Global Image Recognition Market By Technology (Code Recognition, Digital Inage processing, Facial recognition, Object Recognition, Pattern recognition, Optical Character Recognition), Component (Hardware, Software, Services), Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented reality, Marketing & Advertising), Deployment Type (On-Premise, Cloud), Industry (BFSI, Media & Entertainment, Retail & Consumer Goods, IT & Telecom, Government, Healthcare, Transportation & Logistics, Education, Gaming)

Market Definition: Global Image Recognition Market

Image recognition refers to identifying and detecting an object or a feature in digital image or video. It includes identification on the parameters such as faces, patterns, fingerprints, hand geometry, hand veins, finger geometry, palm recognition, retina recognition and voice recognition. It is widely being used by the businesses globally to enhance their customer experiences and increase their security and surveillance.

Market Drivers:

Growing adoption of image recognition applications, which is fueling the growth of the market
Increasing demand for security applications and products enabled with the image recognition function, is boosting the market growth
Surging uses of high bandwidth data services, had increased the market size of image recognition
Growing use of artificial intelligence by the companies globally, is driving the growth of the market

Market Restraints:

High initial cost of setting up of image recognition systems and devices, is restricting the growth of the market
Lack of image size resolution, is hindering the growth of the market
Lack of technical experts in the industry, is hindering the market growth

Market Analysis: Global Image Recognition Market

Global image recognition market is set to witness a healthy CAGR of 22.25% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market value can be attributed due to increasing demand of image recognition technologies and applications in gaming consoles and mobile computing devices.

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Segmentation: Global Image Recognition Market

By Technology

Code Recognition
Digital Image Processing
Facial Recognition
Object Recognition
Pattern Recognition
Optical Character Recognition

By Component

Hardware
Software
Services
Managed Services
Professional Services
Training, Support and Maintenance Services

By Application

Scanning and Imaging
Security and Surveillance
Image Searching
Augmented Reality
Marketing and Advertising

By Deployment Type

On-Premises
Cloud

By Industry

Banking, Financial Services and Insurance
Media and Entertainment
Retail and Consumer Goods
IT and Telecom
Government
Healthcare
Transportation and Logistics
Education
Gaming



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Key Developments in the Market:

In July 2019, First Insight Inc., announced New insight customer experience platform which is fast and combines enhanced customer insights with the product level analytics which increases the efficiency and productivity of the user and can enhance the overall customer experience.

In January 2017, Qualcomm Technologies Inc., and ODG announced the first augmented reality smart glasses with new snapdragon 835 processor enabled which uniquely delivers power efficiency and performance required for the compact AR/VR smart glasses.

In October 2016, NEC Corporation announced the global launch of their NeoFace image data mining that utilizes artificial intelligence to accurately search the video footages for the required individual. The software can be utilized for various applications like criminal investigation, searching lost child and proving improved customer service.

Competitive Analysis

Global image recognition market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of image recognition market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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