Vancouver, British Columbia, March 18, 2021 (GLOBE NEWSWIRE) – Global image recognition market size is expected to reach USD 80.29 billion at a stable CAGR of 15.3% in 2028, according to the latest analysis by Emergen Research. An increase in the adoption of Machine Learning (ML) and Artificial Intelligence (AI) is driving the image recognition market right now. AI is used in pattern recognition, computer vision, and machine vision, among others. Increased adoption of AI enriches user experience and enables automation of a range of operations across industries and sectors. Governments are focusing on better AI capabilities to turn operations and processes across different business sectors.
Image recognition also uses data shared by users on social networks, apps and websites. The technology uses AI to track or trace people, places, buildings, logos, and other images or images. It is useful for purposes such as targeted advertising, tax booth auditing, security auditing, and in smart photo libraries and factory automation systems.
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Image recognition opens up a number of opportunities in the e-commerce and digital purchasing sectors. Companies can target a growing list of customers buying online. The technology transforms smartphones into virtual showrooms and enables use in mobile applications to identify specific products. Image recognition software identifies items such as shoes, bags, and watches, among others, and returns purchase options to the user. Customers can make a live comparison of these results without visiting a specific or specific website. Customers are also using image recognition software to build their mobile trading applications.
Face recognition technology is increasingly being replaced by other technologies such as fingerprinting and card scanning in biometric security systems for accessing and leaving ID cards in business, corporate, and residential systems, and applications. Increasing adoption of big data analytics and high bandwidth data services is also driving the need to use image recognition technology, which is driving market growth. The high cost of implementing image recognition systems is a key factor that is expected to hinder market growth to some extent over the expected period. Defective image sensors and cameras are other features that can adversely affect demand and choice among some users.
Some of the key events in the Report
- Revenue in the services sector is expected to increase at a rapid rate over the forecast period. Services offered by market players include implementation, consulting, training, support, and maintenance. Demand for these services is expected to increase in the coming years as more enterprises in different verticals adopt this technology.
- The rapid growth of smartphones has encouraged several brands and product marketers to market their products with the help of image recognition technology. Amazon is heavily marketing their Rekognition service, which does powerful video and image analysis. With Amazon Rekognition Custom Labels, brands can find their corporate logo on social media and help customers identify their products on store shelves.
- Patient identification has gained a major foothold in the healthcare sector as it simplifies the registration process and cheap staff necessary for the manual papermaking. Facial recognition also helps in correctly identifying patients and eliminating patient errors and procedures. Face recognition technology has been at the forefront of the fight against COVID-19. The technology enables tracking of people in quarantine with an app. Examination and social distance in public places can also be done by using face recognition for identification or verification purposes.
- Revenue from the image recognition market in Asia Pacific is expected to record a higher CAGR than other regional markets due to increased use of smartphones and tablets in developing countries. Increasing popularity of streaming in China and India is driving growth in image recognition market. Another driving feature that is increasing the use of image recognition in China for security and surveillance application.
- Leading market players include IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.
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Emergen Research has differentiated between the market recognition of global image on the basis of component, application, mode of use, innovation, direct industry, and region:
- Complementary forecast (Revenue, billion USD; 2018–2028)
- Application forecast (Revenue, Billion USD; 2018–2028)
- Security and Surveillance
- Scanning and Imaging
- Augmented reality
- Image Search
- Marketing and Advertising
- Usage mode forecast (revenue, billion USD; 2018–2028)
- Technique Forecast (Revenue, billion USD; 2018–2028)
- Object Recognition
- QR / Barcode Recognition
- Pattern Recognition
- Facial Recognition
- Optical Character Recognition
- Business vertical forecast (revenue, billion USD; 2018–2028)
- Media & Entertainment
- Health care
- Retail & E-commerce
- BFSI
- IT & Telecom
- Automobile & Transport
- Government
- Others
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- Regional Forecast (Revenue, Billion USD; 2018–2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- RA
- France
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- The rest of APAC
- Latin America
- Brazil
- The rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- The rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting firm that provides syndicated research reports, custom research reports, and consulting services. Our solutions are simply focused on your purpose of tracking, targeting and analyzing trends in consumer behavior across demographics, across businesses, and helping clients make softer business decisions to do. We offer market intelligence analyzes ensuring relevant and factual analysis across a number of industries, including Healthcare, Touch Points, Chemicals, Types and Power. We regularly update our search offerings to ensure that our clients are aware of the latest trends available in the market. Emergen Research has a strong base of experienced analysts from a variety of fields of expertise. Our industry knowledge and ability to develop a solid solution to any research problems enables our customers to gain an edge over their competitors.
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