Image Recognition Market Analysis
According to Market Research Future (MRFR), the image recognition market is expected to expand at a significant rate from 2017 to 2023 (forecast period).
In an era of fast-moving technological development where visual content is continually replacing conventional technology of textual solutions, technologies like image recognition, face recognition, and 3D object recognition are building a very strong layout for superior solutions in the field of security and surveillance, automotive safety, forensics and police investigations, automatic driving and assistance, biometric scanning appliances, healthcare, and e-commerce, etc.
Several organizations have started to recognize the benefits of collecting information from images digitally. This digital information can help to improve customer experience and provide a variety of new ways to approach customers. The increasing sophistication of image recognition technologies is expected to develop at a rapid rate. Due to the increase in tech-savvy people in most regions of the world, many new players are focusing on incorporating image recognition technologies in their products.
The increasing demand for the virtual market and other stimulation products is generating an immense market opportunity for image recognition products.
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COVID-19 Impact on the Global Image Recognition Market
Image recognition helps to detect and identify objects or features in digital videos and images. Technological developments have provided researchers with smart technologies, like artificial intelligence, to tackle the COVID-19 pandemic. With the spread of COVID-19, the healthcare sector focuses on controlling the number of active cases and developing a cure. Technology and science have played a key role in the global crisis. Initially, when the virus broke out in Wuhan, China introduced a strategy to use artificial intelligence (AI) to tackle the spread of the disease, using facial recognition cameras to monitor the travel history of the infected, drones to sterilize public areas and image processing of patients' x-ray reports for better understanding. According to a new survey conducted by medical associations, patient health data obtained using radiology imaging techniques indicate that the images have the potential to provide salient information on the novel coronavirus. These results favor the adoption of image recognition techniques in the different industry verticals.
Advanced artificial intelligence techniques, like image recognition and neural networks, in combination with radiological imaging, can accurately detect COVID-19. They can also help to resolve the shortage of experts/doctors in inaccessible places. Technologies based on machine learning are playing a critical role since the onset of the COVID-19 pandemic. Machine learning algorithms are used to study the virus, diagnose individuals, develop possible treatments, and analyze the effect on public health. Furthermore, the implementation of deep learning to increase speed and accuracy in the analysis of diagnostic imaging promotes new growth opportunities. For example, emerging players are using technology that involves neural network models for performing image segmentation, image reconstruction, and automated reporting of suggestions through image processing.
Image Recognition Market Segmentation
The global image recognition industry has been segmented into solution, deployment, component, and application areas.
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By solution, the global image recognition market has been segmented into facial recognition, optical object recognition, sensors, barcode/ quick response code recognition, object recognition, and pattern recognition.
By deployment, the global image recognition market has been segmented into on-premises and on-demand.
By component, the global image recognition market has been segmented into hardware and software.
By application areas, the global image recognition market has been segmented into BFSI, IT and telecom, healthcare, aerospace, hospitality, retail industry, automobile, defense, and SME organizations, among others.
Image Recognition Market Regional Analysis
By region, the global image recognition market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
APAC to dominate the global market
The Asia Pacific dominates the market for image recognition due to the high availability of low-cost smartphones and tablets and the growing trend in digital technology use in regions such as China and India, as well as increased foreign investment.
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Image Recognition Market Key Players
The global competitors in the image recognition market are
- Jestec (LTU Technologies) (Japan)
- Sharp Vision Software (U.S.)
- NEC (Japan)
- Honeywell (U.S.)
- Toshiba (Japan)
- Itraff Technology (Poland)
- Qualcomm Technologies (U.S.)
- Panasonic (Japan)
- Hitachi (Japan)
- Catchoom
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