Global Image
Recognition Market Scenario
Image recognition is a technology used in
identifying and differentiating between objects and animals in an image. It
manages this task through the number of pixels, colors, color depth, and
fetching stored images in databases to compare and analyze them separately. The
global Image Recognition
Market report by Market Research Future (MRFR) takes a look
at machine learning development, upgrades by software developers, and other
trends and niches for estimating market value and growth pattern for the period
of 2017 to 2023 (forecast period). The outbreak of the COVID-19 virus and its
impact on the industry are analyzed thoroughly.
Market Scope
The global image recognition market is projected to
expand at a rapid pace owing to technological leaps in machine learning,
artificial intelligence, and autonomous vehicles. The use of facial recognition
by law enforcement agencies as a screening process for preventing the entry of
potential threats can bode well for the market. For instance, the
Transportation Security Administration (TSA) had conducted a short-term test
for checking travel document photos against the image of the passenger in 2019
at checkpoints.
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Rise in cloud computing, purchase of smartphones,
and integration of face recognition technology are likely to spur the market
demand significantly. Popularity in digital wallets and payments using face
recognition can bode well for the market. Marketing and advertising services
have integrated the services for targeting the right customers and improving
customer experience.
Image recognition software will be of vital
importance for fighting the COVID-19 pandemic. Developments in artificial
intelligence have been used in identifying hotspots and barricaded them from
the masses. The drones are used to sterilize the place without the presence of
humans on the scene. Moreover, the images of COVID-19 patients are used to
diagnose the disease at an initial stage and take necessary precautions for
containing the virus.
Segmentation
The global image recognition market is segmented by
solution, deployment, component, and application.
By solution, it is segmented into pattern
recognition, optical object recognition, facial recognition, barcode/quick
response code recognition, object recognition, and sensors.
By deployment, it is divided into on premises and on
demand.
By component, it is divided into hardware and
software. The hardware segment can command a high share of the market owing to
various consumer electronic devices equipped with facial recognition
technology.
By application, it is segmented into security &
surveillance, augmented reality, marketing & advertising, scanning &
imaging, and image search. The security & surveillance segment is expected
to grow at high speeds owing to need for advanced security solutions in urban
areas.
By vertical, it is segmented into IT and telecom,
BFSI, healthcare, hospitality, automobile, aerospace, defense, retail industry,
and SME organizations among others.
Impact of COVID-19 on the Global Image
Recognition Market at: https://www.marketresearchfuture.com/report/covid-19-impact-image-recognition-market
Regional Analysis
Asia Pacific (APAC) is dominating the global image
recognition industry owing to high availability of low-cost smartphones and
tablets and emerging trend of using digital technology. Applications in
security and surveillance systems in China and a common digital identification
card for all citizens can drive the success of the industry in the country.
North America market is expected to grow at an
unexpected pace during the forecast period. Huge demand for mobile security
solutions in the U.S. and Canada is likely to bode well for the global image
recognition market till 2023. Rise of social media channels and the use of
images for scoring high points on these channels can drive its demand.
Competitive Outlook
Qualcomm Technologies, Honeywell, NEC, Itraff
Technology, Sharp Vision Software, Catchoom, Jestec, Panasonic, Hitachi, and
Toshiba are key players of the global image recognition industry. Acquisitions
are one of the prime strategies adopted by players to sustain in the market.
Large players are integrating startups and their technology into their organization
to stave off competition.
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