Global Image Recognition Market Scenario

Image recognition is a technology used in identifying and differentiating between objects and animals in an image. It manages this task through the number of pixels, colors, color depth, and fetching stored images in databases to compare and analyze them separately. The global Image Recognition Market report by Market Research Future (MRFR) takes a look at machine learning development, upgrades by software developers, and other trends and niches for estimating market value and growth pattern for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 virus and its impact on the industry are analyzed thoroughly.

The study offers a thorough assessment of the technological advancements, factors driving and restraining the growth of Image Recognition market, key statistical data, market estimations & Expert Review.

 Market Scope

The global image recognition market is projected to expand at a rapid pace owing to technological leaps in machine learning, artificial intelligence, and autonomous vehicles. The use of facial recognition by law enforcement agencies as a screening process for preventing the entry of potential threats can bode well for the market. For instance, the Transportation Security Administration (TSA) had conducted a short-term test for checking travel document photos against the image of the passenger in 2019 at checkpoints.

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Competitive Outlook

Qualcomm Technologies, Honeywell, NEC, Itraff Technology, Sharp Vision Software, Catchoom, Jestec, Panasonic, Hitachi, and Toshiba are key players of the global image recognition industry. Acquisitions are one of the prime strategies adopted by players to sustain in the market. Large players are integrating startups and their technology into their organization to stave off competition.

Rise in cloud computing, purchase of smartphones, and integration of face recognition technology are likely to spur the market demand significantly. Popularity in digital wallets and payments using face recognition can bode well for the market. Marketing and advertising services have integrated the services for targeting the right customers and improving customer experience.

Image recognition software will be of vital importance for fighting the COVID-19 pandemic. Developments in artificial intelligence have been used in identifying hotspots and barricaded them from the masses. The drones are used to sterilize the place without the presence of humans on the scene. Moreover, the images of COVID-19 patients are used to diagnose the disease at an initial stage and take necessary precautions for containing the virus.

Segmentation

The global image recognition market is segmented by solution, deployment, component, and application.

By solution, it is segmented into pattern recognition, optical object recognition, facial recognition, barcode/quick response code recognition, object recognition, and sensors.

By deployment, it is divided into on premises and on demand.

By component, it is divided into hardware and software. The hardware segment can command a high share of the market owing to various consumer electronic devices equipped with facial recognition technology.

By application, it is segmented into security surveillance, augmented reality, marketing advertising, scanning imaging, and image search. The security surveillance segment is expected to grow at high speeds owing to need for advanced security solutions in urban areas.

By vertical, it is segmented into IT and telecom, BFSI, healthcare, hospitality, automobile, aerospace, defense, retail industry, and SME organizations among others.

Impact of COVID-19 on the Global Image Recognition Market at: https://www.marketresearchfuture.com/report/covid-19-impact-image-recognition-market

Regional Analysis

Asia Pacific (APAC) is dominating the global image recognition industry owing to high availability of low-cost smartphones and tablets and emerging trend of using digital technology. Applications in security and surveillance systems in China and a common digital identification card for all citizens can drive the success of the industry in the country.

North America market is expected to grow at an unexpected pace during the forecast period. Huge demand for mobile security solutions in the U.S. and Canada is likely to bode well for the global image recognition market till 2023. Rise of social media channels and the use of images for scoring high points on these channels can drive its demand.