Image Recognition Market Size, Share, Development, Growth and Demand Forecast to 2020.pdf

GLOBAL INDUSTRY INSIGHT:
Image Recognition Market Size, Share, Development, Growth and
Demand Forecast to 2020

Global Image Recognition Market Size, Share, Development,
Growth and Demand Forecast to 2020
The image recognition market is growing by a significant rate due to increased use of smartphones, technology
being embraced by various verticals, and increased demand for augmented reality (AR) and virtual reality (VR).
Increasing demand for data analytics, increasing use of image recognition in media, branding and entertainment,
and increasing mergers and acquisitions are providing ample opportunities to the image recognition market to
grow in the coming years.
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North America leads the image recognition market followed by Europe owing to the highest implementation of
image recognition solutions in the region. The U.S. holds the largest market for image recognition under North
America region. The Asia-Pacific image recognition market is expected to grow with an exponential rate in the
coming years due to high threats from terrorist attack with the increasing trend towards e-governance in the
region. Major users of image recognition technology in the region are Japan and China.
In the previous years, card based recognition was an essential system for identifying individuals, but image
recognition technology has emerged as the most significant technology to identify and verify the individuals.
Services provided by image recognition technology, such as m-commerce, enable the consumers to shop online
across a high quality visual environment and to pay from their mobile phones. To enhance in-store customer
service, the retailers are expected to adopt image recognition technology in the coming years, which will enable
the customers to scan an item through a mobile application. The adoption of such method by the retailers will cut
down the operational and customer support cost in retail industry.
On the basis of types, the image recognition market can be categorized as object recognition, optical character
recognition, barcode recognition, pattern and gradient matching, and facial recognition. The facial recognition
market is growing at the highest rate among types of image recognition market due to advancement in the
accuracy of the technology and the increasing use of face recognition technology in personal computers, tablets
and smartphones. Additionally, rising government budget in the developing countries such as Russia, China and
India regarding homeland defense and security is supporting the growth of the facial recognition market. Facial
recognition market is also expected to grow with the highest rate among types of image recognition market in the
coming years due to rising use of the technology over card based technology in the residential and industrial
sector.
On the basis of components, the image recognition market can be categorized as hardware, software, and
services. The image recognition market can also be categorized on the basis of deployment type as on-demand
and on-premises deployment. On the basis of end users, the image recognition market can be categorized as
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Global Image Recognition Market Size, Share, Development,
Growth and Demand Forecast to 2020
healthcare and life sciences, government and defense, consumer goods and retail, transportation and logistics,
manufacturing industry, banking, financial services and insurance, and IT and telecommunication sector.
On the basis of applications, the image recognition market can be categorized as scanning and imaging,
marketing and promotional activities, quality control and inventory management, security and surveillance, m-
commerce, advanced driving assistance, and content management. Security and surveillance includes forensics,
and identity and access management. Some of the factors restraining the growth of the image recognition market
are lack of user awareness and technological issues.
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Some of the competitors in the image recognition market are NEC Corporation, Toshiba Corporation, Hitachi Ltd.,
Qualcomm Technologies, Inc., Panasonic Corporation, Honeywell International Inc., Wikitude GmbH, iTraff
Technology Sp. z o.o., Catchoom, and LTU Technologies S.A.S.
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Global Image Recognition Market Size, Share, Development,
Growth and Demand Forecast to 2020
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