The Image Recognition market is projected to grow by 16.95% during the forecast period from 2021 to 2028.
Image Recognition Market
With the increasing popularity of social networks and content-sharing apps, in addition to the global penetration of the internet, companies are aiming at a better quality of digital content and services. In order to achieve that, however, the need for employing the latest technologies on the analytics market is raised. Due to the fact that customers are sharing an increasing amount of image-related content on apps and websites, companies start recognizing the opportunity to analyze this data, come up with solutions to deliver better services, and hence, grow the market. Latest technological advancements in the Image Recognition Market allow for identifying logos, places, objects, people, buildings, and various other variables in images.
Image Recognition Market Growth and Trend
A number of factors are expected to have a positive effect on the growth of the Image Recognition Market. The more content that is posted on social media, the more companies that design and own such media platforms would need to focus on maintaining appropriate content and securing customer data. In order to do that, they would need to adopt the latest technologies that allow for analysis of Big data, and more specifically those that focus on camera-produced content, like images and videos, which would positively affect the growth of the Image Recognition Market. Another factor that is expected to exert a positive influence on market growth is the rise in the utilization of high bandwidth data services. Furthermore, with the increasing number of retail and CPG companies, also rises the need for better quality images and their recognition.
However, the enormous amount of data that is stored, may give rise to setbacks for the Image Recognition technologies market growth. The need for more storage, and consequently the lower resolution of images may negatively impact the industry. In addition, the installations of such complicated technologies are associated with very high costs that not many businesses can afford to incur, which is yet another factor that may slow down the growth of the Image Recognition Market.
Image Recognition Market Segmentation
The Image Recognition Market is segmented based on technology, component, application, deployment type, and industry. According to the type of technology, the market is divided into code recognition, digital image processing, facial recognition, object recognition, pattern recognition, optical character recognition. Based on component type, the Image Recognition Market differentiates by hardware, software, and services. Additionally, on the basis of application, the market is divided into canning and imaging, security and surveillance, image search, augmented reality, marketing, and advertising. Based on deployment type, the Image Recognition Market is segmented into on-premise and cloud. Finally, based on the end-use industry, the market is divided between BFSI, media, and entertainment, retail and consumer goods, IT and telecom, government, healthcare, transportation and logistics, education, gaming industries.
Image Recognition Market Regional Analysis
The increasing development of cloud-based streaming services, as well as the greater focus on the integration of Artificial Intelligence and mobile computing platforms to ease the operations within the online shopping and digital service sectors, are the main factors that contribute to the difference between regional demand. Based on these factors, the North American region holds the leading position within the Image Recognition Market, as a result of the increase in innovative practices within the e-commerce businesses in the region. This trend is expected to be sustained, and the market to be even further developed in the future. Nevertheless, the Asia Pacific region is projected to increase its presence in the Image Recognition Market, due to the growing penetration of mobile and tablet devices within the region, as well as the rising number of adopted applications that use face-remembrance technologies for surveillance and to ensure security.
Image Recognition Market Share and Competition
The major players operating in the Image Recognition Market are Qualcomm Technologies, Inc., NEC Corporation, Google., LTUTech, Catchoom, Honeywell International Inc, Hitachi, Ltd., Wikitude GmbH, Slyce, Attrasoft, Inc., JASTEC Co. Ltd., Apple Inc., Facebook, Twitter, IDEMIA, Gemalto NV, Ayonix Face Technologies, Cognitec Systems GmbH, Aware, Inc., Daon, Neurotechnology, Herta Security and KeyLemon Ind., and others.
• Historical Revenue and Unit Sales Volume Data (2010 - 2020)
• Forecast Revenue and Unit Sales Volume Data (2021 - 2028)
• Price trend and analysis
• Segment based revenue and unit sales data (2010 - 2028)
• Import/Export Analysis
• Competitive Analysis and Company Profiles
• Product analysis and Strategic framework
Industry segmentation and Revenue Breakdown
Technology Type Analysis (Revenue, USD Million, 2021 - 2028)
• Code recognition
• Digital image processing
• Facial recognition
• Object recognition
• Pattern recognition
• Optical character recognition
Component Type Analysis (Revenue, USD Million, 2021 - 2028)
Application Type Analysis (Revenue, USD Million, 2021 - 2028)
• Scanning and imaging
• Security and surveillance
• Image search
• Augmented reality
Deployment Type Analysis (Revenue, USD Million, 2021 - 2028)
• On cloud
Industry Vertical Analysis (Revenue, USD Million, 2021 - 2028)
• Media and entertainment
• Retail and consumer goods
• IT and telecom
• Transportation and logistics
Country Analysis (Revenue, USD Million, 2021 - 2028)
• Rest of South America
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Saudi Arabia
• South Africa
• Rest of the Middle East and Africa
Image Recognition Market Companies
• Qualcomm Technologies Inc.
• NEC Corporation
• Honeywell International Inc
• Hitachi, Ltd.
• Wikitude GmbH
• Attrasoft, Inc.
• JASTEC Co. Ltd.
• Apple Inc.
• Gemalto NV
• Ayonix Face Technologies
• Cognitec Systems GmbH
• Aware, Inc.
• Herta Security
• KeyLemon Ind.
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