Dublin, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The "Global Image Recognition Market, By Component (Software, Hardware, Services), By Technology (Digital Image Processing, Code Recognition, Facial Recognition, Others), By Deployment, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Image Recognition Market stood at USD27.764 billion in 2020 and is growing with a CAGR of 17.59% to reach USD73.344 billion by 2026.
The flourishing e-commerce industry and the intense competition among the major cloud companies are the major influencing factors for the global market demand. The data shared by the consumers on online platforms like social networking apps, mobile applications are used in image recognition technology. The data generated can be used to identify people, items, buildings, logos, and other products, making the required information easily accessible to the consumers. The efforts made by the market players to improve online retail and optimize the overall process are fueling the adoption of image recognition technology for better inventory management and drive customer satisfaction.
Image recognition is majorly used for shelf recognition, maintaining compliance with merchandising standards, and product placement. The growing awareness about the use of advanced technologies to increase convenience and comfort while buying the products through the online sales channel and the use of image recognition technology to buy products online is facilitating the growth of the market in the forecast period.
Based on the technology, the market can be segmented into digital image processing, code recognition, facial recognition, object recognition, pattern recognition, and optical character recognition. The facial recognition technology is expected to witness significant growth in the forecast period owing to its use in security applications. These are in high demand from law enforcement agencies, which allow only authorized people to view or edit confidential information.
Based on end-user, the market is segmented into IT and telecom, government, healthcare, retail, automotive, media and entertainment, BFSI, and others, including power and energy, oil and gas, transportation, and logistics, etc. The BFSI segment is expected to grow rapidly due to the use of image recognition technology to identify and remove fake accounts and offer personalized communication services to customers.
The major players operating in the Global Image Recognition Market are Amazon.Com, Inc, Alphabet Inc., Microsoft Corporation, IBM Corporation, Qualcomm Inc, NEC Corporation, Hitachi Ltd., Toshiba Corporation, Fujitsu Limited, Honeywell International Inc., Oracle Corporation, Catchoom Technologies S.L., Vispera Information Technologies, Ximilar, and LTU Technologies Inc.
Objective of the Study:
- To analyze the historical growth in the market size of the Global Image Recognition Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Image Recognition Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Global Image Recognition Market based on component, technology, deployment, application, end-user, company and regional distribution.
- To identify the dominant region or segment in the Global Image Recognition Market.
- To identify drivers and challenges for the Global Image Recognition Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Image Recognition Market.
- To identify and analyze the profiles of leading players operating in the Global Image Recognition Market.
- To identify key sustainable strategies adopted by the market players in the Global Image Recognition Market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Impact of COVID-19 on Global Image Recognition Market
4. Executive Summary
5. Voice of Customer
5.1. Commonly Used Image Recognition Technologies
5.2. Benefits of Using Image Recognition for Retail Industry
5.3. Satisfaction Level of Image Recognition Users
5.4. Concerns related to Usage of Image Recognition
6. Global Image Recognition Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Component (Software, Hardware, Services)
6.2.2. By Technology (Digital Image Processing, Code Recognition, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition)
6.2.3. By Deployment (On Premise, On Cloud)
6.2.4. By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing and Advertisement)
6.2.5. By End User (IT & Telecom, Government, Retail, Automobile, Healthcare, Media & Entertainment, BFSI, Others)
6.2.6. By Company (2020)
6.2.7. By Region
6.3. Market Map
7. North America Image Recognition Market Outlook
8. Asia-Pacific Image Recognition Market Outlook
9. Europe Image Recognition Market Outlook
10. South America Image Recognition Market Outlook
11. Middle East and Africa Image Recognition Market Outlook
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends and Developments
14. Competitive Landscape
14.1. Amazon.Com, Inc
14.2. Alphabet Inc.
14.3. Microsoft Corporation
14.4. IBM Corporation
14.5. Qualcomm Inc
14.6. NEC Corporation
14.7. Hitachi Ltd.
14.8. Toshiba Corporation
14.9. Fujitsu Limited
14.10. Honeywell International Inc.
14.11. Oracle Corporation
14.12. Catchoom Technologies S.L.
14.13. Vispera Information Technologies
14.14. Ximilar
14.15. LTU Technologies Inc.
15. Strategic Recommendations
16. About the Publisher & Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/f18957
