Image Recognition Market set for robust growth by 2016-2024

Image Recognition Market

Image Recognition Market

Zion Market Research, the market research group announced the analysis report titled  ‘Image Recognition Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’

Global Image Recognition Market: Overview

Image recognition is a method for processing, acquiring, sympathizing, and scrutinize images. It is capable of storing high-dimensional data that it collects from the real world. Once the data is collected, it is utilized for generation of symbolic or numerical information.

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Global Image Recognition Market: Growth Factors

The global image recognition market is likely to have a blast in coming future. The rise in the demand from the industry is the main reason that has driven the growth of the global market. In addition to this, increased job opportunities are also boosting the growth of the global image recognition market. Further, cheap labor charge is also powering the growth of the global market. Adding more to the list of drivers, use of advanced technology for image recognition are also one of the significant reasons that are boosting the global market. Lastly, increased application of image recognition in different industries is also driving the global market growth.

On the other hand, the high cost of raw material is the main reason hampering the growth of global image recognition market. Further, high value for maintenance is also one of the significant reasons that are restraining the growth of the global market. On top of this, the high cost of ownership of the image recognition tools is one of the reasons that are decreasing the growth of the market.

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Global Image Recognition Market: Segmentation

Based on technology, the global image recognition market is mainly classified as optical character recognition, pattern recognition, facial recognition, code recognition, digital image processing, object recognition, and others.

On the basis of components, the global market is segmented into software, hardware, services, and others.

Based on applications, the global market for image recognition is bifurcated into scanning and imaging, security and surveillance, augmented reality, marketing and advertising, image search, and others.

On the basis of application, the global market is divided into healthcare, homeland security and defense, nuclear power plants, industrial applications, environmental monitoring, academic research, and others.

Based on deployment types, the global market for image recognition is classified into on-premises and cloud.

On the basis of verticals, the global market is segmented into transportation and logistics, media and entertainment, telecommunication and IT, banking, financial services, and insurance (BFSI), retail and e-commerce, government, gaming, healthcare and life science, manufacturing, travel and hospitality, and others.

Global Image Recognition Market: Regional Analysis

The global image recognition market is regionally segmented into Europe, Latin America, Asia-Pacific, North America, and Rest of the World. Increased job opportunity is boosting the global market in Asia Pacific countries such as India and China. The rise in the demand from the industry has elevated the global market in North America and Europe.

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Global Image Recognition Market: Competitive Players

Some of the key players in the global image recognition market are Itraff Technology, LTU Technologies, Wikitude, Honeywell and Catchoom, Sharp Vision Software, Toshiba, Panasonic, Qualcomm Technologies, Hitachi, NEC, Blipper, and others.

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