SAN FRANCISCO, March 26, 2020 /PRNewswire/ -- The global image
recognition market size is expected to reach USD 109.4 billion by 2027, according to a new
report by Grand View Research, Inc. The market is anticipated to
expand at a CAGR of 18.8% from 2020 to 2027. Image
processing and recognition have evolved with numerous powerful
applications, such as security and surveillance, and medical
imaging that have created a great value from a business
perspective. Functions of figure identification, such as facial or
object recognition, visual geolocation, barcode reading, and
automated driver assistance, among other industrial
automation-related functions, have demonstrated the versatility of
this technology. When combined with AI, this technology has begun
to create valuable growth opportunities in several verticals, such
as gaming, social networking, and e-commerce. For instance, Twitter
and Facebook, two major platforms in the world of social
networking, have benefited from the technology in terms of audience
engagement as they have created a more connected experience by
encouraging users to share images and tag their friends.
Key suggestions from the report:
- Automated image organization offered by cloud-based
applications and telecom companies is one of the most popular uses
of the technology that has improved user experience and drawn the
customers' attraction toward this technology
- Several benefits, such as better security and automation of
identification, are the factors encouraging the implementation of
facial recognition at major public spaces or events
- Advent of large-scale cloud-hosted AI and machine learning
platforms offered by tech giants, has led to the development of
image processing software with multiple functions such as facial
and object recognition, and landmark detection
- Growing integration of digital image processing and mobile
computing platforms in various applications such as digital
shopping and document verification are propelling the image
recognition market growth
- Key players in the market are Attrasoft, Inc.; Google;
Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC
Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.;
and Wikitude GmbH; among others.
Read 150 page research report with ToC on "Image Recognition
Market Size, Share & Trends Analysis Report By Technique, By
Application, By Component (Hardware, Software), By Deployment Mode,
By Vertical, By Region, And Segment Forecasts, 2020 - 2027" at:
https://www.grandviewresearch.com/industry-analysis/image-recognition-market
The advent of digital cameras, particularly cameras built into
smartphones, has led to an exponential growth in the volume of
digital content in the form of images and videos. A vast amount of
visual and digital data is being captured and shared through
several applications, websites, social networks, and other digital
channels. Several businesses have leveraged this online content to
deliver better and smarter services to their customers, with the
use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment
platform provider, has launched facial recognition payment
technology in the North America
region. By using this thechnology in its payment solution, the
company has aimed at allowing its customers a new level of
convenience for payments at retail outlets.
However, data cleaning and hardware processing power remain as
the two significant challenges involved in building areliable
technology. Also, considering the time, complexity, and cost
associated with software development for image identification, many
companies may not have the resources who can produce acceptable and
accurate results. Therefore, several companies are taking strategic
initiatives to expand their business with the help of image
processing and recognizing techniques. For instance, in
July 2019, Star Alliance, a global airline, announced a
partnership with NEC Corporation to develop a biometric data-based
identification platform for the pass-through areas at the airports,
such as boarding gates and check-in kiosks. This AI-based platform
and biometric passport would help the passengers to get through
passport control without the need to show documents to the border
officials.
Grand View Research has segmented the global image
recognition market on the basis of technique, application,
component, deployment mode, vertical, and region:
- Image Recognition Technique Outlook (Revenue, USD Million,
2016 - 2027)
-
- QR/ Barcode Recognition
- Object Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
- Image Recognition Application Outlook (Revenue, USD Million,
2016 - 2027)
- Augmented Reality
- Scanning & Imaging
- Security & Surveillance
- Marketing & Advertising
- Image Search
- Image Recognition Component Outlook (Revenue, USD Million,
2016 - 2027)
-
- Hardware
- Software
- Service
- Image Recognition Deployment Mode Outlook (Revenue, USD
Million, 2016 - 2027)
-
- Image Recognition Vertical Outlook (Revenue, USD Million,
2016 - 2027)
-
- Retail & E-commerce
- Media & Entertainment
- BFSI
- Automobile & Transportation
- IT & Telecom
- Government
- Healthcare
- Others
- Image Recognition Regional Outlook (Revenue, USD Million,
2016 - 2027)
-
- North America
-
- Europe
-
- Asia Pacific
-
- Latin America
-
- Middle East & Africa
Find more research reports on Next Generation
Technologies Industry, by Grand View Research:
- Advanced Analytics Market – The increasing adoption of
analytical solutions in the retail sector for activities such as
demand forecasting, behavior analytics, and trade promotion
optimization, is a significant factor responsible for the growth of
the market.
- LiDAR Market – The market is estimated to grow
significantly over the forecast period due to automation in Light
Detection and Ranging (LiDAR), leading to reduced human efforts and
increased efficiency.
- Automated Guided Vehicle Market – The global automated
guided vehicle market size was valued at USD
3.0 billion in 2019 and is expected to witness a CAGR of
14.1% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled
intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Follow Us: LinkedIn | Twitter
Logo:
https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg