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Image Recognition Market by Technology, Component, Application, Deployment Type, Industry Vertical, and Region - Global Forecast to 2021

Image Recognition Market: Global Forecast until 2021

  • February 2017
  • 148 pages
  • ID: 4754724
In this report:
Asia-Pacific (APAC) is in the growing phase and is expected to garner a significant market share of ##.##% during the forecast period (2016-2021).
The image recognition market size is expected to grow from USD ##.## billion in 2016 to USD ##.## billion by 2021, at a CAGR of ##.##% during the forecast period.

Summary

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"Increasing use of image recognition applications is driving the overall image recognition market"

The image recognition market is forecasted to grow from ~$15.9B in 2016 to ~$38.9B by 2021, at a compound annual growth rate of 19.50 percent between 2016 and 2021. The industry for image recognition is increasing substantially due to the growing adoption of image recognition technology by several industry verticals, including retail, healthcare, automotive, and defense. Rising use of high bandwidth data services is one of the most significant drivers influencing the increase of the image recognition market. High cost of installation of image recognition systems is acting as a restraint for the increase ot the image recognition market.

"Established on technology, the digital image processing technology segment of the image recognition market is expected to rise at the maximal CAGR (Compound annual growth rate) during the estimate period"

Established on component, the digital image processing segment of the image recognition market is forecasted to grow at the maximal compound annual growth rate (CAGR) during the outlook period. This high increase of the digital image processing segment can be connected to the growing use of digital images in different markets including retail and healthcare.

"Established on sector, the BFSI industry segment is projected to hold the most important share of the image recognition market during the estimate period"

Established on market, the BFSI industry segment of the image recognition market is forecasted to hold the biggest market share during the outlook period. This high increase can be accredited to the rising adoption of innovative image recognition technologies to embellish the automation and digitalization of products and services.

"The Asia-Pacific image recognition market is expected to grow at the highest CAGR (Compound annual growth rate) during the estimate period"

The Asia-Pacific image recognition market is anticipated to witness substantial increase and is expected to grow at the highest compound annual growth rate (CAGR) during the outlook period. This increase is assigned to the high adoption of cloud, mobility, and infrastructure management solutions to address information security. Moreover, China (CN), South Korea (KR), Japan (JP), India (IN), and Australia (AU) have started adopting and investing in image recognition technology to attract high-tech customers. This factor is also fueling the increase of the image recognition market in the territory.

Breakdown of profiles of primaries is presented below:

- By Company Type: Tier 1 18.0 percent, Tier 2 - 36.0 percent, and 1/3 3 - 46.0 percent

- By Designation: C-level - 52.0 percent, Director-level - 21.0 percent, and Others - 27.0 percent

- By area: North america (NA) - 45.0 percent, Europe - 38.0 percent, Asia-Pacific - 17.0 percent

Segment Research

This analysis offers in-depth segmentation of the image recognition market established on technology, component, application, deployment type, sector, and area. Established on component, the sector is bifurcated into code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition. Established on component, the sector is divided into hardware, software, and services. Established on application, the sector is divided into scanning and imaging, security & surveillance, image search, augmented reality, and marketing & advertising. Established on deployment type, the sector is divided into on-premises and cloud. Established on market, the sector is categorized into Banking, Financial services and Insurance (BFSI), media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics, and others (gaming and education). Geographic review includes regions including North America, Europe (EU), Asia Pacific (APAC), Middle East (ME) & African continent, and Latin America area.

Main highlights

The analysis will facilitate industry top players/new sector entrants in these ways:

1. This report comprehensively segments the image recognition market, and offers closest approximations of revenue numbers for the global market and segments across different areas.

2. The market research benefits partners to comprehend the pulse of the sector and offers them information on key market drivers, market restraints, opportunities, and alternatives in the image recognition market.

3. This industry report benefits partners to obtain better understanding of their competitors, and obtain additional insights to improve their rank and business in the image recognition market. The competitive outlook section includes recent product launches, strategic agreements, collaborations & alliances, acquisitions, and business developments undertaken by the top players in the image recognition market.

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