According to the report, the global image recognition market size is projected to reach USD 81.88 billion by 2026. The increasing incorporation of artificial intelligence in image recognition will fuel the demand for the product across the world. According to a report published by Fortune Business Insights™, titled, “Image Recognition Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Services (Implementation, Consulting and Training, and Support and Maintenance), By Technology (Barcode Recognition, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), By Applications (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, and Marketing and Advertising), By Deployment (On-Premises, Cloud), By End-User (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecommunications, Government, Healthcare, Transportation and Logistics, and Others) and Regional Forecast, 2019-2026,”
The global image recognition market was worth USD 20.19 billion in 2018 and will exhibit a CAGR of 19.6% during the forecast period, 2019-2026
The image recognition technology finds applications in widespread domains. The use of image recognition technology in surveillance and security systems, data validation, tracking, and data analysis will fuel the demand for the product across the world. The increasing investment in the research and development of newer image recognition methods and software will aid the growth of the market in the forthcoming years.
Key Industry Developments:
April 2018: Qualcomm Technologies, Inc. announced a collaboration with NetEase Youdao for the implementation of Youdao’s real-scene augmented reality (AR) translation-based platforms.
Some of the leading companies that are operating in the global image recognition market are:
- Amazon Web Services (AWS) Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- NVidia Corporation
- Honeywell International Inc.
- Qualcomm Technologies, Inc.
- Honeywell International, Inc.
- Hitachi, Ltd.
- LTU technologies
- NEC Corporation
Image recognition technology applies machine learning (ML) or deep learning algorithms to selected images for extracting features, which are further utilized for achieving valuable insights. The development of AI-driven applications including deep learning, neural networks, computer vision, and machine vision has significantly augmented the demand for image identification tools. One of the popular application areas is autonomous or driverless vehicles, where image acknowledgment technology plays a crucial role.
In various industries, this technology is used for validating different data. The key players operating in the e-commerce, retail, advertising, healthcare, and automotive industries are rapidly adopting image recognition-based applications. These applications are helping enterprises to improve business processes and productivity. The growing potential of computer vision is attracting substantial investments in image detection technologies. The popular applications of image processing include medical image analysis, face detection, gesture recognition, and driverless car vision.
KEY QUESTIONS ANSWERED:
- What are the key technological and Image Recognition Market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- Why Choose Fortune Business Insights?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Image Recognition Market growth?
The competitive landscape of the IoT in manufacturing market has been discussed in detail. In addition to growth stimulators, the report discusses a few of the factors that have restrained market growth. Forecast values for the market have been provided in the report for the period of 2019-2026. Additionally, the report identifies areas that have witnessed the highest demand and applications for the product in recent years. Besides this, a few of the leading products, major companies, and major industry developments of recent times have been highlighted in this report.
