Image Recognition Market

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

Report Code : TC 2308
Published ON : Feb, 2017

[147 Pages Report] The image recognition market is estimated to grow from USD 15.9 billion in 2016 to USD 38.9 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. The major factors driving the growth of the Image recognition industry include increasing use of image recognition applications, increasing demand for security applications and products enabled with image recognition functions and   technology acceptance by various companies in different verticals

Image Recognition Market

Based on component, the service segment of the Image recognition market is projected to grow at the highest CAGR during the forecast period.

Based on component, the service segment of the market is projected to grow at the highest CAGR from 2018 to 2023. The services segment is categorized into professional services; managed services; and training, support, and maintenance services. These services assist an organization to adapt to new image recognition software. The growing demand for rich media is driving companies such as NEC, LTU Technologies, and Catchoom to offering integrated training services, professional services, and support and maintenance services

Based on deployment type, the on-premises segment is projected to lead the global image recognition market during the forecast period.

On-premises deployment is a traditional approach to implement software solutions. Organizations with in-house communications servers use this type of deployment. On-premises solutions are usually deployed for intricate systems where relatively bigger database and image scan volume is required. The complete set-up, including software installation, hardware equipment, and the platform for serving the on-premises solutions, is managed within the defined facility/area. On-premises solutions are relatively complex and require huge direct investments. In addition, this deployment type requires a competent IT department along with enough capital to expand the IT infrastructure

Image Recognition Market

The North American region is expected to lead the Image recognition  market in 2016.

North America has always been an open market in terms of adopting new and advanced technologies, such as mobile application security solutions across all industries. There has been a progressive adoption of technologies over cloud and mobile for streamlining work processes. There are more than 10 billion smartphones and other digital gadgets in North America which are integrated with image recognition applications. Due to their high demand, several companies such as Google have launched various image recognition applications. Apps are also available for Windows, Android, and iOS-based smartphones. Online marketplaces such as Amazon and eBay have introduced apps that use image recognition to identify clothes, cars, and books, among other products, to help customers in finding a similar set of items from their online databases

Key Market Players

The major factor expected to hinder the growth of the Image recognition is the high cost of installation of image recognition systems Qualcomm Technologies, Inc. (US), NEC Corporation (Japan), Google (US), LTU Tech(France), Catchoom (Spain), Honeywell International Inc (US), Hitachi, Ltd. (Japan), Slyce (Canada), Wikitude GmbH (Austria), Attrasoft, Inc (US), Blippar (UK), Planorama (France), Ricoh Innovations Corporation (US), , Pattern Recognition Company GMBH (Germany) are the leading players operating in the image recognition  market. These players have adopted various growth strategies such as mergers and acquisitions, new product/service launches/product enhancements, business expansions, partnerships, agreements, and collaborations to expand their presence in the Image recognition market. Partnerships and new product/service launches/product enhancements have been the most adopted strategies by major players from 2013 to 2017 to innovate their offerings and broaden their customer base.

Scope of Report

Report Metric

Details

Market size available for years

2014–2021

Base year considered

2015

Forecast period

2016-2021

Forecast units

Value (USD Billion)

Segments covered

Technology, Component Application, Deployment Type, Industry Vertical and Region

Geographies covered

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa

Companies covered

Qualcomm Technologies, Inc. (US), NEC Corporation (Japan), Google (US), LTU Tech(France), Catchoom (Spain), Honeywell International Inc (US), Hitachi, Ltd. (Japan), Slyce (Canada), Wikitude GmbH (Austria), Attrasoft, Inc (US), Blippar (UK), Planorama (France), Ricoh Innovations Corporation (US).Pattern Recognition Company GMBH (Germany)  are the leading players operating in the Image recognition market

This research report categorizes the Image recognition  market to forecast revenues and analyze trends in each of the following submarkets:

Based on Technology, the Image recognition market has been segmented as follows:

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

Based on Component, the Image recognition  market has been segmented as follows:

  • Hardware
  • Software
  • Services

Based on Application, the Image recognition  market has been segmented as follows:

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

Based on Deployment type, the Image recognition  market has been segmented as follows:

  • On-Premises
  • Cloud

Based on Industry, the Image recognition  market has been segmented as follows:

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

Based on Region, the Image recognition market has been segmented as follows:

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

Recent Developments

  • In January 2017, Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated and Osterhout Design Group (ODG), (San Francisco) together launched R-8 & R-9, the augmented reality smart glasses powered by Qualcomm Snapdragon 835 Processor. This allows Qualcomm to enhance the customer experience by offering innovative products.
  • In October 2016, NEC Corporation launched NeoFace Image data mining (NeoFace Idm) that utilizes Artificial Intelligence (AI) to quickly and accurately search video footage, such as content from CCTV cameras, for specific individuals. NeoFace Idm provides high-speed, high-precision searches for persons who appear in specific patterns, which could not be achieved through manual searches or conventional technology.
  • In July 2016, Google acquired Moodstocks, a Paris-based startup that specializes in smartphone image recognition. This acquisition builds great image recognition tools within Google’s array of machine learning based services, software, and applications to improve user experiences.
  • In November 2016, Qualcomm Wireless Communication Technologies Limited (China), a subsidiary of Qualcomm Incorporated, collaborated with Interactive Entertainment Group (IEG) of Tencent to launch joint innovation center in China. This collaboration helps Qualcomm to innovate & accelerate the mobile AR and VR gaming and entertainment experiences of customers.
  • In December 2015,NEC Corporation acquired Michigan State University’s (MSU) face search system software to address the ever-increasing security threats and enhance public and national security.

Key Questions Addressed by the Report

  • What are the growth opportunities in the Image recognition market?
  • What is the competitive landscape scenario of the market?
  • What are the regulations that are expected to have an impact on the image recognition market?
  • What are the dynamics of the market?
  • What the challenges of the image recognition market?

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

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 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 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 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 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 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 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 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: 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: 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 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 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 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 study involved 4 major activities to estimate the current size of the Image recognition market. Exhaustive secondary research was undertaken to collect information on the market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain of the Image recognition using primary research. Both, top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the size of different segments and sub segments of the Image recognition market.

Secondary Research

In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to identify and collect information for this study. These secondary sources included annual reports, press releases and investor presentations of companies, white papers, certified publications and articles by recognized authors, gold standard and silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

The Image recognition market comprises several stakeholders such as service providers, system integrators, security agencies, trade associations, government authorities, security equipment providers, and Value-added Resellers (VARs). The demand side of the market consists of all firms operating in the image recognizing domain. The supply side includes providers of image recognition. Various primary sources from both, supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents:

Image Recognition Market

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

Market Size Estimation

The top-down and bottom-up approaches were used to estimate and validate the global size of the Image recognition market and various other dependent submarkets. While using the top-down approach, an exhaustive list of all vendors, who offer IoT professional solutions and services was prepared. The share of these vendors in the market was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor was evaluated based on the services offered by it and their use in various applications. The aggregate of revenues of all companies was extrapolated to reach the overall size of the market. Further, each segment of the market was studied and analyzed to obtain its market size and evaluate its regional penetration. The markets were triangulated using both, primary and secondary research. The primary procedure included extensive interviews of the industry leaders such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and marketing executives for key insights.

Data Triangulation

After arriving at the overall size of the market using the market size estimation processes explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, demand and supply sides.

Objectives of the Report

  • To determine and forecast the size of the Image recognition market based on technology, component application, deployment type, industry vertical and region from 2016 to 2021, and analyze various macroeconomic and microeconomic factors that affect the market growth
  • To forecast the size of the market with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA)
  • To provide detailed information about the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Image recognition  market
  • To profile key market players, provide a comparative analysis based on their business overviews, regional presence, product offerings, business strategies, and key financials, and illustrate the competitive landscape of the market
  •  To track and analyze competitive developments such as mergers and acquisitions, new product/service launches/product enhancements, business expansions, partnerships, agreements, collaborations, and Research and Development (R&D) activities in the market

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 image recognition market

Company Information

  • Detailed analysis and profiling of additional market players
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