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Report explores the image recognition market booming at 19.5% CAGR to hit $38.92 bn by 2021

Report explores the image recognition market booming at 19.5% CAGR to hit $38.92 bn by 2021

Key vendors profiled in the Image Recognition Market report are as follows Qualcomm Inc., NEC Corporation, Google.com, LTU Technologies, Cat choom Technologies S.L., Honeywell International Inc., Hitachi, Ltd., Slyce Inc., Wikitude GmbH, Attrasoft, Inc.

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Image Recognition Market provides details on Image Recognition Trends, Size, Analysis, and Forecast to 2021 as well as 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.

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.

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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%

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.

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

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

 

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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.


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“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. 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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