Image Recognition Market: Information by Component (Hardware, Software, Services), Verticals (BFSI, IT and Telecom, Manufacturing, Government), and Region — Forecast till 2029

Sep 24, 2020   Market Overview The Global Image Recognition market is set to develop at a decent pace owing to the enhanced security features, easy data analysis, and hassle-free security check that is possible by the use of image recognition techniques. The data sorting ability of the image recognition also provides a huge customer base foot he images recognition market. The global Image Recognition markets projected to grow at a CAGR of xx% during the forecast period. Facial Recognition feature to transfo...
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Report Description

Market Overview

The Global Image Recognition market is set to develop at a decent pace owing to the enhanced security features, easy data analysis, and hassle-free security check that is possible by the use of image recognition techniques. The data sorting ability of the image recognition also provides a huge customer base foot he images recognition market.

The global Image Recognition markets projected to grow at a CAGR of xx% during the forecast period.

Facial Recognition feature to transform the security identification system through Image Recognition

Facial Recognition and Biometrics authentication process can increase the safety and security features. The authorization will be more authenticated as the passcode will be the facial features of the individual which is stored in the server in a digital format. Also, the use of facial recognition feature will eliminate the need of identity card or cards operated with electronic magnet chip as a mode of authority. Many times there is possibility of misuse of these cards by unauthorized person which may be directed as a security breach. Thus, to retain the completely safe and reliable security standards and have a hassle free authorization of registered personnel Image Recognition market is expected to boom over the forecast period.

Enabling data analysis and cataloguing of unstructured video and Image data

In E-commerce websites such as Amazon and Flipkart and even online shopping portal of particular brand have numerous photos and videos in assorted manner which rather create confusion in the user interface and sometimes even create major glitches in the system. The use of Image Recognition helps to analyse these photos or videos analyse and store information about the particular file and later match those files with the description matching exactly with the image and videos. This feature creates a proper catalogue and place devices, essentials and other products in multiple catalogues. Also, the system provides more accurate search results and also can able to retract other suggested items based on item you search. This improvement in the data analysis and structured content representation technique can reinforce the sales of image recognition market  

ecommerce-spending

Inconsistency in image identification and image variation to restrain effectiveness

The Image recognition technology is a recently developed technology and need numerous developments to avoid possible confusion. The misinterpretation regarding the size and scale of the product might limit the number of users implementing this technology. Misinterpretations in Geometric standpoints created due to interclass variations and size and shape variations due to scale variations. The occurrences of the variations can limit the reliability of the image recognition technique and can refrain the consumers from preferring image recognition system as an operation for data analysis.

Impact of COVID-19

Due to the outbreak of coronavirus the market like Image Recognition are anticipated to be the market due to the pandemic restrictions. Although there might be some abnormalities in the supply of the products due to the obstruction in manufacturing at different timespan in the manufacturing facilities located in various countries. Also, the current economic conditions may dislodge government to make some milestone changed in the modes of operation which might obstruct growth of market during the first half of forecast period.

Segmental Overview

Service segment to lead the Component segment in terms of market share

Scarcity of Skilled Workforce and increasing adoption of automation in the manufacturing sector is anticipated to opt the manufacturers for Automated Image Recognition. With the increasing coronavirus pandemic spread across the globe the manufacturers are likely to prefer minimum possible human intervention and also try to infuse automation in their production line at every point possible. Rising use of portable device and electronic equipment also support growth of the market  

BFSI and Government sector to improve at a substantial pace owing to digital transformation initiative by federal governments

Governments in the various regions are trying to revolutionize the Banking systems to have paradigm shift towards a more secure, transparent and easy process for the financial operations. The increasing trend digital and internet banking has also exposed sector to the vulnerability of imposter breach in the bank accounts and may lead to bank fraud. Use of image recognition and biometrics as the passcode to authenticate the transfer can increase safety at a considerable extent. Also, easy access to equipment like camera and biometric optical scanner making the use of image recognition technology possible. The countries like India which are recently trying to transform government operations and Banking operation in digital mode expected to cement the growth prospects of BFSI and Governments sector.

Regional Overview

North America: Access to technology through smart devices for consumers

North America region has always been a torchbearer in respect to the adoption of new technologies and integration of digital modification in a conventional mode of operations. In North America, there are over 10 billion smartphones sold with image recognition technology integrated in the phone. Android application provider has also launched an app to support image recognition technique. These kind of apps are also available on i-store and windows phones. Use of these process make E commerce shopping easy due to the image identification made by the image recognition tool installed in the phone.

Recent Digital transformations and ongoing progress to fuel up exponential progress for Asia Pacific region

Asia-Pacific is expected to have healthy growth in the market. With many countries are accepting the globe shift for technology integration from conventional mode of operations. Many countries are looking to establish their setups for strong digital infrastructure in the country. Increasing GDP of the developing countries have increased the possibility of sales of more advanced cameras or mobile phones with integrated powerful cameras that can provide powerful image recognition solutions. Asia Pacific region is expected to glide at an exceptional pace in the image recognition market.

emerging-and-developing-asia-gdp-from-2014-2024

Key Players

According to Straits Analysis, key players in the global 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

Europe

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

The Middle East and Africa (MEA)

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

Asia-Pacific

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

South America

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

Frequently Asked Questions (FAQs)

Service Segment is expected to be the leading segment in Image Recognition Market during the forecast period.
Honeywell International Inc, IBM, Google, Hitachi, Ltd., Qualcomm Technologies Inc., Attrasoft Inc., LTU Technologies, Intelligent Retail, Catchoom Technologies S.L., Wikitude GmbH are the top players in Image Recognition Market.
North America is expected to hold the highest market share in Image Recognition Market.
The increasing adoption of new technologies and the integration of digital modification in a conventional mode of operations are the key factors expected to drive Image Recognition Market during the forecast period.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.

Market Overview

The Global Image Recognition market is set to develop at a decent pace owing to the enhanced security features, easy data analysis, and hassle-free security check that is possible by the use of image recognition techniques. The data sorting ability of the image recognition also provides a huge customer base foot he images recognition market.

The global Image Recognition markets projected to grow at a CAGR of xx% during the forecast period.

Facial Recognition feature to transform the security identification system through Image Recognition

Facial Recognition and Biometrics authentication process can increase the safety and security features. The authorization will be more authenticated as the passcode will be the facial features of the individual which is stored in the server in a digital format. Also, the use of facial recognition feature will eliminate the need of identity card or cards operated with electronic magnet chip as a mode of authority. Many times there is possibility of misuse of these cards by unauthorized person which may be directed as a security breach. Thus, to retain the completely safe and reliable security standards and have a hassle free authorization of registered personnel Image Recognition market is expected to boom over the forecast period.

Enabling data analysis and cataloguing of unstructured video and Image data

In E-commerce websites such as Amazon and Flipkart and even online shopping portal of particular brand have numerous photos and videos in assorted manner which rather create confusion in the user interface and sometimes even create major glitches in the system. The use of Image Recognition helps to analyse these photos or videos analyse and store information about the particular file and later match those files with the description matching exactly with the image and videos. This feature creates a proper catalogue and place devices, essentials and other products in multiple catalogues. Also, the system provides more accurate search results and also can able to retract other suggested items based on item you search. This improvement in the data analysis and structured content representation technique can reinforce the sales of image recognition market  

ecommerce-spending

Inconsistency in image identification and image variation to restrain effectiveness

The Image recognition technology is a recently developed technology and need numerous developments to avoid possible confusion. The misinterpretation regarding the size and scale of the product might limit the number of users implementing this technology. Misinterpretations in Geometric standpoints created due to interclass variations and size and shape variations due to scale variations. The occurrences of the variations can limit the reliability of the image recognition technique and can refrain the consumers from preferring image recognition system as an operation for data analysis.

Impact of COVID-19

Due to the outbreak of coronavirus the market like Image Recognition are anticipated to be the market due to the pandemic restrictions. Although there might be some abnormalities in the supply of the products due to the obstruction in manufacturing at different timespan in the manufacturing facilities located in various countries. Also, the current economic conditions may dislodge government to make some milestone changed in the modes of operation which might obstruct growth of market during the first half of forecast period.

Segmental Overview

Service segment to lead the Component segment in terms of market share

Scarcity of Skilled Workforce and increasing adoption of automation in the manufacturing sector is anticipated to opt the manufacturers for Automated Image Recognition. With the increasing coronavirus pandemic spread across the globe the manufacturers are likely to prefer minimum possible human intervention and also try to infuse automation in their production line at every point possible. Rising use of portable device and electronic equipment also support growth of the market  

BFSI and Government sector to improve at a substantial pace owing to digital transformation initiative by federal governments

Governments in the various regions are trying to revolutionize the Banking systems to have paradigm shift towards a more secure, transparent and easy process for the financial operations. The increasing trend digital and internet banking has also exposed sector to the vulnerability of imposter breach in the bank accounts and may lead to bank fraud. Use of image recognition and biometrics as the passcode to authenticate the transfer can increase safety at a considerable extent. Also, easy access to equipment like camera and biometric optical scanner making the use of image recognition technology possible. The countries like India which are recently trying to transform government operations and Banking operation in digital mode expected to cement the growth prospects of BFSI and Governments sector.

Regional Overview

North America: Access to technology through smart devices for consumers

North America region has always been a torchbearer in respect to the adoption of new technologies and integration of digital modification in a conventional mode of operations. In North America, there are over 10 billion smartphones sold with image recognition technology integrated in the phone. Android application provider has also launched an app to support image recognition technique. These kind of apps are also available on i-store and windows phones. Use of these process make E commerce shopping easy due to the image identification made by the image recognition tool installed in the phone.

Recent Digital transformations and ongoing progress to fuel up exponential progress for Asia Pacific region

Asia-Pacific is expected to have healthy growth in the market. With many countries are accepting the globe shift for technology integration from conventional mode of operations. Many countries are looking to establish their setups for strong digital infrastructure in the country. Increasing GDP of the developing countries have increased the possibility of sales of more advanced cameras or mobile phones with integrated powerful cameras that can provide powerful image recognition solutions. Asia Pacific region is expected to glide at an exceptional pace in the image recognition market.

emerging-and-developing-asia-gdp-from-2014-2024

Key Players

According to Straits Analysis, key players in the global 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

Europe

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

The Middle East and Africa (MEA)

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

Asia-Pacific

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

South America

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

Frequently Asked Questions (FAQs)

Service Segment is expected to be the leading segment in Image Recognition Market during the forecast period.
Honeywell International Inc, IBM, Google, Hitachi, Ltd., Qualcomm Technologies Inc., Attrasoft Inc., LTU Technologies, Intelligent Retail, Catchoom Technologies S.L., Wikitude GmbH are the top players in Image Recognition Market.
North America is expected to hold the highest market share in Image Recognition Market.
The increasing adoption of new technologies and the integration of digital modification in a conventional mode of operations are the key factors expected to drive Image Recognition Market during the forecast period.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.