, it enables the clients to retain its customers and enhance user experience for their business which is estimated to drive the growth of the image recognition market.
Some of the key players profiled by MRFR in the report are Jestec (LTU Technologies) (Japan), Itraff Technology (Poland), Sharp Vision Software (U.S.), Honeywell (U.S.), Toshiba (Japan), Qualcomm Technologies (U.S.), Panasonic (Japan), NEC (Japan), Hitachi (Japan), and Catchoom.
By solution, the global image recognition market has been segmented into facial recognition, barcode/ quick response code recognition, sensors, object recognition, optical object recognition, and pattern recognition.
By deployment, the image recognition market is segmented into on premises and on demand.
By component, the global image recognition market has been segmented into hardware and software.
By application, global image recognition market has been segmented into BFSI, IT and Telecom, healthcare, hospitality, retail industry, automobile, aerospace, entertainment, consumer electronics, and others.
In July 2018, the U.S. based Cision has acquired ShareIQ assets for image recognition technologies.
In August 2018, NEC, a Japanese multinational, announced that it would provide facial recognition systems for the 2020 Paralympic Games and Summer Olympic to be held in Tokyo
By region, the global image recognition market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is currently holding the maximum share of the global market. It is likely to perpetuate its dominance over the forecast period. The growth in the region is highly attributable to the large-scale penetration of budget smartphones, increasing adoption of digital technologies, government initiatives for promoting digitalization, etc. The presence of emerging markets such as India and China in the region are likely to catalyze investments in the Asia Pacific image recognition market.
Europe and North America are poised to remain significant growth pockets throughout the assessment period. It can be ascribed to the adoption of the technology and investments in the technical advancements in the regions.
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- Key Technology Providers
- System Integrators
- Software Providers
- IC Manufacturers
- OS Vendors
- Application Developers
- Content Providers
- Device Manufacturers
- Raw material & manufacturing equipment suppliers
- ODM and OEM technology solution providers
- Distributors and retailers
- Research organization
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