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Image Recognition Systems Market: Growth, Future Prospects & Competitive Analysis, 2018-2026

Overview:

Growing use of image recognition technology in smart phone, tablets and personal computer is propelling the demand for image recognition technology. The future prospects looks promising with the growing adoption of image recognition technology across several industry verticals including retail, healthcare, automotive, IT and defense among others. Technological advancements along with rising security concerns are expected to be an influential factors driving market growth during the forecast period from 2018–2026.

The field of image recognition has gained widespread acclaim in the past few years as major companies such as Apple Inc., Google, Inc. and IBM Corporation among others are consistently conducting multitude of research. Technology acceptance by several business organizations in wake of growing security concern is further fueling technology penetration. Advances in software capabilities, thereby improving recognition algorithms and providing end-users with user-friendly interface is expected to aid the market growth.

Growing trend of virtual reality and other simulation products is creating a huge market potential for image recognition systems. Increasing adoption of current and future applications of image recognition including smart photo libraries, targeted advertising along with interactive media are playing vital role in image recognition market growth. Major players are investing in R&D for developing innovative, advanced, and cost-effective image recognition solutions, thereby fueling the market momentum.

Rising demand for high bandwidth data services in BFSI and retail sector also drives the image recognition market. Consistent adoption of smartphones and other handled devices for e-commerce is making companies to invest in the image recognition space. This offers an enhanced shopping experience on the digital platform. However, high installation and maintenance cost, lack of skilled people and lack of awareness regarding the benefits offered by image recognition systems represent some of the challenges for the market growth.

The increasing demand for image recognition technology enabled security devices is one of the key influencing factors driving the growth of the image recognition market, especially in North America. Currently, North America is leading the image recognition market followed by Europe and Asia Pacific. The U.S. is the largest market for image recognition in the North America owing to factors such as an increasing security concerns and escalating demand for high quality image processing.

The global image recognition systems market is segmented on the following basis:

  • By End-user:
    • Government & Defense
    • Healthcare & Life Sciences
    • Industrial Manufacturing
    • Retail
    • IT & Telecom
    • Transportation & Logistics
    • Banking, Financial Services & Insurance (BFSI)
    • Others (Automobile, Aerospace etc.)
  • By Components:
    • Software
    • Hardware
    • Services
  • By Geography:
    • North America
      • U.S.
      • Rest of North America
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia Pacific
      • Japan
      • China
      • South Asia
      • Rest of Asia Pacific
    • Rest of the World (RoW)
      • Latin America
      • Middle East & Africa

Key players identified in image recognition systems market include but are not limited to:

LTU Technologies, Qualcomm Technologies, Inc., NEC Corporation, Catchoom Technologies S.L., Honeywell International, Inc., Hitachi, Ltd., Slyce, Inc., Wikitude GmbH, Attrasoft, Inc., iTraff Technology Sp. Z.o.o., Blippar, Toshiba Corporation Sharp Vision Software, Apple Inc., Google, Inc. and IBM Corporation among others.

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