The image recognition market is poised for growth over the forecast period owing to the emergence of technologically advanced identification systems as a predominant alternative for card-based recognition systems. Business process digitization has forced vendors to choose distributed and economical solutions.
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Development of hand vein pattern, voice and facial pattern recognition technologies is expected to spur market growth over the forecast period. Additionally, widespread adoption of password and pin-based recognition systems is also expected to drive the image recognition market. Image recognition systems can also be deployed in various fields such as advertising, pedestrian recognition, security & surveillance, e-commerce, vehicular safety and biometric scanning machines.
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Smartphone proliferation with increased focus on R&D has led to the development of highly integrated products with higher accuracy. Surging demand for advanced surveillance systems for safety & security by civil agencies and government sector is expected to positively impact the image recognition market growth. The technology can also be used in different application areas such as online shopping, retail and mobile payments through a high-quality visual environment. Retail segment is expected to exhibit high growth over the forecast period, which h can be attributed to increasing implementation in order to enhance in-store customer services with a mobile app. However, increased data sensitivity and associated risks of shared data may pose a challenge to market growth.
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North America emerges as the most dominant regional market in 2013; Asia Pacific is expected to exhibit high growth over the next six years. Growing trend towards e-governance is expected to drive the regional image recognition market growth. Major market participants include Qualcomm Technologies, LTU Technologies, Honeywell, Panasonic, Catchroom and Toshiba.

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