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Image Recognition Market Worth $109.4 Billion By 2027 | CAGR: 18.8%: Grand View Research, Inc.

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Image Recognition Market Worth $109.4 Billion By 2027 | CAGR: 18.8%: Grand View Research, Inc.

April 22
12:21 2020
Image Recognition Market Worth $109.4 Billion By 2027 | CAGR: 18.8%: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
The global image recognition market size was valued at USD 27.3 billion in 2019 and is expected to register a CAGR of 18.8% from 2020 to 2027.

The global image recognition market size is expected to reach USD 109.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 18.8% from 2020 to 2027. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

Asia Pacific image recognition market size, by technique, 2016 - 2027 (USD Billion)

Request a sample Copy of the Global Image Recognition Market Research Report @ https://www.grandviewresearch.com/industry-analysis/image-recognition-market/request/rs1

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

Key suggestions from the report:

  • Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of the technology that has improved user experience and drawn the customers’ attraction toward this technology
  • Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at major public spaces or events
  • Advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the development of image processing software with multiple functions such as facial and object recognition, and landmark detection
  • Growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling the image recognition market growth
  • Key players in the market are Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH; among others.

Global image recognition market share, by vertical, 2019 (%)

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

Image Recognition Technique Outlook (Revenue, USD Million, 2016 – 2027)

  • QR/ Barcode Recognition
  • Object Recognition
  • Facial Recognition
  • Pattern Recognition
  • Optical Character Recognition

Image Recognition Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Augmented Reality
  • Scanning & Imaging
  • Security & Surveillance
  • Marketing & Advertising
  • Image Search

Image Recognition Component Outlook (Revenue, USD Million, 2016 – 2027)

  • Hardware
  • Software
  • Service

Image Recognition Deployment Mode Outlook (Revenue, USD Million, 2016 – 2027)

  • Cloud
  • On-Premises

Image Recognition Vertical Outlook (Revenue, USD Million, 2016 – 2027)

  • Retail & E-commerce
  • Media & Entertainment
  • BFSI
  • Automobile & Transportation
  • IT & Telecom
  • Government
  • Healthcare
  • Others

Image Recognition Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • South America
    • Brazil
  • Middle East and Africa (MEA)

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

Indoor Farming Market – The global indoor farming market size was valued at USD 26.8 billion in 2018 and is expected to expand at a CAGR of 9.19% from 2019 to 2025.

Artificial Intelligence in Agriculture Market – The global artificial intelligence in agriculture market size was valued at USD 608.9 million in 2018 and is anticipated to register a CAGR of 25.4% from 2019 to 2025.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/image-recognition-market


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