Image Recognition Global Market – Overview
The global image recognition market is showing immense growth; mainly due to the emergence of cloud technologies and growing demand for high bandwidth data services across different industry verticals. Image recognition refers to a technique used for acquiring, processing, scrutinizing, and sympathizing images. It has emerged as most popular alternative to other recognition technologies. Increasing use of image recognition applications and increasing use of high bandwidth data services is one major factor driving the growth of image recognition market. Also, increasing security applications and products enabled with image recognition functions is another major factor driving the market growth. The image recognition market is highly competitive due to the increase in acceptance of technology across various industry verticals and by different companies. The growing trend of virtual reality and other stimulation products is creating a huge market potential for image recognition solutions and services.
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According to a recent study report published by Market Research Future, The global market of Image Recognition is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). The security and surveillance application is expected to grow at the highest rate during the forecast period. This is owing to the increasing demand for high level security applications and growing awareness regarding the same. Whereas, the based on component, the hardware sub segment is expected to hold the largest market share of the image recognition market owing to increasing adoption of devices enabled with image recognition software and solutions.
On the other hand, lack of awareness and lack of technical expertise are major factors responsible for hindering the growth of image recognition market. Also, implementation of image recognition will require upgradation of infrastructure, which will ultimately result in added costs and may hamper the market growth.
Image Recognition Global Market – Competitive Analysis
The market of image recognition appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Qualcomm Inc. (U.S.), NEC Corporation (Japan), Google Inc. (U.S.), LTU Technologies (France), Catchoom Technologies S.L. (Spain), Honeywell International Inc. (U.S.), Hitachi, Ltd. (Japan), Slyce Inc. (U.S.), Wikitude GmbH (Germany), and Attrasoft, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Image Recognition Market.
Image Recognition Global Market – Segmentation
The image recognition market can be classified into 6 key segments for the convenience of the report and enhanced understanding;
Segmentation by Component: Comprises of Hardware, Software and Service
Segmentation by Technology: Comprises of Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition and Optical Character Recognition
Segmentation by Deployment: Comprises of On Cloud and On Premise
Segmentation by Application: Comprises of Scanning & Imaging, Security & Surveillance, Image Search, Augmented Reality and Marketing & Advertising
Segmentation by Vertical: Comprises of BFSI, Manufacturing, Healthcare, IT, Communication, Media & Entertainment, Transportation and Others
Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Image Recognition Global Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the image recognition market in North America owing to higher adoption of new and advanced technologies such as mobile application security solutions in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of cloud based applications in the region, the market is likely to show immense growth in the coming future. Image recognition market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to high availability of low-cost smartphones and tablets and emerging trend of digital technology in countries such as China and India in the region. Whereas, the Europe market for image recognition is expected to grow at a considerable CAGR (2017-2023).
Dec 2017 – Slyce Canada gets ACOA funding. The federal government has provided a financial boost to Slyce Canada Inc. in New Waterford. Slyce wants to enhance its image recognition technology to include the additional product categories of shoes, furniture, jewellery and patterns.
June 2017 – Wikitude & Lenovo converge for Augmented Reality cloud platform. The Augmented Human Cloud will combine Wikitude's image recognition and marker less tracking technology with remote video, workflow and content editing and authoring, and deep learning recognition applications from Lenovo New Vision (LNV), the AR-focused subsidiary of Lenovo.
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