Global Image recognition Market Forecast to 2028
The Global Image Recognition Market report examines historical and current data, as well as a thorough examination of market dynamics. The report also sheds light on the major market growth driving and restraining factors that are expected to influence market growth over the forecast period. The Global Image Recognition Market researches the market scenario to provide growth projections for the Image Recognition industry from 2021 to 2028. The report focuses on potential growth opportunities and constraints that industry leaders may face over the course of the forecast timeline. To assist readers in making decisions, the report pays special attention to emerging business components, niche sectors, product launches, and brand promotions that are taking place in the market.
According to the most recent report by Emergen Research, the size of the global image recognition market is anticipated to reach USD 80.29 billion in 2028, growing at a constant CAGR of 15.3%. The global image recognition industry is expanding as a result of increased smartphone usage and the uptake of Virtual Reality (VR) and Augmented Reality (AR).
Increasing demand for facial recognition in tablets, smartphones, and personal computers as a result of technology improvements is one of the other drivers. Government budget increases for defence and homeland security in nations like China, Russia, and India are also making a sizable contribution to the market’s expansion. Officials from the Department of Homeland Security provided details on the administration’s deployment of face recognition technology across the United States in February 2020. Several systems have scanned more than 43.7 million people thus far at ports of entry, departing ships, and other locations. Face recognition helped authorities identify 252 people who were trying to use a total of 75 other people’s U.S. travel documents. Of these, 20% had criminal history and about 7% were under the age of 18.
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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 Companies Profiled 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?
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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.
Market Segmentations of the Image recognition Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2021 and 2028. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Image recognition market on the basis of product, application, and region:
Segments Covered in this report are:
- Component Outlook (Revenue, USD Billion; 2018-2028)
- 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)
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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)
Key reasons to buy the Global Image recognition Market report:
- The latest report comprehensively studies the global Image recognition market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
In conclusion, the Image recognition Market report is an exhaustive database that will help readers formulate lucrative strategies. The Image recognition Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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