Global Image recognition Market Forecast to 2028
The global image recognition market size is expected to reach USD 80.29 billion at a steady CAGR of 15.3% in 2028, according to the latest analysis by Emergen Research. The increasing usage of smartphones globally and the rising adoption of virtual reality (VR) and augmented reality (AR) are key factors driving the growth of the global image recognition market.
The top competitors in the market, their expansion ambitions, and their growth strategies are all carefully examined in the Image Recognition Market report. The archive particularly exhorts businesspeople to look for information about and instructions for potential customers. The review, which only highlights the greatest sellers, helps business owners understand their local market and find potential customers.
Other factors include the growing demand for face recognition on tablets, smartphones, and personal computers due to technological advancements. Increasing budgets for homeland security and defense spending by governments in countries such as China, Russia, and India are also contributing to the growth of the market to a significant extent. In February 2020, Department of Homeland Security officials detailed the use of facial recognition technologies by the administration across the U.S. To date, over 43.7 million individuals have been scanned at border crossings, outbound ships, and elsewhere by various systems. Facial recognition identified 252 individuals attempting to use a combined 75 U.S. travel documents belonging to someone else, around 7% of whom were under the age of 18 and 20% of whom had criminal records.
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Competitive Terrain:
The global Image recognition industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce
Research Report on the Image recognition Market Addresses the Following Key Questions:
- Who are the dominant players of the Image recognition market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Image recognition market?
- What are the key growth drivers and restraining factors of the Image recognition market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Image recognition market and its key segments?
Market Overview:
The report bifurcates the Image recognition market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Component Outlook (Revenue, USD Billion; 2018-2028)
- Hardware
- Software
- Services
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Security and Surveillance
- Scanning and Imaging
- Augmented Reality
- Image Search
- Marketing and Advertising
- Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)
- On-premises
- Cloud
Regional Landscape section of the Image recognition report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some Key Highlights in the Report
- The software segment accounted for largest revenue share in 2020 due to a sudden and rapid increase in adoption of image recognition software in computer graphics, medical imaging, and photo editing, among others. Rapidly growing trends of industry automation and Industry 4.0 are driving adoption of image recognition software, and the trend is expected to continue over the forecast period.
- Image recognition or tracking is used in augmented reality to track, detect, and augment 2D images. Image tracking is dependent on advanced computer vision technology to track and augment images. Jack Daniels augmented reality app turns whisky bottles into pop-out storybooks. The free app uses a tablet or smartphone camera to recognize the sticker on the bottle and unfolds the whole manufacturing process of the drink in a matching black and white pop-up book.
- Image recognition is an important tool in autonomous vehicles used by Uber and Google. The technology detects road signs and obstacles through sensors in front of a vehicle and identifies these with the help of this technology. Computer vision systems powered by deep learning are trained with thousands of images of humans, road signs, and obstacles on the road under different weather and lighting conditions. The intelligence of the system continues to increase as new information is fed in.
- North America accounted for largest revenue share in 2020 due to high level of integration of AI in e-commerce and digital shopping. Companies in the region are quick to adopt advanced technologies such as AI, deep learning, and cloud-based technologies, which is propelling growth of the market.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Image recognition market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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