The world market for image recognition is basically triggered by the soaring demand for security applications and products that are enabled with the function of image recognition. The growing usage of high bandwidth data services has encouraged the requirement for solutions of image recognition. In addition to that, high acceptance of the technology of image recognition technology by many different companies in various sectors such as healthcare and defense, automotive, and retail also contribute towards the growth of the world market for image recognition.
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The said market has been segregated on the basis of various categories. On such category is technology, the international market for image recognition market has been divided into the categories of optical character recognition, code recognition, facial recognition, pattern recognition, object recognition, and digital image processing. The category of code recognition technology segment is estimated to be the leading segment in the world market for image recognition. There has been a surge in the adoption of code recognition technology particularly in the region of North America so as to make an offering of better facilities to the customers thereby enhancing customer loyalty.
On the basis of the category of industry, the world market for image recognition is segmented into IT & telecom, transportation & logistics, media & entertainment, BFSI, healthcare, government, retail & consumer goods, and others such as gaming & education. The category of media & entertainment industry is forecasted to lead the internal market for image recognition in the years to come due to the wide usage of the technology of image recognition by social media. The soaring usage of image recognition in various segments such as television, gaming, and movies is further enhancing the growth of this segment.
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Image Recognition Market: Overview
Image recognition has emerged as a reliable alternative for card-based recognition systems to evade data theft and data breach instances. Image recognition technologies comprise voice, iris, palm, hand vein pattern, fingerprints, retina, hand geometry, facial pattern recognition. Image recognition based on these indications can be applied across various fields such as vehicular safety, advertising, security and surveillance, biometric scanning machines, pedestrian recognition, and e-commerce.
Image Recognition Market: Key Trends
The increasing demand for high bandwidth data services in BFSI and retail sector is one of the primary factors driving the global image recognition market. The increasing use of smartphones and other mobile devices for e-commerce is attracting vendors to invest in the image recognition space to offer an enhanced shopping experience on the digital medium.
Moreover, the increasing demand for products equipped with image recognition functions and the increasing need to add security features to avoid data breach is also influencing the market’s growth.
In healthcare, with the rapid adoption of electronic health record practices and remote healthcare practices, the scope of utilization of image recognition technology is expected to be on the rise.
The rising application of image recognition technology across various sectors such as automotive, defense, retail, and education is expected to contribute substantially to the growth of the image recognition market. Some other key end-users of image recognition technology are media, academia/government, gaming, and libraries and archives.
However, the deployment of image recognition technology is limited due to low-resolution image size and storage limitations of indications that function on this technology.
Image Recognition Market: Market Potential
The adoption of image recognition is incessantly increasing to offer enhanced security requirements. With the inclusion of artificial intelligence, image recognition systems are expected to offer the next level of security for smart home solutions. This is because the key to reliable security in smart homes is dependent on real-time notifications, accurate recognition, and availability of various auxiliary functions. Smart recognition monitoring systems that are used presently use identity recognition, environmental judgment, trajectory recognition, and compensation recognition.
Image Recognition Market: Regional Outlook
North America, Asia Pacific, Europe, and Rest of the World are the regions into which the global image recognition market can be divided. The presence of tech giants such as Google, Facebook, Apple, IBM, etc. makes North America the leading regional image recognition market. Moreover, higher adoption of advanced technologies for enhanced security of smart devices is also fuelling the growth of this regional market.
However, Asia Pacific also stands as a significant regional market for image recognition as the region is home to a large number of IT companies. The high volume growth of e-commerce and the ceaseless consumption of mobile devices also makes Asia Pacific a significant market for image recognition. The growing middle-class population with disposable incomes is highly technology-savvy, which is expected to be an influential factor for growth of the Asia Pacific image recognition market in the coming years.
Image Recognition Market: Competitive Landscape
Some of the key vendors in the global image recognition market include LTU Technologies, Honeywell, Itarff Technology, and Catchoom. Some other prominent vendors in this market are Wikitude, Sharp Vision Software, Panasonic, Hitachi, Toshiba, Qualcomm Technologies, NEC, and Blipper. Major vendors in the market are focused on new product launches in order to enhance their product portfolio and for enhanced customer experience. Existing players in the market are continually introducing innovative products and upgrading their products to increase their market share. With technological advancements in image recognition, major vendors are focused on introducing next generation services and solutions.
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