HOME Research Insight New Product Launches, Partnerships, Collaborations & Agreements, Expansions, and Acquisitions to Achieve Growth in the Image Recognition Market

New Product Launches, Partnerships, Collaborations & Agreements, Expansions, and Acquisitions to Achieve Growth in the Image Recognition Market

The image recognition market is expected to grow from USD 15.95 Billion in 2016 to USD 38.92 Billion by 2021, at a CAGR of 19.5% during the forecast period. The Image recognition market has witnessed substantial growth, owing to the rising demand for image recognition applications. Moreover, image recognition technology acceptance by various companies in different verticals such as retail, healthcare, automotive, and defense is enhancing the growth of this market.

Key players in the image recognition 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. These players have adopted various growth strategies, such as new product launches, partnerships, collaborations & agreements, expansions, and acquisitions to achieve growth in the image recognition market. The strategy of new product launches accounted for a share of 49% of the total developments that took place in the image recognition market. Partnerships, collaborations, and agreements accounted for a combined share of 32% of the total growth strategies adopted by the market players between 2013 and 2017. Market players have been focusing on these strategies to increase their customer base and revenue.

Qualcomm Inc. is one of the leading players in the image recognition market. The company collaborated with Interactive Entertainment Group (IEG) of Tencent to launch a joint innovation center in China. The company offers various products, such as R-8 and R-9, the augmented reality smart glasses powered by Qualcomm Snapdragon 835 Processor. The company’s Pixtronix display provides a perfect level of brightness and visibility to smartphones, digital cameras, and tablets with vivid display by replacing liquid crystal with the highly efficient MEMS shutters. Qualcomm serves its customers in China, Taiwan, South Korea, the U.S., and other foreign nations worldwide. In October 2016, Qualcomm launched Qualcomm Snapdragon connected camera portfolio to expand its portfolio of technologies to support a new generation of video and imaging devices.

NEC Corporation is one of the leading manufacturers and service providers of IT and network products. It also offers solutions in imaging and biometric to various verticals, such as airport and air traffic control, healthcare, retail, logistics, government, and education. The company offers various products such as NEC GAZIRU, which provides image recognition that can identify images acquired by a smartphone. NEC assists enterprises with its solutions and services across the globe. 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.

The image recognition market research report analyzes global adoption trends, future growth potentials, key drivers, competitive outlook, restraints, opportunities, regulatory landscapes, and the value chain of this market.

Related 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

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