HOME Top Market Reports Image Recognition Market by Technology (Digital Image Processing), Component (Hardware, Software, Service), Application (Augmented Reality), Deployment Type (On-Premises, Cloud), Industry Vertical, and Region - Global Forecast to 2021

Image Recognition Market by Technology (Digital Image Processing), Component (Hardware, Software, Service), Application (Augmented Reality), Deployment Type (On-Premises, Cloud), Industry Vertical, and Region - Global Forecast to 2021

By: marketsandmarkets.com
Publishing Date: February 2017
Report Code: TC 2308

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[147 pages Report]  The image recognition market is estimated to grow from USD 15.95 Billion in 2016 to USD 38.92 Billion by 2021, at a CAGR of 19.5% between 2016 and 2021.

The objective of the research study is to provide detailed segmentation of the image recognition market based on technology, component, application, deployment type, industry, and region. It also aims to provide information regarding key factors influencing the market growth, strategically analyze subsegments with respect to individual growth trends and their prospects and contribution to the total market, analyze opportunities in the market for stakeholders, provide strategic profiles of key market players to comprehensively analyze core competencies, and draw a competitive landscape of the image recognition market. The base year considered for the study is 2016 and the market size forecast is from 2016 to 2021.

The research methodology used to estimate and forecast the image recognition market begins with obtaining data on key vendor revenues and the market size of individual segments through secondary sources, such as annual reports, press releases, investors’ presentations, white papers, and paid databases, which include Factiva, Bloomberg, and others. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the individual technology segments in the market.

After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as CEOs, VPs, directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the below figure:

Image Recognition Market

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the image recognition market comprises image recognition solutions and service providers and system integrators. Key players of this market are Qualcomm Inc., NEC Corporation, Google Inc., LTU Technologies, Catchoom Technologies S.L., Honeywell International Inc., Hitachi, Ltd., Slyce Inc., Wikitude GmbH, and Attrasoft, Inc., among others.

Target Audience

  • Image Recognition Solution Providers
  • Technology Providers
  • Value Added Resellers
  • Government Bodies & Research Organizations
  • Cloud Service Providers
  • Associations & Industry Bodies
  • Technology Consultants
  • Satellite Service Providers

“The research study answers several questions for the stakeholders, primarily which market segments to focus on during the next two to five years for prioritizing the efforts and investments”

Scope of the Report

The research report categorizes the image recognition market to forecast revenues and analyze trends in each of the following subsegments:

By Technology

  • Code Recognition
  • Digital Image Processing
  • Facial Recognition
  • Object Recognition
  • Pattern Recognition
  • Optical Character Recognition

By Component

  • Hardware
  • Software
  • Services

By Application

  • Scanning & Imaging
  • Security & Surveillance
  • Image Search
  • Augmented Reality
  • Marketing & Advertising

By Deployment Type

  • On-Premises
  • Cloud

By Industry

  • BFSI
  • Media & Entertainment
  • Retail & Consumer Goods
  • IT & Telecom
  • Government
  • Healthcare
  • Transportation & Logistics
  • Others (Gaming and Education)

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of product portfolio of each company

Geographic Analysis

  • Further breakdown of the Asia-Pacific image recognition market
  • Further breakdown of the Middle East & Africa market
  • Further breakdown of the Latin American market

Company Information

  • Detailed analysis and profiling of additional market players

Increasing use of image recognition applications and increasing demand for security applications and products enabled with image recognition functions to drive global image recognition market to USD 6.72 billion by 2022

Image recognition is a fast-growing technology that helps in identification of images and objects. The technology is mainly used for security parameters such as detecting weapons, unidentified persons, and objects. Image recognition applications are mainly integrated into on-premises and cloud infrastructure.

Image recognition technology is gaining importance owing to the rising demand of image recognition applications to identify people, places, and objects, and to scan images to extract information related to a particular image. Image recognition is used in image search, object detection, e-commerce, security management, facial recognition, digital asset management, tracking, medical image analysis, traffic management, mobile image recognition, shopping, gesture recognition, gaming, and augmented reality.

Image recognition technology is proving useful in various verticals such as healthcare, retail, e-commerce, BFSI, transportation and logistics, and government. The acceptance of image recognition technology has helped these verticals provide better solutions to their customers. In North America, image recognition solutions are at a high demand and constitute the largest share of the image recognition market in the region. Europe is adopting this technology quickly, while Asia Pacific, in the next five years, is expected to emerge as the major adopter of image recognition solutions.

Emerging potential markets such as Asia Pacific and Latin America are expected to open new revenue pockets for the investors in the image recognition market during the forecast period, India, China, Japan, Australia, New Zealand, and South Korea are anticipated to witness increase in demand for image recognition applications owing to the increasing IT budgets and rising awareness about the benefits of image recognition technology among the end users.

Increasing demand for big data analytics and increasing demand of brand recognition among end-user are major opportunities for the global image recognition market

Today, images and image sequences (videos) make up around 80% of all corporate and public unstructured big data, and image analytics is seen as a potential solution to social, political, economic, and industrial issues. Image analytics is the automatic algorithmic extraction and logical analysis of information found in image data using digital image processing techniques such as image recognition and pattern recognition. The use of barcodes and QR codes are simple examples, but complexity lies in the processing of images such as facial recognition and position and movement analysis. Big data requires exceptional technologies to efficiently process large quantities of data within a specific time. Image recognition technology is used in branding, advertising, media, and entertainment to promote products and increase brand recognition among end users. Thus, the branding, media, and entertainment verticals offer opportunities to the image recognition market.

Market Dynamics

Image Recognition Market

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Key Data From Secondary Sources
           2.1.2 Key Data From Primary Sources
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Opportunities in the Image Recognition Market
    4.2 Market By Top Industries and Regions
    4.3 Image Recognition Market Potential
    4.4 Image Recognition Deployment Type Market, By Region (2016)
    4.5 Market By Component
    4.6 Lifecycle Analysis, By Region (2016)

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Technology
           5.2.2 By Component
           5.2.3 By Application
           5.2.4 By Deployment Type
           5.2.5 By Industry
           5.2.6 By Region
    5.3 Image Recognition Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Use of Image Recognition Applications
                    5.3.1.2 Increasing Demand for Security Applications and Products Enabled With Image Recognition Functions
                    5.3.1.3 Technology Acceptance By Various Companies in Different Verticals
                    5.3.1.4 Increasing Use of High Bandwidth Data Services
           5.3.2 Restraints
                    5.3.2.1 High Cost of Installation of Image Recognition Systems
           5.3.3 Opportunities
                    5.3.3.1 Increasing Demand for Big Data Analytics
                    5.3.3.2 Increasing Demand of Brand Recognition Among End-User
           5.3.4 Challenges
                    5.3.4.1 Low Resolution Image Size and Storage

6 Industry Trends (Page No. - 41)
    6.1 Introduction
    6.2 Value Chain Analysis
           6.2.1 Image Recognition Solution Providers
           6.2.2 Open Source Providers
           6.2.3 Cloud Service Providers
           6.2.4 Combination of GPS and Image Recognition
           6.2.5 Communication Through Image Recognition Technologies
    6.3 Strategic Benchmarking

7 Image Recognition Market Analysis, By Technology (Page No. - 44)
    7.1 Introduction
    7.2 Code Recognition
    7.3 Digital Image Processing
    7.4 Facial Recognition
    7.5 Object Recognition
    7.6 Pattern Recognition
    7.7 Optical Character Recognition

8 Image Recognition Market Analysis, By Component (Page No. - 52)
    8.1 Introduction
    8.2 Hardware
    8.3 Software
    8.4 Services
           8.4.1 Managed Services
           8.4.2 Professional Services
           8.4.3 Training, Support, and Maintenance Services

9 Image Recognition Market Analysis, By Application (Page No. - 59)
    9.1 Introduction
    9.2 Scanning & Imaging
    9.3 Security & Surveillance
    9.4 Image Search
    9.5 Augmented Reality
    9.6 Marketing & Advertising

10 Image Recognition Market Analysis, By Deployment Type (Page No. - 66)
     10.1 Introduction
     10.2 On-Premises
     10.3 Cloud

11 Image Recognition Market Analysis, By Industry (Page No. - 70)
     11.1 Introduction
     11.2 Banking, Financial Services and Insurance
     11.3 Media & Entertainment
     11.4 Retail & Consumer Goods
     11.5 IT & Telecom
     11.6 Government
     11.7 Healthcare
     11.8 Transportation & Logistics
     11.9 Others (Education and Gaming)

12 Geographic Analysis (Page No. - 80)
     12.1 Introduction
     12.2 North America
     12.3 Europe
     12.4 Asia-Pacific
     12.5 Middle East & Africa
     12.6 Latin America

13 Competitive Landscape (Page No. - 99)
     13.1 Overview
     13.2 Competitive Situation and Trends
             13.2.1 New Product Launches
             13.2.2 Agreements, Collaborations & Partnerships
             13.2.3 Acquisitions
             13.2.4 Expansions

14 Company Profiles (Page No. - 105)
     14.1 Introduction
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     14.2 Qualcomm Incorporated.
     14.3 NEC Corporation
     14.4 Google Inc.
     14.5 LTU Technologies
     14.6 Catchoom Technologies S.L.
     14.7 Honeywell International Inc.
     14.8 Hitachi, Ltd.
     14.9 Slyce Inc.
     14.10 Wikitude GmbH
     14.11 Attrasoft, Inc.
     14.12 Key Innovator

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 135)
     15.1 Industry Excerpts
     15.2 Other Developments
     15.3 Discussion Guide
     15.4 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.5 Introducing RT: Real-Time Market Intelligence
     15.6 Available Customizations
     15.7 Related Reports
     15.8 Author Details


List of Tables (66 Tables)

Table 1 Global Image Recognition Market Size and Growth Rate, 2014–2021 (USD Billion, Y-O-Y %)
Table 2 Market, By Technology, 2014–2021 (USD Million)
Table 3 Code Recognition: Market Size, By Region, 2014–2021 (USD Million)
Table 4 Digital Image Processing: Market Size, By Region, 2014–2021 (USD Million)
Table 5 Facial Recognition: Market Size, By Region, 2014–2021 (USD Million)
Table 6 Object Recognition: Market Size, By Region, 2014–2021 (USD Million)
Table 7 Pattern Recognition: Market Size, By Region, 2014–2021 (USD Million)
Table 8 Optical Character Recognition: Market Size, By Region, 2014–2021 (USD Million)
Table 9 Image Recognition Market Size, By Component, 2014–2021 (USD Million)
Table 10 Hardware: Market Size, By Region, 2014–2021 (USD Million)
Table 11 Software: Market Size, By Region, 2014–2021 (USD Million)
Table 12 Services: Market Size, By Region, 2014–2021 (USD Million)
Table 13 Managed Services: Market Size, By Region, 2014–2021 (USD Million)
Table 14 Professional Services: Market Size, By Region, 2014–2021 (USD Million)
Table 15 Training, Support, and Maintenance Service: Market Size, By Region, 2014–2021 (USD Million)
Table 16 Image Recognition Market Size, By Application, 2014–2021 (USD Million)
Table 17 Scanning & Imaging: Market Size, By Region, 2014–2021 (USD Million)
Table 18 Security & Surveillance: Market Size, By Region, 2014–2021 (USD Million)
Table 19 Image Search: Market Size, By Region, 2014–2021 (USD Million)
Table 20 Augmented Reality: Market Size, By Region, 2014–2021 (USD Million)
Table 21 Marketing & Advertising: Market Size, By Region, 2014–2021 (USD Million)
Table 22 Market, By Deployment Type, 2014–2021 (USD Million)
Table 23 On-Premises: Market Size, By Region, 2014–2021 (USD Million)
Table 24 Cloud: Market Size, By Region, 2014–2021 (USD Million)
Table 25 Image Recognition Market Size, By Industry, 2014–2021 (USD Million)
Table 26 BFSI: Market Size, By Region, 2014–2021 (USD Million)
Table 27 Media & Entertainment: Market Size, By Region, 2014–2021 (USD Million)
Table 28 Retail & Consumer Goods: Market Size, By Region, 2014–2021 (USD Million)
Table 29 IT & Telecom: Market Size, By Region, 2014–2021 (USD Million)
Table 30 Government: Market Size, By Region, 2014–2021 (USD Million)
Table 31 Healthcare: Market Size, By Region, 2014–2021 (USD Million)
Table 32 Transportation & Logistics Market: Market Size, By Region, 2014–2021 (USD Million)
Table 33 Others: Market Size, By Region, 2014–2021 (USD Million)
Table 34 Image Recognition Market Size, By Region, 2014–2021 (USD Million)
Table 35 North America: Market Size, By Technology, 2014–2021 (USD Million)
Table 36 North America: Market Size, By Component, 2014–2021 (USD Million)
Table 37 North America: Market Size, By Application, 2014–2021 (USD Million)
Table 38 North America: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 39 North America: Market Size, By Industry, 2014–2021 (USD Million)
Table 40 Europe: Image Recognition Market Size, By Technology, 2014–2021 (USD Million)
Table 41 Europe: Market Size, By Component, 2014–2021 (USD Million)
Table 42 Europe: Market Size, By Application, 2014–2021 (USD Million)
Table 43 Europe: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 44 Europe: Market Size, By Industry, 2014–2021 (USD Million)
Table 45 Asia-Pacific: Image Recognition Market Size, By Technology, 2014–2021 (USD Million)
Table 46 Asia-Pacific: Market Size, By Component, 2014–2021 (USD Million)
Table 47 Asia-Pacific: Market Size, By Application, 2014–2021 (USD Million)
Table 48 Asia-Pacific: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 49 Asia-Pacific: Market Size, By Industry, 2014–2021 (USD Million)
Table 50 Middle East & Africa: Image Recognition Market Size, By Technology, 2014–2021 (USD Million)
Table 51 Middle East & Africa: Market Size, By Component, 2014–2021 (USD Million)
Table 52 Middle East & Africa: Market Size, By Application, 2014–2021 (USD Million)
Table 53 Middle East & Africa: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 54 Middle East & Africa: Market Size, By Industry, 2014–2021 (USD Million)
Table 55 Latin America: Image Recognition Market Size, By Technology, 2014–2021 (USD Million)
Table 56 Latin America: Market Size, By Component, 2014–2021 (USD Million)
Table 57 Latin America: Market Size, By Application, 2014–2021 (USD Million)
Table 58 Latin America: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 59 Latin America: Market Size, By Industry, 2014–2021 (USD Million)
Table 60 Market Evaluation Framework
Table 61 New Product Launches, 2015-2017
Table 62 Partnerships, 2014-2016
Table 63 Acquisitions, 2014-2016
Table 64 Expansions, 2017
Table 65 Other Developments: New Product Launches, 2013–2017
Table 66 Other Developments: Partnerships, Agreements, and Collaborations, 2013–2017


List of Figures (69 Figures)

Figure 1 Image Recognition Market: Research Design
Figure 2 Breakdown of Primary Interview: By Company Type, Designation, and Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Market Size By application Snapshot (2016–2021): Market for Security & Surveillance Application Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 7 Market Size By Industry Vertical Snapshot (2016–2021): Media & Entertainment, Retail & Consumer Goods Industries Expected to Dominate the Market
Figure 8 Global Image Recognition Market Share: North America is Estimated to Hold the Largest Market Share in 2016
Figure 9 Increasing Use of Image Recognition Applications are Driving the Market Growth
Figure 10 Retail and Consumer Goods Industry Segment is Expected to Hold the Largest Market Size in 2016
Figure 11 Asia-Pacific is Expected to Witness the Highest Market Growth During the Forecast Period
Figure 12 Cloud Deployment Type is Expected to Dominate the Image Recognition Market in North America and Europe During the Forecast Period
Figure 13 Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 14 North America, Europe, and Asia-Pacific Expected to Be in the Growth Phase in 2016
Figure 15 Image Recognition Market Segmentation By Technology
Figure 16 Market Segmentation By Component
Figure 17 Market Segmentation By Application
Figure 18 Market Segmentation By Deployment Type
Figure 19 Market Segmentation By Industry
Figure 20 Market Segmentation By Region
Figure 21 Market Drivers, Restraints, Opportunities, and Challenges
Figure 22 Value Chain Analysis: Image Recognition Market
Figure 23 Strategic Benchmarking: New Product Launches, 2014–2016
Figure 24 Digital Image Processing Technology is Growing at the Highest CAGR During the Forecast Period
Figure 25 The Code Recognition Technology Segment is Estimated to Grow at the Highest CAGR in Asia-Pacific During the Forecast Period
Figure 26 North America is Projected to Hold the Largest Share of the Digital Image Processing Technology Market During the Forecast Period
Figure 27 North America is Estimated to Hold the Largest Share of the Facial Recognition Technology Segment By 2021
Figure 28 Asia-Pacific is the Fastest-Growing Regional Market for Object Recognition Technology Segment During the Period 2016 - 2021
Figure 29 Pattern Recognition Technology is Expected to Grow at the Highest CAGR in Asia-Pacific Region During the Forecast Period
Figure 30 Optical Character Recognition Technology is Expected to Grow at the Highest CAGR in the Asia-Pacific Region During the Forecast Period
Figure 31 Services Segment of Market is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 32 North America Accounts the Highest Market Share in Hardware Segment of Image Recognition Market in 2016
Figure 33 Software Segment is Expected to Grow at the Highest CAGR in Asia-Pacific Region During the Forecast Period
Figure 34 Image Recognition Services Market is Expected to Grow at the Highest CAGR in Asia-Pacific Region From 2016 to 2021
Figure 35 Security & Surveillance Application Segment is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 36 North America Accounts the Highest Market Share of Scanning & Imaging Application Segment in 2016
Figure 37 Security & Surveillance Application Segment is Projected to Grow at the Highest CAGR in Asia-Pacific Region During the Forecast Period
Figure 38 Image Search Application Segment is Expected to Grow at the Highest CAGR in Asia-Pacific During the Forecast Period
Figure 39 Augmented Reality Application Segment is Estimated the Highest Market Share in North America in 2016
Figure 40 Marketing & Advertising Segment is Expected to Grow at the Highest CAGR in Asia-Pacific Region During the Forecast Period
Figure 41 On-Premises Deployment Type is Estimated to Contribute the Largest Share to the Image Recognition Market in 2016
Figure 42 On-Premises Deployment Type is Expected to Grow at the Highest CAGR in Asia-Pacific Region During Forecast Period
Figure 43 North America is Expected to Dominate the Cloud Deployment Type Segment During the Forecast Period
Figure 44 Media & Entertainment Industry Segment is Projected to Grow at the Highest CAGR From 2016 to 2021
Figure 45 BFSI Industry Segment is Projected to Have the Largest Market Size in North America By 2021
Figure 46 Media & Entertainment Industry Segment is Projected to Grow at the Highest CAGR in Asia-Pacific During the Forecast Period
Figure 47 Retail & Consumer Goods Industry Segment is Projected to Grow at the Highest CAGR in Asia-Pacific Region During the Forecast Period
Figure 48 IT & Telecom Industry Segment is Projected to Grow at the Highest CAGR in Asia-Pacific During the Forecast Period
Figure 49 Government Industry to Witness the Highest CAGR in Asia-Pacific During the Forecast Period
Figure 50 Healthcare Industry Segment Holds the Largest Market Share of Image Recognition Market in North America During Forecast Period
Figure 51 Transportation & Logistics Industry is Estimated to Have the Largest Market Size in North America in 2016
Figure 52 Others (Education and Gaming) Industry Segment is Projected to Grow at the Highest CAGR in Latin America From 2016 to 2021
Figure 53 Market: Regional Snapshot
Figure 54 North America Market Snapshot
Figure 55 Asia-Pacific Image Recognition Market Snapshot
Figure 56 Companies Adopted New Product Launches as the Key Growth Strategy From 2013 to 2017
Figure 57 Battle for Market Share: New Product Launches and Agreements, Collaborations & Partnerships are Key Strategies
Figure 58 Geographic Revenue Mix of Top Four Market Players
Figure 59 Qualcomm Incorporated.: Company Snapshot
Figure 60 Qualcomm Incorporated.: SWOT Analysis
Figure 61 NEC Corporation: Company Snapshot
Figure 62 NEC Corporation: SWOT Analysis
Figure 63 Google Inc.: Company Snapshot
Figure 64 Google: SWOT Analysis
Figure 65 Honeywell International Inc.: Company Snapshot
Figure 66 Honeywell International Inc.: SWOT Analysis
Figure 67 Hitachi, Ltd.: Company Snapshot
Figure 68 Hitachi, Ltd.: SWOT Analysis
Figure 69 Slyce Inc.: Company Snapshot

The image recognition market is estimated to grow from USD 15.95 Billion in 2016 to USD 38.92 Billion by 2021, at the CAGR of 19.5% during the forecast period. The growth of the image recognition market can be attributed to the rising use of high bandwidth data services in retail and BFSI sector. Smartphones and devices with cameras are attracting vendors to invest in the market. Increasing demand for security applications and products enabled with image recognition functions is also influencing the growth of this market. Various companies in different sectors, such as retail, automotive, healthcare, and defense, are significantly adopting image recognition technology. Low-resolution image size and storage act as a challenge for the growth of the image recognition market.

Based on component, the image recognition market is divided into hardware, software, and services. The hardware segment is projected to lead the market during the forecast period. This growth is characterized by the increasing use of devices enabled with image recognition capabilities, such as smartphones and scanners.

Based on application, the security and surveillance segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing need of security applications and products with integration of innovative technologies such as surveillance cameras and face recognition technology.

Based on deployment type, the on-premises segment is projected to lead the global image recognition market during the forecast period. Components based on image recognition and its derivative technologies such as facial and pattern recognition are broadly deployed on-premises. This is the key influencing factor for the growth of this segment.

Image Recognition Market

At present, North America holds the largest share of the global market. Higher adoption of new and advanced technologies such as mobile application security solutions is driving the growth of this regional market. The image recognition market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the high adoption of cloud, mobility, and infrastructure management solutions to address information security.

Most vendors have adopted new product launches as the key strategy to enhance their product portfolio and customer experience. Existing players in this market are constantly innovating and upgrading their products to enhance their market share. Furthermore, owing to the technological advancements in image recognition, key vendors are focusing on launching next generation solutions and services.

The global image recognition market is expected to witness healthy growth considering the Increasing use of high bandwidth data services. Furthermore, the technology acceptance by various companies in different verticals has contributed to the growth of image recognition market. Moreover, increasing demand for security applications and products enabled with image recognition functions has encouraged vendors to develop image recognition solutions.

The image recognition market report categorizes the image recognition applications into 5 categories, namely, security & surveillance, scanning & imaging, marketing & advertising, augmented reality, as well as image search. All these applications have their own significance.

The increased need for image recognition solutions to streamline business processes is driving enterprises to introduce image recognition technologies for security and consumer management.

Image Recognition Market

Scanning & Imaging

The image recognition technology is gaining high prominence in the retail industry due to its use in product scanning and billing and acquiring other details at the counter in supermarkets or departmental stores. Retailers such as Walmart, Kroger Company, and Tesco PLC use image recognition technology for billing purposes. Object recognition scanners can identify grocery items based on their appearance. These scanners have a built-in camera that filters out background noise in the picture by focusing only on the object closest to its lens.

Security & Surveillance

Increasing demand for security & surveillance is driving the integration of various innovative technologies such as surveillance cameras and face recognition technology with existing solutions to offer a more effective and efficient solution. The technology mimics the human visual system and is effective in perimeter security even in the absence of any physical boundary. Eurotech, ISS, and NEC Corporation are the key players involved in delivering high-end, reliable, and effective recognition and data processing services for security & surveillance.

Identity & access management enhances security and authorized access at critical defense installations, police stations, border control, airports, and commercial facilities, among others. The deployment of biometric scanning equipment, such as facial recognition devices, at such facilities ensures secure and convenient access to all authorized personnel. ANPR reads vehicle number plates under any weather condition. Animetrics, Aoptix, and 3M Cogent are the key players in the biometric identification solutions market.

Image Search

Image recognition enables consumers to search objects with the help of pictures taken from smartphones. Image recognition apps generate a link from an image enabling users to search the object on the Internet. During the image search process, users can extract information, such as related sites that include the image, various sizes, and similar or related images.

Augmented Reality

Augmented reality (AR) is the integration of digital information with the user’s environment in real time. Unlike virtual reality, which creates an artificial environment, augmented reality uses the existing real life environment, and adds graphics and sound to real images. AR works on two approaches: marker-based and location-based. It is mostly used in K-12 and higher education; however, only a few schools have implemented this technology due to lack of awareness and financial support from governments.

Marketing & Advertising

Advertisers and marketers are deploying image recognition technology to engage customers. The technology is being used to scan brand logos on pictures posted on social media websites, such as Instagram, Pinterest, Twitter, and Tumblr. Some marketing agencies, such as LJ Hooker, have already adopted image recognition technology to give customers the ability to identify a property from more than 500,000 pre-scanned photos/images and link them to more comprehensive information.

Key questions

  • Which are the substitute solutions and how big is the threat from them?
  • Which are the top use cases where image recognition can be implemented for revenue generation while leveraging new technologies like Big Data and analytics?
  • What are the potential opportunities in the adjacent markets, such emotion detection and recognition, as well as facial recognition?
  • What should be your go-to-market strategy to expand the reach into developing countries across Asia Pacific, Middle East & Africa, and Latin America?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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