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Image Recognition Market is forecast to reach $56.5 billion by 2025, after growing at a CAGR of 13.53% during 2020-2025. The rising use of smartphones and the adoption of augmented reality (AR) and virtual reality (VR) are leading to the development of image recognition market. Moreover, the increasing need for image recognition for media, entertainment, branding, online shopping, and education and so on are also propelling the image recognition market during the forecast period.
Key Takeaways
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Technology- Segment Analysis
The facial recognition segment holds the major market share in the image recognition market in 2019. The integration of artificial intelligence with facial recognition in smartphones and electronic gadgets is majorly driving the image recognition market. As facial recognition and optical character recognition are significantly enabling automated image recognition capabilities that are leading to the use of machine learning and big data analytics for recognizing photos. Moreover, the emerging use of facial recognition technology for media such as Facebook, Instagram and so on are also highly increasing which is fueling the image recognition market.
The other technologies such as code recognition are also becoming highly popular and further involves barcode recognition that identifies the optical information of an object. This technology is commonly being used across groceries, cosmetic products, branded utensils, and others. Thus, the increasing use of code recognition technology in retail stores and malls will further enhance the growth of the image recognition market.
Application – Segment Analysis
Banking, Financial Services, and Insurance is widely adopting artificial intelligence and increasingly integrating biometric facial recognition technology with banking software. Additionally, the BFSI segment is estimated to grow at a CAGR of 17.14%. The adoption of image recognition technology in banks is allowing banking customers to access their bank accounts, and moreover leading to the authentication of the customer’s information. The other industry such as healthcare, media, and entertainment are also playing a key role in driving the image recognition market.
In media and entertainment, the use of social networking sites is highly growing due to ease of internet access and moreover, social media is widely involving the use of artificial intelligence, augmented and virtual reality for providing effective image recognition of the users. Furthermore, the growing use of image recognition technologies for interactive marketing and creative campaigns by retailers including both online and offline modes are also the most significant factors that are driving the image recognition market growth.
Geography – Segment Analysis
North America dominated the image recognition market with a share of more than 31%, followed by APAC and Europe. The growing adoption of facial technology in the U.S is highly emphasizing the image recognition market in this region. According to the Department of Homeland Security, it is expected that facial technology will cover 97 percent of the airline passengers in the coming years. Additionally, according to the survey conducted by the Pew Research Center shows that the majority of Americans are trusting the law enforcement agencies to use facial recognition technology for monitoring security threats in public spaces.
The increasing penetration of smartphones and the increasing usage of social networking sites is also regarded as the common factor that is leading to the growth of the image recognition market in North America.
Drivers – Image Recognition Market
The adoption of artificial intelligence technology for image recognition is continuously rising. The latest smartphones that are commonly used are in-built with an AI-based camera for facial recognition of the user. The integration of artificial intelligence is providing with standard features and moreover, governments are also looking towards to enhance the AI capabilities in sectors such as healthcare, transport and so on.
The integration of big data analytics is providing advanced image analysis and recognition technology. The deployment of machine learning is also emphasizing the pattern recognition technology for classifying the data based on knowledge. Additionally, the rising use of social media is also enhancing the use of big data analytics and machine learning in image recognition technology. As the use of big data analytics in social sites will lead to automates image recognition and allow linking and tagging of the individual. Thus, the growing influence towards the use of the latest technologies including augmented and virtual reality will also drive the image recognition market in the near future.
Challenges – Image Recognition Market
Viewpoint variation of the image
The images which are analyzed using image recognition are aligned in different directions in the real world. This alignment leads the system or the camera to record inaccurate values and further fails to understand the changing alignment of the image that creates a huge challenge for the image recognition technology. Moreover, the low-resolution size of the image also sometimes affects the classification of the object and leads to the deformation of the image. This common factors will lead to hinder the growth of the image recognition market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the image recognition market. In 2019, the market of image recognition has been consolidated by the top ten players – Attrasoft, Inc., Catchoom Technologies S.L.,Google Inc., Hitachi, Ltd., Honeywell International Inc., LTU Technologies, NEC Corporation, Qualcomm Incorporated, Trax Image Recognition and Neurotechnology.
Acquisitions/Technology Launches
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