The global image recognition market size is expected to reach USD 80.29 Billion at a steady CAGR of 15.3% in 2028, according to the latest analysis by Emergen Research. The increasing usage of smartphones globally and the rising adoption of Virtual Reality (VR) and Augmented Reality (AR) are key factors driving the growth of the global image recognition market.

The top competitors in the market, their expansion ambitions, and their growth strategies are all carefully examined in the Image Recognition Market report. The archive particularly exhorts businesspeople to look for information about and instructions for potential customers. The review, which only highlights the greatest sellers, helps business owners understand their local market and find potential customers.

Other factors include the growing demand for face recognition on tablets, smartphones, and personal computers due to technological advancements. Increasing budgets for homeland security and defense spending by governments in countries such as China, Russia, and India is also contributing to the growth of the market to a significant extent. In February 2020, Department of Homeland Security officials detailed the use of facial recognition technologies by the administration across the U.S. To date, over 43.7 million individuals have been scanned at border crossings, outbound ships, and elsewhere by various systems. Facial recognition identified 252 persons attempting to use a combined 75 U.S. travel documents belonging to someone else, around 7% of whom were under the age of 18 and 20% of whom had criminal records.

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Competitive Landscape:

The latest study provides an insightful analysis of the broad competitive landscape of the global Image recognition market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Image recognition market and pinpoint the fundamental growth trends.

The leading market contenders listed in the report are:

IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce

Global Image recognition Market Highlights:

Regional demand estimation and forecast

Product Mix Matrix

R&D Analysis

Cost-Benefit Analysis

Pre-commodity pricing volatility

Supply chain optimization analysis

Technological updates analysis

Raw Material Sourcing Strategy

Competitive Analysis

Mergers & Acquisitions

Location Quotients Analysis

Carbon Footprint Analysis

Patent Analysis

Vendor Management

Key Parameters Analyzed in This Section:

Company Profiles

Gross Revenue

Profit margins

Product sales trends

Product pricing

Industry Analysis

Sales & distribution channels

Regional Segmentation:

North America

Latin America

Europe

Middle East & Africa

Asia Pacific

Key Points Covered in This Section:

Regional contribution

Estimated revenue generation

Vital data and information about the consumption rate in all the leading regional segments

An expected rise in market share

Forecast growth in the overall consumption rate

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Some Key Highlights in the Report

The software segment accounted for largest revenue share in 2020 due to a sudden and rapid increase in adoption of image recognition software in computer graphics, medical imaging, and photo editing, among others. Rapidly growing trends of industry automation and Industry 4.0 are driving adoption of image recognition software, and the trend is expected to continue over the forecast period.

Image recognition or tracking is used in augmented reality to track, detect, and augment 2D images. Image tracking is dependent on advanced computer vision technology to track and augment images. Jack Daniels augmented reality app turns whisky bottles into pop-out storybooks. The free app uses a tablet or smartphone camera to recognize the sticker on the bottle and unfolds the whole manufacturing process of the drink in a matching black and white pop-up book.

Image recognition is an important tool in autonomous vehicles used by Uber and Google. The technology detects road signs and obstacles through sensors in front of a vehicle and identifies these with the help of this technology. Computer vision systems powered by deep learning are trained with thousands of images of humans, road signs, and obstacles on the road under different weather and lighting conditions. The intelligence of the system continues to increase as new information is fed in.

North America accounted for largest revenue share in 2020 due to high level of integration of AI in e-commerce and digital shopping. Companies in the region are quick to adopt advanced technologies such as AI, deep learning, and cloud-based technologies, which is propelling growth of the market.

Market Overview:

The report bifurcates the Image recognition market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

Component Outlook (Revenue, USD Billion; 2018-2028)

Hardware

Software

Services

Application Outlook (Revenue, USD Billion; 2018-2028)

Security and Surveillance

Scanning and Imaging

Augmented Reality

Image Search

Marketing and Advertising

Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)

On-premises

Cloud

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Key reasons to buy the Global Image recognition Market report:

The latest report comprehensively studies the global Image recognition market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.

The report offers an insightful analysis of the regional outlook of the market.

It offers a detailed account of the end-use applications of the products services offered by this industry.

The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

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