The image recognition market is growing by a significant rate due to increased use of smartphones, technology being embraced by various verticals, and increased demand for augmented reality (AR) and virtual reality (VR). Increasing demand for data analytics, increasing use of image recognition in media, branding and entertainment, and increasing mergers and acquisitions are providing ample opportunities to the image recognition market to grow in the coming years.
North America leads the image recognition market followed by Europe owing to the highest implementation of image recognition solutions in the region. The U.S. holds the largest market for image recognition under North America region. The Asia-Pacific image recognition market is expected to grow with an exponential rate in the coming years due to high threats from terrorist attack with the increasing trend towards e-governance in the region. Major users of image recognition technology in the region are Japan and China.
In the previous years, card based recognition was an essential system for identifying individuals, but image recognition technology has emerged as the most significant technology to identify and verify the individuals. Services provided by image recognition technology, such as m-commerce, enable the consumers to shop online across a high quality visual environment and to pay from their mobile phones. To enhance in-store customer service, the retailers are expected to adopt image recognition technology in the coming years, which will enable the customers to scan an item through a mobile application. The adoption of such method by the retailers will cut down the operational and customer support cost in retail industry.
On the basis of types, the image recognition market can be categorized as object recognition, optical character recognition, barcode recognition, pattern and gradient matching, and facial recognition. The facial recognition market is growing at the highest rate among types of image recognition market due to advancement in the accuracy of the technology and the increasing use of face recognition technology in personal computers, tablets and smartphones. Additionally, rising government budget in the developing countries such as Russia, China and India regarding homeland defense and security is supporting the growth of the facial recognition market. Facial recognition market is also expected to grow with the highest rate among types of image recognition market in the coming years due to rising use of the technology over card based technology in the residential and industrial sector.
On the basis of components, the image recognition market can be categorized as hardware, software, and services. The image recognition market can also be categorized on the basis of deployment type as on-demand and on-premises deployment. On the basis of end users, the image recognition market can be categorized as healthcare and life sciences, government and defense, consumer goods and retail, transportation and logistics, manufacturing industry, banking, financial services and insurance, and IT and telecommunication sector.
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