Image Recognition Market Segmentation by Top Companies, Type, Products, Share & Region

Felton, Calif., USA, Feb. 12, 2021 — /EPR Network/ —

The global Image Recognition Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

Image Recognition Market is anticipated to reach USD 77.69 billion by 2025. The market is anticipated to witness a healthy growth rate in the years to come. Image recognition implies technique for processing, sympathizing, acquiring, and scrutinizing images. To generate symbolic or numerical information from the real world the image recognition gathers high-dimensional data. It uses disentangling of representational data from image data using replica formed with the help of statistics, physics, learning theory, and geometry.

Key Players:

• Attrasoft, Inc.
• Catchoom
• Google
• Hitachi
• Honeywell International
• LTU Technologies (A subsidiary of JASTEC Co., Ltd.)
• NEC Corporation
• Qualcomm Incorporated
• Slyce

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Growth Drivers:

The high price of raw material as well as maintenance will be restraining factors for global image recognition market. In addition, high cost of ownership of the image recognition tools is one of the reasons hampering the market growth in the years to come. It is anticipated to grow at a significant CAGR of 19.2% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Technique Outlook:

• QR/Barcode Recognition
• Object Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition

The “object recognition” segment dominated the market in 2016 and it is anticipated to lead the market during the forthcoming period due to high acceptance of image recognition devices in the retail segment as it supports detection of an item without using barcodes. It also permits marketers to increase insights to help them and connect with their customers by tracing objects from photos shared by customers on social media.

Application Outlook:

• Augmented Reality
• Scanning & Imaging
• Security & Surveillance
• Marketing & Advertising
• Image Search

Component Outlook:

• Hardware
• Software
• Service

Regional Outlook:

North America accounted for the major share of the market and will continue to rule the roost in the forecast period due to increasing incorporation of image recognition and mobile computing platform in the field of digital shopping and e-commerce. North America is followed by Asia-Pacific and Europe.

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