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.
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.
Full Research Report On Image Recognition Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/image-recognition-market
Further key
findings from the report suggest:
- 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.
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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)
- Cloud
- On-Premises
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
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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