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

The growing use of image recognition technology in smartphones, tablets, and personal computers is propelling the demand for image recognition technology. The future 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 influential factors driving the market growth during the forecast period of 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, have consistently conducted a multitude of research. Technology acceptance by several business organizations in the wake of growing security concerns is further fueling technology penetration. Advances in software capabilities, thereby improving recognition algorithms and providing end-users with a user-friendly interface, are expected to aid the market's growth.

The growing trend of virtual reality and other simulation products is creating a huge market potential for image recognition systems. The increasing adoption of current and future image recognition applications, such as smart photo libraries, targeted advertising, and interactive media, is driving the growth of the image recognition market. Major players are investing in R&D to create innovative, advanced, and cost-effective image recognition solutions, which is fueling market momentum.

Rising demand for high-bandwidth data services in the BFSI and retail sectors also drives the image recognition market. Consistent adoption of smartphones and other handheld devices for e-commerce is making companies invest in the image recognition space. This offers an enhanced shopping experience on the digital platform. However, high installation and maintenance costs, a lack of skilled workers, and a lack of awareness regarding the benefits offered by image recognition systems represent some of the challenges to 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 North America, owing to factors such as increasing security concerns and escalating demand for high-quality image processing.

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

By End-user:

  • Government and Defense
  • Healthcare & Life Sciences
  • Industrial Manufacturing
  • Retail
  • IT & Telecom
  • Transportation and Logistics
  • Banking, Financial Services, and Insurance (BFSI)
  • Others (automobile, aerospace, etc.)

By Components:

  • Software
  • Hardware
  • Services

By Geography:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Key players identified in the 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.

Frequently Asked Questions:

The market for Image Recognition Systems Market is expected to reach US$ XX Mn by 2026.

The Image Recognition Systems Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

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 are some of the major players in the global market.

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Godaddy
Published Date:  May 2018
Category:  Technology & Media
Report ID:   59170
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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