Image Recognition Market Worth 29.98 Billion USD by 2020

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Mar 11, 2016, 09:30 ET

PUNE, India, March 11, 2016 /PRNewswire/ --

According to a new market research report "Image Recognition Market by Technology (Pattern Recognition), by Component (Hardware, Software, Service), by Application (Marketing and Advertising), by Deployment Type (On-Premises and Cloud), by Industry Vertical and by Region - Global Forecast To 2022", published by MarketsandMarkets, the global market is expected to grow from USD 12.49 Billion in 2015 to USD 29.98 Billion by 2020, at a CAGR of 19.1%.

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Browse 62 Tables and 57 Figures spread through 138 Pages and in-depth TOC on "Image Recognition Market"

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There has been a high growth of image recognition technology and components among users in various industry verticals for the management of digital images, online trading, and image & video analysis. Global enterprises and brands that sell consumer goods have awakened to the fact that consumers and employees have plenty of choices around. A limited range of online products gives rise to the problem of consumers switching brands, resulting in a loss of prospective leads for the brand.

Image recognition applications can help to cut through the competition by allowing users to click a picture of any product from their smartphones and upload it on e-commerce websites to purchase the concerned product. Also, it has taken gaming and films applications to a new level by providing 3D facilities.

The growth of cloud as deployment type is driving the Image Recognition Market among small and medium enterprises (SMEs)

The increasing usage of internet along with the high adoption of innovative technologies such as web, mobile, and social media has supplemented the growth of cloud-based image recognition techniques. Organizations are demanding cloud-based image recognition solutions to protect highly confidential documents and details of employees and to fortify their marketing endeavors. The presence of these solutions on cloud helps users to adopt these techniques for daily activities without increasing their budgets.

North America is expected to adopt gamification techniques significantly in 2015

The North American region has been a predominately receptive market toward the adoption of image recognition software and services. The high adoption of digital image processing technology and facial recognition technology are driving the market in North America. Moreover, in this region, countries such as the U.S. and Canada are adopting image recognition components to enrich their marketing activities with better advertising, customer interaction, and branding.

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The Image Recognition Market consists of major players such as NEC, Google, Honeywell, Hitachi, and Qualcomm Technologies. There is also a significant presence of small players such as LTU Technologies, Attrasoft, Blippar, and SLYCE in this market. The report also profiles the top image recognition vendors such as Catchoom and Wikitude that also have a presence in major regions.

This report analyzes the global adoption trends, future growth potentials, key drivers, restraints, opportunities, and best practices in the market. The report also examines the growth potential, market sizes, and revenue forecasts across different regions as well as user segments. The market is segmented by region into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America; by deployment type as on-premises and cloud; by industry vertical as BFSI, healthcare, government, IT & telecom, retail & consumer goods, media & entertainment, transportation & logistics, and others.

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