Increasing demand for image recognition among industry verticals is one of the significant factors influencing market growth.
New York – November 14, 2019 – The global image recognition market is expected to reach USD 80.07 Billion by 2026, according to a new report by Reports and Data. Image recognition is the process of recognizing and detecting an object or a feature in a digital image or video. Computers utilize machine vision technologies coupled with a camera and artificial intelligence software to realize image recognition.
Increasing demand for image recognition in security applications is likely to drive the market growth in the forecast period. Companies are emphasizing on identifying fraud detection, reduce the need for traditional passwords, and to enhance the ability to differentiate between a human face and a photograph. For instance, Trueface.AI, the developers of Chui, a facial recognition doorbell, is implementing facial recognition and deep learning technology to distinguish a human face from a photograph.
The proliferation of smart devices is anticipated to drive the market demand in the upcoming years. Recently there has been demand backed by substantial promotional activities for facial biometrics in smartphones. For example, Apple iPhone X, featuring a Face ID facial recognition, shipped 16.0 million units and was the world’s best-selling smartphone model in the first quarter of 2018.
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Barcode scanning enables retail workers to easily track fast selling products, which in turn leads to quicker stock replenishment and aids to keep pace with customer demand. Further, barcode scanning lets retailers get a better insight into customer buying behaviors, as a result of which retailers can make necessary decisions to maintain their profitability.
Further key findings from the report suggest
- By type, object recognition contributed to the largest market share in 2018. Object detection helps in detection and defines objects such as humans, buildings, and cars from digital images and videos and finds use in a wide range of industries.
- By deployment mode, cloud-based deployment dominated the market in 2018 and is expected to grow at a faster rate of 18.0% in the forecast period.
- By application, security & surveillance held a significant market share in 2018, owing to the widespread deployment of image recognition in fraud detection.
- By industry vertical, media & entertainment contributed to the largest market share in 2018, due to the usage of image recognition to enhance user experience.
- North America dominated the market in 2018 and is expected to grow at a rate of 17.3% in the forecast period. Advancements in technology and the presence of leading companies in the region are causative of the growth of the market in the region.
- Key participants include Google Inc., Hitachi Ltd., Attrasoft Inc., Honeywell International Inc., NEC Corporation, Qualcomm Inc., Catchoom Technologies Inc., Slyce Inc., LTU Technologies, and Intel Corporation, among others.
For the purpose of this report, Reports and Data have segmented the global image recognition market on the basis of type, component, deployment mode, application, industry vertical, and region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/image-recognition-market
Type Outlook (Revenue, USD Million; 2016-2026)
- Object Recognition
- Pattern Recognition
- Facial Recognition
- Barcode/QR Code Recognition
- Optical Character Recognition
Component Outlook (Revenue, USD Million; 2016-2026)
Deployment Mode Outlook (Revenue, USD Million; 2016-2026)
- On-Premises Deployment
- Cloud-Based Deployment
Application Outlook (Revenue, USD Million; 2016-2026)
- Augmented Reality
- Security & Surveillance
- Scanning & Imaging
- Image Search
- Marketing & Advertising
Industry Vertical Outlook (Revenue, USD Million; 2016-2026)
- IT & Telecom
- Media & Entertainment
- Transportation & Logistic
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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