Image Recognition Global Market - Overview
The global image recognition market is showing immense growth; mainly due to the emergence of cloud technologies and growing demand for high bandwidth data services across different industry verticals. Image recognition refers to a technique used for acquiring, processing, scrutinizing, and sympathizing images. It has emerged as most popular alternative to other recognition technologies. Increasing use of image recognition applications and increasing use of high bandwidth data services is one major factor driving the growth of image recognition market. Also, increasing security applications and products enabled with image recognition functions is another major factor driving the market growth. The image recognition market is highly competitive due to the increase in acceptance of technology across various industry verticals and by different companies. The growing trend of virtual reality and other stimulation products is creating a huge market potential for image recognition solutions and services.
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According to a recent study report published by Market Research Future, The global market of Image Recognition is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). The security and surveillance application is expected to grow at the highest rate during the forecast period. This is owing to the increasing demand for high level security applications and growing awareness regarding the same. Whereas, the based on component, the hardware sub segment is expected to hold the largest market share of the image recognition market owing to increasing adoption of devices enabled with image recognition software and solutions.
On the other hand, lack of awareness and lack of technical expertise are major factors responsible for hindering the growth of image recognition market. Also, implementation of image recognition will require upgradation of infrastructure, which will ultimately result in added costs and may hamper the market growth.
Industry News
Dec 2017 – Slyce Canada gets ACOA funding. The federal government has provided a financial boost to Slyce Canada Inc. in New Waterford. Slyce wants to enhance its image recognition technology to include the additional product categories of shoes, furniture, jewellery and patterns.
June 2017 – Wikitude & Lenovo converge for Augmented Reality cloud platform. The Augmented Human Cloud will combine Wikitude's image recognition and marker less tracking technology with remote video, workflow and content editing and authoring, and deep learning recognition applications from Lenovo New Vision (LNV), the AR-focused subsidiary of Lenovo.
Key players
This report includes a study of strategies, of major market players. It includes the product portfolios, developments of leading major players such as are Jestec (LTU Technologies) (Japan), Honeywell (U.S.), Toshiba (Japan), Itraff Technology (Poland), Sharp Vision Software (U.S.), Qualcomm Technologies (U.S.), Panasonic (Japan), NEC (Japan), Hitachi(Japan), Catchoom and others.
This research report provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global digital asset management software market, including the high-growth regions, countries and their political, economical and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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Target Audience:
- Key Technology Providers
- System Integrators
- Software Providers
- IC Manufacturers
- OS Vendors
- Application Developers
- Content Providers
- Device Manufacturers
- Raw material & manufacturing equipment suppliers
- ODM and OEM technology solution providers
- Distributors and retailers
- Research organization
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