global image recognition market is set to expand steadily at a moderate pace throughout the forecast period 2016 to 2022. The adoption of the technology across different industry verticals such as retail, healthcare, defense, automobile, etc. is likely to catapult the image recognition market on an upward trajectory. The global image recognition market is showing immense growth; mainly due to the emergence of cloud technologies and growing demand for high bandwidth data services across different industry verticals. Image recognition refers to a technique used for acquiring, processing, scrutinizing, and sympathizing images.
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In the era of fast moving technological advancement where visual content is continuously replacing the conventional technology of textual solutions, technologies such as image recognition, facial recognition and 3D object recognition are building a very strong layout for providing superior solutions in the area such as security and surveillance, automotive safety, automatic driving and assistance, forensics and police investigations, biometric scanning appliances, healthcare and e-commerce etc.
Various businesses have started recognizing the benefits of collecting the information from images digitally. This digital information can help to enhance customer experience and offer various new ways to approach customers. The rising sophistication of image recognition technologies is expected to grow at a fast pace. In most of the regions of the world, due to the increase in the tech savvy people many new players are focusing towards incorporating Image Recognition technologies in their products.
The growing demand of the virtual market and other stimulation products is creating a huge market potential for image recognition products.
Image recognition technology has developed its application in providing solutions regarding issues related to security and surveillance, automotive safety, automatic driving and assistance, forensics and police investigations, biometric scanning appliances, etc, Also, it enables the clients to retain its customers and enhance user experience for their business which is estimated to drive the growth of the image recognition market.
Some of the key players profiled by MRFR in the report are Jestec (LTU Technologies) (Japan), Itraff Technology (Poland), Sharp Vision Software (U.S.), Honeywell (U.S.), Toshiba (Japan), Qualcomm Technologies (U.S.), Panasonic (Japan), NEC (Japan), Hitachi (Japan), and Catchoom.
By solution, the global image recognition market has been segmented into facial recognition, barcode/ quick response code recognition, sensors, object recognition, optical object recognition, and pattern recognition.
By deployment, the image recognition market is segmented into on premises and on demand.
By component, the global image recognition market has been segmented into hardware and software.
By application, global image recognition market has been segmented into BFSI, IT and Telecom, healthcare, hospitality, retail industry, automobile, aerospace, entertainment, consumer electronics, and others.
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In Sep 2016, HONEYWELL announces key enhancement in video surveillance portfolio
In Feb 2016, Toshiba Launches New Line-up of Image Recognition Processors for Monocular Cameras
In Feb 2013, Panasonic Develops Technology for Highly Sensitive Image Sensors Using Micro Color Splitters
By region, the global image recognition market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is currently holding the maximum share of the global market. It is likely to perpetuate its dominance over the forecast period. The growth in the region is highly attributable to the large-scale penetration of budget smartphones, increasing adoption of digital technologies, government initiatives for promoting digitalization, etc. The presence of emerging markets such as India and China in the region are likely to catalyze investments in the Asia Pacific image recognition market.
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Europe and North America are poised to remain significant growth pockets throughout the assessment period. It can be ascribed to the adoption of the technology and investments in the technical advancements in the regions.
Key Technology Providers
Raw material & manufacturing equipment suppliers
ODM and OEM technology solution providers
Distributors and retailers
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