Image Recognition Market 2020: Landscape and Demand by Forecast to 2023

Posted by Eshu Gupta on December 18th, 2020

Overview:

The global image recognition market is showing immense growth; mainly due to the emergence of cloud technologies and growing demand for high bandwidth data services across different industry verticals. Image recognition refers to a technique used for acquiring, processing, scrutinizing, and sympathizing images. It has emerged as most popular alternative to other recognition technologies. Increasing use of image recognition applications and increasing use of high bandwidth data services is one major factor driving the growth of image recognition market.  Also, increasing security applications and products enabled with image recognition functions is another major factor driving the market growth. The image recognition market is highly competitive due to the increase in acceptance of technology across various industry verticals and by different companies. The growing trend of virtual reality and other stimulation products is creating a huge market potential for image recognition solutions and services.

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According to a recent study report published by Market Research Future, The global market of Image Recognition is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). The security and surveillance application is expected to grow at the highest rate during the forecast period. This is owing to the increasing demand for high level security applications and growing awareness regarding the same. Whereas, the based on component, the hardware sub segment is expected to hold the largest market share of the image recognition market owing to increasing adoption of devices enabled with image recognition software and solutions.

On the other hand, lack of awareness and lack of technical expertise are major factors responsible for hindering the growth of image recognition market. Also, implementation of image recognition will require upgradation of infrastructure, which will ultimately result in added costs and may hamper the market growth.

Segmentation:

Segmentation by Solution: Facial Recognition, Barcode/ quick response code recognition, Sensors, Object Recognition, Optical Object Recognition, and Pattern Recognition.

Segmentation by Deployment:  On premises, On demand

Segmentation by Component:  Hardware, Software.

Segmentation by Application Areas: BFSI, IT and Telecom, healthcare, hospitality, retail industry, automobile, aerospace, defense and SME organizations among others.

Regional Analysis:

North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the image recognition market in North America owing to higher adoption of new and advanced technologies such as mobile application security solutions in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of cloud based applications in the region, the market is likely to show immense growth in the coming future. Image recognition market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to high availability of low-cost smartphones and tablets and emerging trend of digital technology in countries such as China and India in the region. Whereas, the Europe market for image recognition is expected to grow at a considerable CAGR (2017-2023).

Key Players:

The global competitors in gesture recognition sector are Jestec (LTU Technologies) (Japan), Honeywell (U.S.), Toshiba (Japan), Itraff Technology (Poland), Sharp Vision Software (U.S.), Qualcomm Technologies (U.S.), Panasonic (Japan), NEC (Japan), Hitachi(Japan), Catchoom and others.

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