Digital Transformation to Uplift Security Standards and Easy Authority Access and Drive Image Recognition Market

Tue, 29 September 2020 12:29

The image recognition market is anticipated to progress at a considerable rate over the forecast period. The advancements in technology and development in the matter of powerful camera lens integration propel the image recognition market's sales.

Key Highlights

  • The image recognition market is expected to grow at a compound annual growth rate (CAGR) of xx% during the forecast period.
  • The implementation of image recognition technology for security enhancement and authorization assessment to create a strong potential customer base for the Image Recognition market
  • The coronavirus pandemic and its after-effects are expected to have little effect on the image recognition products' sales. Although, with the manufacturing shutdown, the supply of the products may be expected to shrink to an extent, subsequently reducing the products' ability.
  • North America has a sizeable share in the global market. Most smartphone users in the region have already used image recognition software and techniques for applications such as online shopping and banking activities.
  • The digital revolution that is being carried out in the major countries in the Asia-Pacific, like India and the already established market of China, the market of image recognition is anticipated to propel forward at a promising pace.
  • The services segment is estimated to hold a significant market share due to the post-sales service provided, and the maintenance needed to be looked after for the smooth run of the technology.  
  • BFSI and E-commerce sectors are anticipated to progress at a considerable pace in the global market. Due to Amazon's lockdown restrictions and increased business, the image reduction technique in the E-commerce segment is likely to increase due to induced traffic in the market.

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According to Straits Analysis, key players in the Image Recognition market are Honeywell International Inc (the U.S.), IBM (the U.S.), Google (the U.S.), Hitachi, Ltd. (Japan), Qualcomm Technologies Inc. (the U.S.), Attrasoft Inc. (the U.S.), LTU Technologies (France), Intelligent Retail (Russia), Catchoom Technologies S.L. (Spain), Wikitude GmbH (Austria), Pattern Recognition Company GMBH (Germany), Blippar (the U.K.), Planorama (France) among others.

Image Recognition Market: Segmentation

By Component

  • Hardware
  • Software
  • Services

By Verticals

  • BFSI
  • IT and Telecom
  • Retail and E-Commerce
  • Manufacturing
  • Government
  • Others

By Region

North America

  • The U.S.
  • Canada
  • Mexico


  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • Rest of MEA


  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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