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.
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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.
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