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Image Recognition Market Overview - Trends and Forecasts
Technological issues such as avoiding security breach in critical layouts such as airport, immigration, and customs; enhancing visual aspect of criminal investigations for police and forensics; streamlining daily life activities such as purchasing goods and selling out new and used products for end consumers; providing employee recognition control for crowded offices; and other such factors enhance the requirement for image recognition solutions. The image recognition market is expected to be even more competitive as the established players are acquiring new image recognition start-ups, and venture capitalists are constantly funding small image recognition companies.
The government and defense vertical has the largest market share in the whole image recognition market for the year 2014 and is expected to maintain its large share by the year 2019. The healthcare and life sciences vertical accounted for the highest Compound Annual Growth Rate (CAGR) compared to other verticals, which are manufacturing/industrial units, consumer goods and retail, transportation and logistics, IT and telecommunication, and Banking, Financial Services, and Insurance (BFSI).
Many prominent players are strengthening their hold in the image recognition market through Mergers and Acquisitions (M&A) of potential start-ups, aggressive expansion strategies and insights, and development of new products/services. A few M&A are: Google acquired DNNresearch and PittPatt; Yahoo acquired iQ Engines; and Oracle acquired Responsys.
As regards the applications of image recognition technology, security and surveillance accounted for the largest market share for the year 2014 followed by content management with the second largest market share. In comparison with other growing applications such as advanced driving assistance, quality control and inventory management, and scanning and imaging, the marketing and promotional activities application is growing with the highest CAGR.
Image Recognition Market [Method (OCR, Object, Pattern Matching, Barcode/ QR, Facial), Application (Security & Surveillance, Quality Control & Inventory Management, Advertising, Scanning & Imaging, m-Commerce)] - Worldwide Market Forecast (2014-2019)
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