Image Recognition Market at a CAGR of 20.3 % Growth, Trends and Absolute Opportunity up to 2026 Hitachi, Apple, Facebook, Twitter, Google, Slyce, Wikitude GmbH, Attrasoft, itraff

Press Release

Image recognition is a term for computer technologies that can recognize certain people, animals, objects or other targeted subjects through the use of algorithms and machine learning concepts. The term “image recognition” is connected to “computer vision,” which is an overarching label for the process of training computers to “see” like humans, and “image processing,” which is a catch-all term for computers doing intensive work on image data.

It is widely applicable in insurance, media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics. Increasing the use of image recognition applications may act as a major driver in the growth of the image recognition market. On the other side, the high cost of installation of image recognition systems may hinder the market. Image recognition is the ability of software to identify places, logos, objects, people, and another variable in images. Smartphones and tablets equipped with cameras have pushed this technology from mainly industrial applications. It can also be used to initiate a search. The large volume of digital data is being used by companies to deliver better and smarter services to the people accessing it.

The Global Image Recognition Market accounted for USD 16.2 billion, growing at a CAGR of 20.3% during the forecast to 2026. This rise in market value can be attributed to the growth in the geriatric population and different diseases.

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Major Market Competitors: Image Recognition Market

Some of the major players of the global image recognition market are Hitachi, Slyce, Wikitude GmbH, Attrasoft, itraff, Apple, Facebook, Twitter, Google, Qualcomm Technologies, NEC India, Google, JASTEC Co., Catchoom, Honeywell International and others.

Major Market Drivers & Restraints:

  • Increasing use of image recognition applications
  • Increasing demand for security applications and products enabled with image recognition functions
  • Technology acceptance by various companies in different verticals
  • Increasing use of high bandwidth data services
  • High cost of installation of image recognition systems

Table of Content:

Part 01: Executive Summary

Part 02: Scope of The Report

Part 03: Global Image Recognition Market Landscape

Part 04: Global Image Recognition Market Sizing

Part 05: Global Image Recognition Market Segmentation by Product

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Market Segmentation: Global Image Recognition Market

  • By Technology (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition);
  • By Component (Hardware, Software, Services);
  • By Application Deployment Type; Industry – Industry Trends and Forecast to 2026

Company Share Analysis: Image Recognition Market

The report for image recognition market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendor’s strengths and opportunities against present market challenges, measure provider’s ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyze and do more affective investments.

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  • The latest developments, market shares, and strategies that are employed by the major market players

Key insights in the report:

  • Complete and distinct analysis of the market drivers and restraints
  • Key Market players involved in this industry
  • Detailed analysis of the Market Segmentation
  • Competitive analysis of the key players involved