Global Image Recognition Market By Component Type (Hardware, Software, Services - Professional, Managed), Application (Scanning & Imaging, Security & Surveillance, Image Search, Marketing & Advertising), Vertical (BFSI, Media & Entertainment, Retail & Consumer Goods, Telecom & IT, Government, Healthcare, Transportation & Logistics), Deployment Mode, Technology
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The global Image Recognition Market Size is expected to attain a market size of $42.2 billion by 2022, rising at a CAGR of 18% during the forecast period.
Image recognition is a method used to acquire, process, and scrutinize images. The technique is used to gather high-dimensional data for the purpose of generating numerical or symbolic information. Image recognition incorporates disentangling of representational information from the data gathered from the image by using replica created with the help of geometry, physics, statistics, and learning theory. The recognition based on passwords and PINs are gaining widespread acceptance, as it is hard to crack and difficult to steal or duplicate. Additionally, misplacing of cards, tokens, keys etc. have a detrimental effect on the system; therefore, the image recognition as a technology is gaining prominence. To add to the popularity, the smartphones and devices with cameras have further driven the market growth.
Growing demand for security applications and products enabled with image recognition functions will have a significant impact on the market growth. Different sectors such as retail, automotive, healthcare, and defense, are widely adopting the image recognition technology within the working environment. Low-resolution image size and storage are some factors that would restrict the market growth.
Based on the Component, the market is segmented into Hardware, Software, and Services. Services are divided into two segments, Professional and Managed. Professional services are further divided into Implementation, Consulting & Training, and Support & Maintenance. Based on Application, the market is segmented into Scanning & Imaging, Security & Surveillance, Image Search, Marketing & Advertising, and Others. Based on Vertical, the market is segmented into BSFI, Media & Entertainment, Retail & Consumer Goods, Telecom & IT, Government, Healthcare, Transportation & Logistics, and Others.
Based on Deployment Mode, the market is segmented on Cloud and On-Premise. Based on Technology, the market is segmented into Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition, and Others. Based on region, Image Recognition market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in the global Image Recognition market in 2015. Asia-Pacific would witness promising CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Image Recognition market. Key companies profiled in the report include NEC Corporation, IBM Corporation, Hitachi Ltd., Catchoom, Google Inc., Qualcomm Incorporated, Honeywell International, Inc. and LTU Technologies.