Global Image Recognition Market Scenario
According to Market
Research Future (MRFR), the global Image
Recognition Market is poised to
create an exponential valuation by 2022, registering a modest CAGR during the
forecast period (2016 to 2022). Businesses have started recognizing the
benefits of the information from digitally collected images to improve customer
experience and offer various new ways to approach customers. The growing need
for digital transformations of businesses accelerates the market growth.
The global image
recognition market is growing by leaps and bounds. Visual content is
continually replacing the conventional technology of textual solutions. With
rapid technological advances, technologies such as image recognition, facial
recognition, and 3D object recognition provide superior solutions for security
& surveillance, automotive safety, automatic driving & assistance,
forensics & police investigations, biometric scanning appliances,
healthcare, and e-commerce.
Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1315
Resultantly, the market
growth primarily attributes to the rising uses of augmented and virtual
displays in the automotive and 3D gaming sectors. Besides, increasing numbers
of start-ups focused on augmented and virtual reality technologies drive the
market's growth. The burgeoning healthcare sectors worldwide are cited as one
of the contributing factors for the market. Moreover, the rising uses of image
recognition technologies in medical image analysis escalate market growth.
Additionally, the growing
demand from the virtual reality market and other stimulation products create
huge market potential for image recognition products. Furthermore, the growing need for high
computation power and productivity propels the growth of the market.
Conversely, technology providers face enormous underlying intellectual
challenges in developing image recognition technology, which are projected to
impede the market growth.
Nevertheless, increasing AI
implementation would support market growth throughout the assessment period.
Furthermore, the increasing usages of machine learning, deep learning, and
natural language processing are estimated to substantiate the growth of the
market.
Global Image Recognition Market -
Segments
The report is segmented
into five dynamics;
By Solution: Facial
Recognition, Barcode/ Quick Response Code Recognition, Sensors, Object
Recognition, Pattern Recognition Optical Object Recognition, and others.
By Deployment: On-Premises and On-Demand.
By Component: Hardware and Software.
By Application Areas: IT & Telecom, BFSI, Healthcare,
Hospitality, Retail Industry, Automobile, Aerospace, Defense, SME
Organizations, and others.
By Regions : Americas, Europe, Asia
Pacific, and the Rest-of-the-World.
Impact of COVID-19 on the
Global Image Recognition Market at: https://www.marketresearchfuture.com/report/covid-19-impact-image-recognition-market
Global Image Recognition Market -
Regional Analysis
The Asia Pacific region
dominates the global image recognition market. The largest market share
attributes to the high availability of low-cost smartphones and tablets. The
emerging trend of using digital technology in China and India and rising
foreign investments drive the regional market growth. Image recognition market
trends, such as the increased implementations of the intelligent virtual
assistant, favor the regional market's growth.
The presence of major
technology providers offering advanced image recognition solutions boosts
growth in the regional market. Moreover, the proliferation of digitization in
businesses boosts the growth of the regional market. The rising adoption of AI
and machine vision technology in large and SMEs to enhance operational
performance boosts the regional market's growth.
North America stands second
in the global image recognition market. The market growth is attributed to
substantial investments transpired by key players in the development of AI
technology platforms positively impact the growth of the regional market.
Additionally, the implementation of machine vision in numerous industries
substantiates the market growth.
Manufacturing and
automotive sectors in the region drive the growth of the market. Furthermore,
increasing implementations of surveillance analytics for user behavior tracking
substantiate the image recognition market size. Increasing R&D investments
and rising business digital transformation push the growth of the market demand
in the region.
The Europe image recognition
market is growing rapidly. Factors such as the presence of various notable
players and large deployments of image recognition solutions across the
industries boost the regional market growth. Moreover, the rising numbers of
SMEs and large enterprises act as a major tailwind for the market's growth.
Also, the high adoption of automation solutions used in the automotive and
healthcare industries pushes the regional market's development.
Competitive Analysis
Highly competitive, the
image recognition market appears fragmented due to the presence of several
well-established players. Mergers & acquisitions, innovation, and brand
reinforcement remain prevailing key trends for the leading players as these
strategies support their growth and expansion plans. They deliver reliable,
leading-edge products and services. For which they invest substantially in
R&D to develop adept technologies and products.
Major Players:
Players leading the image
recognition market include Honeywell (U.S.), Jestec (LTU Technologies - Japan),
Toshiba (Japan), Sharp Vision Software (U.S.), Itraff Technology (Poland),
Qualcomm Technologies (U.S.), NEC (Japan), Panasonic (Japan), Hitachi(Japan),
and Catchoom, among others.
Industry/Innovation/Related News:
November 10, 2020 ----
Three of the world's leading providers of image recognition and visual search
technology – US-based Slyce, Spain-based Catchoom, and Austria-based Humai
announced an agreement to merge and form one company focused on part
recognition. Apart from creating a Breakthrough Suite of Part Recognition
Solutions - Partium, the business would offer parts identification solutions
for industrial and retail environments.
Each company has developed
compelling and complementary offerings for part recognition. For instance,
Humai is a leader in spare part recognition for industrial and manufacturing
industries. Similarly, Slyce is the leading provider of visual search
technology for retail clients. Catchoom is the leader in large-scale image
recognition and AI-based solutions for enriching product metadata.
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/image-recognition-market-1315
About Market Research Future:
At Market Research Future (MRFR), we enable our
customers to unravel the complexity of various industries through our Cooked
Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research
Reports (3R), Continuous-Feed Research (CFR), and Market Research &
Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment