Image Recognition Market is anticipated to reach USD 77.69 billion by 2025. The market is anticipated to witness a healthy growth rate in the years to come. Image recognition implies technique for processing, sympathizing, acquiring, and scrutinizing images. To generate symbolic or numerical information from the real world the image recognition gathers high-dimensional data. It uses disentangling of representational data from image data using replica formed with the help of statistics, physics, learning theory, and geometry.
On the other hand, the high price of raw material as well as maintenance will be restraining factors for global image recognition market. In addition, high cost of ownership of the image recognition tools is one of the reasons hampering the market growth in the years to come. It is anticipated to grow at a significant CAGR of 19.2% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market may be explored by techniques, applications, components, deployment mode, verticals, and geography. Image Recognition Market may be explored by techniques as Facial Recognition, QR/Barcode Recognition, Object Recognition, Optical Character Recognition, and Pattern Recognition.
The “object recognition” segment dominated the market in 2016 and it is anticipated to lead the market during the forthcoming period due to high acceptance of image recognition devices in the retail segment as it supports detection of an item without using barcodes. It also permits marketers to increase insights to help them and connect with their customers by tracing objects from photos shared by customers on social media.
Image Recognition Market may be explored by application as Augmented Reality, Scanning & Imaging, Image Search, Marketing & Advertising Security, and Surveillance. The “Marketing & advertising” segment dominated the Image Recognition Market in 2016 and anticipated to lead the market during the forthcoming period.
Image Recognition Market may be explored by components as Software, Service, and Hardware. The “software” segment dominated the “components” section in the Image Recognition Market in 2016 and expected to lead the market during the forthcoming period. This development is characterized by the growing use of devices enabled with image recognition capabilities such as scanners and smartphones.
The market may be explored by deployment mode as On-Premise, and Cloud. Also, the market explored by Vertical as Media & Entertainment, Automobile & Transportation, BFSI, Healthcare, Retail & E-commerce, Telecom & IT, Government, and Others. The media and entertainment segment dominated Image Recognition Market in 2016 and expected to continue with the same during the forthcoming period; which could be ascribed to the ability of image recognition technology in removing commercial insights from images published on social media.
North America accounted for the major share of the market and will continue to rule the roost in the forecast period due to increasing incorporation of image recognition and mobile computing platform in the field of digital shopping and e-commerce. North America is followed by Asia-Pacific and Europe. Some of the key players that fuel the growth of the Image Recognition Industry include Honeywell, LTU Technologies, catchoom, Itraff Technology, Panasonic Corporation, Hitachi Ltd, Toshiba, NEC Corporation, Wikitude Gmbh and Qualcomm Technologies. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Image Recognition Technique Outlook (Revenue, USD Million, 2014 - 2025)
• QR/Barcode Recognition
• Object Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition
Image Recognition Application Outlook (Revenue, USD Million, 2014 - 2025)
• Augmented Reality
• Scanning & Imaging
• Security & Surveillance
• Marketing & Advertising
• Image Search
Image Recognition Component Outlook (Revenue, USD Million, 2014 - 2025)
Image Recognition Deployment Mode Outlook (Revenue, USD Million, 2014 - 2025)
Image Recognition Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• Retail & E-commerce
• Media & Entertainment
• Automobile & Transportation
• Telecom & IT
Image Recognition Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
Research Support Specialist, USA