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 latest analysis by Emergen Research. Increasing usage of smartphones globally and rising adoption of Virtual Reality (VR) and Augmented Reality (AR) are key factors driving growth of the global image recognition market.
The advent of cloud media services and increase in number of mobile devices is fueling market growth to a significant extent. Deployment and preference for cloud-based services has increased to a significant extent due to the COVID-19 pandemic. The major benefits of cloud as a platform in the market are its easy scalability and ease of sharing already collected images and data between all devices.
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Some Key Highlights in the Report
- 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.
- Key players in the market include IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.
Image Recognition Market Segmentation:
Emergen Research has segmented the global image recognition market on the basis of component, application, deployment mode, technique, industry vertical, and region:
- 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
- Technique Outlook (Revenue, USD Billion; 2018–2028)
- Object Recognition
- QR/ Barcode Recognition
- Pattern Recognition
- Facial Recognition
- Optical Character Recognition
- Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Media & Entertainment
- Healthcare
- Retail & E-commerce
- BFSI
- IT & Telecom
- Automobile & Transportation
- Government
- Others
Key Geographical Segments:
- 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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Major Objectives of the Study:
- To offer a comprehensive analysis of the market scenario to derive an accurate forecast of the market and its major segments
- Accurate insights into the future growth prospects of the market through an analysis of the influencing factors
- Analysis of vital aspects of the market including cost analysis, supply chain analysis, Porter’s Five Forces analysis, SWOT analysis, and investment return analysis
- Extensive historical and forecast estimation of the market revenue based on its key segments and key regions
- Comprehensive analysis of the competitive landscape of the market along with exhaustive profiling of the key competitors, product portfolio, and manufacturing and production capabilities
- An accurate and comprehensive 8-year forecast for the Image Recognition industry vertical on both regional and global scale
Table of Content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Image Recognition Market Segmentation & Impact Analysis
4.1. Image Recognition Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Rising demand for security applications and products enabled with image recognition functions
4.2.2.2. Increasing need for image recognition in the automotive industry
4.2.3. Market restraints analysis
4.2.3.1. High installation cost of image recognition solutions
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
READ MORE…!
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