Image Recognition Market to Reach USD73.344 Billion by 2026
Rise in online gaming, introduction of driverless cars,
increased usage of social media platforms to drive the growth of Global Image
Recognition Market through 2026.
According to
TechSci Research report, “Global Image Recognition
Market By Component (Software,
Hardware, Services), By Technology (Digital Image Processing, Code Recognition,
Facial Recognition, Object Recognition, Pattern Recognition, Optical Character
Recognition), By Deployment (On Premise, On Cloud), By Application (Scanning
and Imaging, Security and Surveillance, Image Search, Augmented Reality,
Marketing and Advertisement), By End User (IT & Telecom, Government,
Retail, Automobile, Healthcare, Media & Entertainment, BFSI, Others), By
Region, Competition, Forecast & Opportunities, 2016-2026”, the global image recognition market was valued at USD27.764 billion in
2020 and is expected to grow at a CAGR of 17.59% during the forecast period
owing to the rise of online gaming, introduction of driverless cars, increased
usage of social media platforms, increasing security concerns for user
identification processes across the globe.
Technological advancements across the
healthcare sector and retail industry are further
propelling the market. However, training data and generalization concerns are
expected to hamper the market growth during the forecast period.
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The global image recognition market can be
segmented based on component, technology, deployment, application, end user, and
region. Based on component, the market can be segmented into software, hardware,
and services. The software segment held a major share in 2020 and is expected
to continue to do so in the forecast period as well. In terms of technology,
the market can be segmented into digital image processing, code recognition,
facial recognition, object recognition, pattern recognition and optical
character recognition.
The code recognition segment is expected to grow
at a rapid pace during the forecast period, owing primarily to the rapid
adoption of QR-codes across various verticals to combat virus spread. Based on the
deployment mode, the market is bifurcated into on premise and on cloud. The on-cloud
deployment is expected to grow at a rapid pace due to increased cost savings,
and superior flexibility and scalability of data. Based on applications, the
market is segmented into scanning and imaging, security and surveillance, image
search, augmented reality and marketing and advertisement.
The augmented reality segment is expected to
grow the fastest, owing to increased adoption of augmented reality platforms in
the gaming, construction, and healthcare sectors. Based on end user, the market
is segmented into IT & telecom, government, retail, automobile, healthcare,
media & entertainment, and others including, power and energy, oil and gas,
transportation and logistics, etc., out of which the retail industry is
expected to be the fastest growing segment. Image recognition and object detection
techniques can assist consumer brands in standardizing store checks and
obtaining consistent results across all sales channels, allowing them to
confidently make business decisions based on shelf data.
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Amazon.Com, Inc, Alphabet Inc., Microsoft
Corporation, IBM Corporation, Qualcomm Inc, NEC Corporation, Hitachi Ltd.,
Toshiba Corporation, Fujitsu Limited, Honeywell International Inc., Oracle
Corporation, Catchoom Technologies S.L., Vispera Information Technologies,
Ximilar, LTU Technologies Inc. are among the leading players operating in the global
image recognition market. Companies operating in the market are using strategies such as product advancements through the addition
of new features, mergers, and collaborations to boost their share.
“Image Recognition technology has altered the
perspective of the world. It is one of the most widely used applications of
machine learning. In the healthcare industry, image recognition technology is
constantly being used. It aids in the detection of tissue anomalies such as
tumors, bone cracks, and various types of cancer. Robots that use computer
vision and image recognition techniques power the microsurgical process in the
healthcare sector. Image recognition is also widely used for advertising
purposes, allowing users to discover similar items for sale utilizing image
similarity models. Furthermore, with the introduction of driverless cars and
ADAS systems in the automobile segment, the use of image recognition has
increased in the sector because it aids in identifying the object or obstacle
in front of the driver while driving and making automated decisions based on
AI. Image recognition is also used in security cameras, drones, facial
recognition biometrics devices, and other devices. The North America region is
expected to dominate the market through 2020, owing to rapid technological
adoption across various industry verticals such as healthcare, retail,
automobiles, and so on. The use of facial recognition security measures and
drones is expected to drive the regional market and the market is expected to
continue to dominate in the forecast period.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Image Recognition Market By Component (Software, Hardware, Services), By Technology
(Digital Image Processing, Code Recognition, Facial Recognition, Object
Recognition, Pattern Recognition, Optical Character Recognition), By Deployment
(On Premise, On Cloud), By Application (Scanning and Imaging, Security and
Surveillance, Image Search, Augmented Reality, Marketing and Advertisement), By
End User (IT & Telecom, Government, Retail, Automobile, Healthcare, Media
& Entertainment, BFSI, Others), By Region, Competition, Forecast &
Opportunities, 2016-2026” has evaluated the
future growth potential of the global image recognition market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global image recognition market.
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