The report " Image Recognition Market by Technology (Digital Image Processing), Component (Hardware, Software, Service), Application (Augmented Reality), Deployment Type (On-Premises, Cloud), Industry Vertical, and Region - Global Forecast to 2021", The image recognition market is estimated to grow from USD 15.95 Billion in 2016 to USD 38.92 Billion by 2021, at the CAGR of 19.5% between 2016 and 2021.
The market is primarily driven by the rising demand for security applications and products enabled with image recognition functions. The increasing use of high bandwidth data services has fueled the demand for image recognition solutions. Furthermore, high acceptance of image recognition technology by various companies in different sectors such as retail, automotive, healthcare and defense also contributes to the growth of the image recognition market.
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“Based on technology, the code recognition technology segment is estimated to lead the image recognition market during the forecast period”
Based on technology, the image recognition market has been segmented into code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition. The code recognition technology segment is estimated to lead the image recognition market between 2016 and 2021. There has been an increase in the adoption of code recognition technology specifically in North America to offer better facilities to customers and to enhance customer loyalty.
“Based on industry, the media & entertainment industry segment is estimated to lead the image recognition market during the forecast period”
Based on industry, the image recognition market is classified into BFSI, media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics, and others (gaming & education). The media & entertainment industry segment is estimated to dominate the image recognition market during forecast period owing to the extensive use of image recognition technology by social media. The rising use of image recognition in movies, gaming, and television is also enhancing the growth of this segment.
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“North America is estimated to lead the image recognition market during the forecast period”
The image recognition market has been studied for North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is estimated to account for the largest share of the image recognition market in 2016. Significant adoption of new and advanced technologies such as mobile application security solutions and mobile image recognition technology are fueling the growth of image recognition market in this region. The increasing number of users of smartphones and other electronic gadgets integrated with image recognition applications is one of the key influencing factor driving the growth of the image recognition market in North America.