Global Image Recognition Market
is expected to reach US$ 38.90 Bn by 2026 at a CAGR of 19.3% during the forecast period. The high price of maintenance as well as raw material, high installation cost, these are some of the major restraining factors that could affect the global image recognition market.
The increasing adoption of image recognition devices from various sectors such as media, marketing, and retail are expected to drive the growth of the image recognition market. Image recognition market is segmented by technology, component, application, deployment type, industry verticals, and region. Most vendors have adopted new product launches as the key strategy to enhance their customer experience and product portfolio.
Existing players in this market are constantly upgrading and innovating their products to enhance their market share. Additionally, due to the technological advancements in image recognition, key vendors are focusing on launching solutions and services for the next generation. In case of components, the hardware segment is expected to lead the image recognition market during the forecast period, owing to the increasing use of devices enabled with image recognition capabilities, such as scanners and smartphones Among application, the security and surveillance segment is expected to reach at the highest CAGR during the forecast period, due to the increasing need of products and security applications with an integration of innovative technologies such as face recognition technology and surveillance cameras.
Based on the deployment type, the on-premises segment is likely to lead the global image recognition market during the forecast period. Components based on image recognition and its derivative technologies such as pattern and facial recognition are broadly deployed on-premises. This is the main factor for the growth of this segment. While using the technology segment, the code recognition technology segment is estimated to lead the Image Recognition Market during the forecast period. This is due to adoption of code recognition technology in North America to enhance customer loyalty and to offer better facilities to the customer. Based on industry vertical segment, the media & entertainment industry segment is expected to dominate the market during the forecast period, owing to the large use of image recognition technology by social media. The rising use of Image Recognition Market in movies, gaming, and television is also enhancing the growth of this segment. The region segment is divided into North America, APAC, Europe, LAMEA. Among these, North America is expected to have large Image Recognition Market size during the forecast period, as North America is the most advanced region in terms of technology adoption and infrastructure. The increasing number of users of electronic gadgets and smartphones integrated with image recognition applications is are the factors expected to drive the growth of the Image Recognition Market in North America. However, the Asia-Pacific is expected to reach at the highest CAGR during the forecast period. The Asia Pacific is responsible for high threats from terrorist attacks. Key Players operated in the market are Catchoom Technologies S.L, Hitachi, Ltd., Honeywell, International, Inc., LTU Technologies, Qualcomm Incorporated, Attrasoft, Inc., NEC Corporation, Google, Inc, Slyce, Inc, Wikitude GmbH, Toshiba Corporation, Panasonic Corporation, iTraff Technology Sp. z o.o..
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Scope of Global Image Recognition Market Report
Global Image recognition market by Technology:
â€¢ Code Recognition â€¢ Digital Image Processing â€¢ Facial Recognition â€¢ Object Recognition â€¢ Pattern Recognition â€¢ Optical Character Recognition
Global Image recognition market by Component:
â€¢ Hardware â€¢ Software â€¢ Services
Global Image recognition market by Application:
â€¢ Scanning & Imaging â€¢ Security & Surveillance â€¢ Image Search â€¢ Augmented Reality â€¢ Marketing & Advertising
Global Image recognition market by Deployment Type:
â€¢ On-Premises â€¢ Cloud
Global Image recognition market by Industry Vertical:
â€¢ BFSI â€¢ Media & Entertainment â€¢ Retail & Consumer Goods â€¢ IT & Telecom â€¢ Government â€¢ Healthcare â€¢ Transportation & Logistics â€¢ Others (Gaming and Education)
Global Image recognition market by Region:
â€¢ North America â€¢ Europe â€¢ Asia-Pacific â€¢ Middle East & Africa â€¢ Latin America
Key Players in Image recognition market:
â€¢ Attrasoft, Inc. â€¢ NEC Corporation â€¢ Google"
Author Signature :
Name: Luxmankant Godage
Organization: MAXIMIZE MARKET RESEARCH
Contact: +91 9607365656
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