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Market Size – USD 25.67 Billion in 2020, Market Growth – at a CAGR of 15.3%, Market Trends – Advancements in technology

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 latest analysis by Emergen Research. Increasing usage of smartphones globally and rising adoption of Virtual Reality (VR) and Augmented Reality (AR) are key factors driving growth of the global image recognition market.

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.

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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.
• 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.
• Key players in the market include IBM Corporation, Qualcomm, Honeywell, Toshiba, Microsoft, Huawei, Oracle, NEC Corporation, Catchoom, and Slyce.

Emergen Research has segmented the global image recognition market on the basis of component, application, deployment mode, technique, industry vertical, and region:

• 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
• Technique Outlook (Revenue, USD Billion; 2018–2028)
  • Object Recognition
  • QR/ Barcode Recognition
  • Pattern Recognition
  • Facial Recognition
  • Optical Character Recognition
• Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
  • Media & Entertainment
  • Healthcare
  • Retail & E-commerce
  • BFSI
  • IT & Telecom
  • Automobile & Transportation
  • Government
  • Others

Regional Bifurcation:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key Factors influencing market remuneration:

• The global Image Recognition market report includes a detailed study of the product spectrum of the market and further describes the different product types, including One-sided, Two-sided, and Others.
• The report zeroes in on the overall market dynamics and presents information with regard to the producers and distributors, manufacturing cost structure, and downstream buyers.
• Details pertaining to the expected growth rate, industry share, revenue accumulated, and product segmentationare depicted in this report.
• The application landscape of the global Image Recognition market can be categorized into For Human, For Animals, and Others.
• The study further examines the industry share and product demand of each application, coupled withthe predicted growth patterns of the various application segments.
• Other vital factors, such as market concentration ratioand raw material processing rate, have also been covered under the latest study.

Table of Content

Chapter 1. Methodology & Sources
    1.1. Market Definition
    1.2. Research Scope  
    1.3. Methodology
    1.4. Research Sources
          1.4.1. Primary
          1.4.2. Secondary
          1.4.3. Paid Sources
    1.5. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Image Recognition Market Segmentation & Impact Analysis
    4.1. Image Recognition Market Material Segmentation Analysis
    4.2. Industrial Outlook
          4.2.1. Market indicators analysis
          4.2.2. Market drivers analysis
                    4.2.2.1. Rising demand for security applications and products enabled with image recognition functions
                    4.2.2.2. Increasing need for image recognition in the automotive industry
          4.2.3. Market restraints analysis 
                    4.2.3.1. High installation cost of image recognition solutions
    4.3. Technological Insights 
    4.4. Regulatory Framework
    4.5. Porter’s Five Forces Analysis
    4.6. Competitive Metric Space Analysis
    4.7. Price trend Analysis
    4.8. Covid-19 Impact Analysis

Chapter 5. Image Recognition Market By Component Insights & Trends, Revenue (USD Billion)
    5.1. Component Dynamics & Market Share, 2021 & 2028
          5.1.1. Hardware
          5.1.2. Software
          5.1.3. Services

Chapter 6. Image Recognition Market By Application Insights & Trends Revenue (USD Billion)
    6.1. Application Dynamics & Market Share, 2021 & 2028
          6.1.1. Security and Surveillance
          6.1.2. Scanning and Imaging
          6.1.3. Augmented Reality
          6.1.4. Image Search
          6.1.5. Marketing and Advertising

CONTINUED…!!

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Country: Canada
Website: https://www.emergenresearch.com/industry-report/image-recognition-market