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New report: Image recognition market booming at 19.5% CAGR to hit $38.92 bn by 2021

New report: Image recognition market booming at 19.5% CAGR to hit $38.92 bn by 2021

Image Recognition Market is projected to grow from $15.95 billion in 2016 to $38.92 billion by 2021, at a CAGR of 19.5% between 2016 and 2021.

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Image Recognition Market is growing substantially owing to the increasing adoption of image recognition technology by various industry verticals, such as retail, healthcare, automotive, and defense. Increasing use of high bandwidth data services is one of the most significant drivers influencing the growth of the image recognition market.

The high cost of installation of image recognition systems is acting as a restraint for the growth of the image recognition market.

“Based on technology, the digital image processing technology segment of the image recognition market is projected to grow at the highest CAGR during the forecast period”

Based on component, the digital image processing segment of the image recognition market is estimated to grow at the highest CAGR during the forecast period.

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This high growth of the digital image processing segment can be attributed to the increasing use of digital images in various sectors such as retail and healthcare.

 

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“Based on industry, the BFSI industry segment is estimated to hold the largest share of the image recognition market during the forecast period”

Based on industry, the BFSI industry segment of the image recognition market is estimated to hold the largest market share during the forecast period. This high growth can be attributed to the increasing adoption of innovative image recognition technologies to enhance the automation and digitalization of products and services.

“The Asia-Pacific image recognition market is projected to grow at the highest CAGR during the forecast period”

The Asia-Pacific image recognition market is expected to witness substantial growth and is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the high adoption of cloud, mobility, and infrastructure management solutions to address information security.

Furthermore, China, South Korea, Japan, India, and Australia have started adopting and investing in image recognition technology to attract high-tech customers. This factor is also fueling the growth of the image recognition market in the region.

Breakdown of profiles of primaries is presented below:

  1. By Company Type: Tier 1-18%, Tier 2 -36%, and Tier 3-46%
  2. By Designation: C-level -52%, Director-level -21%, and Others -27%
  3. By Region: North America-45%, Europe-38%, Asia-Pacific-17%

Key vendors profiled in the report are as follows:

  1. Qualcomm Inc.
  2. NEC Corporation
  3. Google Inc.
  4. LTU Technologies
  5. Cat choom Technologies S.L.
  6. Honeywell International Inc.
  7. Hitachi, Ltd.
  8. Slyce Inc.
  9. Wikitude GmbH
  10. Attrasoft, Inc.


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Research Coverage: This study provides detailed segmentation of the image recognition market based on technology, component, application, deployment type, industry, and region. Based on the component, the market is bifurcated into code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition.

Based on the component, the market is segmented into hardware, software, and services.

The report will help market leaders/new entrants in the following ways:

  1. This report comprehensively segments the image recognition market and provides closest approximations of revenue numbers for the overall market and segments across different regions.
  2. The report helps stakeholders to understand the pulse of the market and provides the information on key drivers, restraints, challenges, and opportunities in the image recognition market.
  3. This report helps stakeholders to obtain a better understanding of their competitors, and gain more insights to enhance their position and business in the image recognition market. The competitive landscape section includes new product launches, agreements, collaborations& partnerships, acquisitions, and expansions undertaken by the key players in the image recognition market.

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Based on application, the market is segmented into scanning and imaging, security & surveillance, image search, augmented reality, and marketing & advertising. Based on deployment type, the market is segmented into on-premises and cloud.

Based on industry, the market is classified into BFSI, media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics, and others (gaming and education). The geographic analysis includes regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

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