The image recognition market is growing by leaps and bounds. Visual content is continually replacing the conventional technology of textual solutions. With rapid technological advances, technologies such as image recognition, facial recognition, and 3D object recognition provide superior solutions for security surveillance, automotive safety, automatic driving assistance, forensics police investigations, biometric scanning appliances, healthcare, and e-commerce.
Resultantly, the AI Image Recognition market growth primarily attributes to the rising uses of augmented and virtual displays in the automotive and 3D gaming sectors. Besides, increasing numbers of start-ups focused on augmented and virtual reality technologies drive the market's growth. The burgeoning healthcare sectors worldwide are cited as one of the contributing factors for the market. Moreover, the rising uses of image recognition technologies in medical image analysis escalate market growth.
According to Market Research Future (MRFR), the image recognition market is poised to create an exponential valuation by 2022, registering a modest CAGR during the forecast period (2016 to 2022). Businesses have started recognizing the benefits of the information from digitally collected images to improve customer experience and offer various new ways to approach customers. The growing need for digital transformations of businesses accelerates the market growth.
Additionally, the growing demand from the virtual reality market and other stimulation products create huge market potential for image recognition products. Furthermore, the growing need for high computation power and productivity propels the growth of the market. Conversely, technology providers face enormous underlying intellectual challenges in developing image recognition technology, which are projected to impede the market growth.
Nevertheless, increasing AI implementation would support market growth throughout the assessment period. Furthermore, the increasing usages of machine learning, deep learning, and natural language processing are estimated to substantiate the growth of the market.
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The report is segmented into five dynamics;
By Solution: Facial Recognition, Barcode/ Quick Response Code Recognition, Sensors, Object Recognition, Pattern Recognition Optical Object Recognition, and others.
By Deployment: On-Premises and On-Demand.
By Component: Hardware and Software.
By Application Areas: IT Telecom, BFSI, Healthcare, Hospitality, Retail Industry, Automobile, Aerospace, Defense, SME Organizations, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Image Recognition Market - Competitive Analysis
Highly competitive, the image recognition market appears fragmented due to the presence of several well-established players. Mergers acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in RD to develop adept technologies and products.
Image Recognition Market Major Players:
Players leading the image recognition market include -
- Jestec (LTU technologies) - Japan
- Honeywell - USA
- Toshiba - Japan
- Staff Technologies - Poland
- Sharp vision software - USA
- Qualcomm Technologies - the USA
- Panasonic - Japan
- NEC - Japan
- Hitachi - Japan
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Image Recognition Market - Regional Analysis
The Asia Pacific region dominates the global image recognition market. The largest market share attributes to the high availability of low-cost smartphones and tablets. The emerging trend of using digital technology in China and India and rising foreign investments drive the regional market growth. Image recognition market trends, such as the increased implementations of the intelligent virtual assistant, favor the regional market's growth.
The presence of major technology providers offering advanced image recognition solutions boosts growth in the regional market. Moreover, the proliferation of digitization in businesses boosts the growth of the regional market. The rising adoption of AI and machine vision technology in large and SMEs to enhance operational performance boosts the regional market's growth.
North America stands second in the global image recognition market. The market growth is attributed to substantial investments transpired by key players in the development of AI technology platforms positively impact the growth of the regional market. Additionally, the implementation of machine vision in numerous industries substantiates the market growth.
Manufacturing and automotive sectors in the region drive the growth of the market. Furthermore, increasing implementations of surveillance analytics for user behavior tracking substantiate the image recognition market size. Increasing RD investments and rising business digital transformation push the growth of the market demand in the region.
The Europe image recognition market is growing rapidly. Factors such as the presence of various notable players and large deployments of image recognition solutions across the industries boost the regional market growth. Moreover, the rising numbers of SMEs and large enterprises act as a major tailwind for the market's growth. Also, the high adoption of automation solutions used in the automotive and healthcare industries pushes the regional market's development.
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- The image recognition industry has been experiencing strong growth.
- This is expected to continue until at least 2027
- The CAGR is expected to be at least 13% during this period
- The COVID pandemic has only accelerated this trend
- The emergence of new technologies has spurred the strong growth
- Image recognition technologies use facial imaging, AI, and algorithms to identify faces
- Some don’t like image recognition technologies and are trying to stop their spread
- Many major companies have been entering into the industry largely attracted to the huge profit potential
Key Points Covered in the Image recognition Industry Report:
- The global Image recognition industry research examines all the leading players in the Image recognition market and ranks them based on their corporate strengths and product offerings in today’s competitive marketplace.
- Economic, social, political, legal, and technological factors on customer growth, as well as emergent Image recognition market trends, were investigated in the report.
- Company profiles, capability, growth, global spend; share, requirements, product price image, and contact information for key global industry players in the global Image recognition market are also covered in the research study.
- The study contains information on the strategic partnerships and tactics used by competitors in the target Image recognition market.