Image Recognition Market to Hit $86.32 Billion by 2027; Rapid Advancements in Face Detection Technologies to Drive Market Growth: Fortune Business Insights™

Key Companies Covered in Image Recognition Market Research Report Are Blippar Ltd, Slyce Acquisition Inc., NEC Corporation, Hitachi, Ltd., Honeywell International Inc., Microsoft Corporation, Google LLC , Wikitude GmbH, Catchoom Technologies, S.L., LTU Technologies, Qualcomm Technologies, Inc., Nvidia Corporation, IBM Corporation.

Pune, Nov. 10, 2020 (GLOBE NEWSWIRE) -- The global image recognition market size is projected to reach USD 86.32 billion by 2027, exhibiting a CAGR of 17.6% during the forecast period. Active adoption of facial recognition technologies to screen people amid the current COVID-19 pandemic is ensuring stable growth of the market, observes Fortune Business Insights™ in its report, titled “Image Recognition Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (Code Recognition, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition), By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing and Advertising), By Deployment (On-Premise, Cloud), By End User (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecommunication, Government, Healthcare, Transportation and Logistics, and Others), and Regional Forecast, 2020-2027”.

With social distancing measures being aggressively imposed by most countries, governments and private sector organizations are rapidly deploying face recognition tools to screen and identify individuals. In India, for instance, Arvi, a health tech start-up, introduced contactless thermal scanning kiosks in June 2020, which use facial recognition tools equipped with artificial intelligence (AI) and machine learning (ML) capabilities. These kiosks are capable of detecting face through face-masks and checking temperatures of individuals through a thermal screening process. In another instance, Universal Studios in Singapore installed facial recognition scanners, which visitors will have to pass before entering the park, in August 2020. Thus, the COVID-19 pandemic is speeding up the adoption of image recognition solutions to curtail the spread of the virus. 

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The report states that the global market value stood at USD 23.82 billion in 2019 and also offers the following:

  • Comprehensive assessment of the various factors driving and restraining the market;
  • Tangible insights into the different market segments and their performance;
  • Holistic analysis of the changing regional dynamics influencing market growth; and
  • Careful profiling and in-depth study of the key market players and their dominant strategies.

Market Restraint

Increasing Number of Bans on Facial Recognition Tools to Limit Market Growth

Chief among the factors limiting the image recognition market growth is the growing clamor around the world to ban the use of facial identification technologies. Such technologies, according to many experts, erode privacy, incite racial and cultural biases, and can be easily misused by those in power. Citing these dangers of image recognition technologies, activists, policymakers, and ordinary citizens around the world are demanding that these technologies need to be discarded. For example, Democrats in the US introduced the ‘Facial Recognition and Biometric Technology Moratorium Act’ in June 2020 to ban the use of facial recognition tools by federal law enforcement agencies. Tech companies are responding on similar lines. In Europe, the European Union is mulling a ban on facial recognition in public places for five years.  These governmental measures are likely to inhibit the growth of this market in the coming years.

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Regional Insights

Rising Demand for Automation Technologies to Favor Market Growth in North America

North America, with market size of USD 9.90 billion in 2019, is expected to dominate the image recognition market share during the forecast period. This is primarily attributable to the growing demand by businesses in the region for advanced automation solutions and services to optimize business processes. In addition, strong presence of large technological companies such as IBM in the region will further aid the expansion of the regional market.

In Europe, a rising emphasis on security and surveillance activities is fueling the adoption of image recognition technologies. Asia Pacific is slated to display the highest CAGR owing to the steadily rising investments in AI and a speedily progressing information & communication technology industry.

Competitive Landscape

Creation of Cutting-Edge Solutions by Key Players to Animate Competition

The R&D operations conducted by some of the largest tech companies in the world are the prominent features of the competitive landscape of this market. These companies are making massive investments in developing advanced image recognition solutions for different enterprises to maintain their competitive edge.

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Industry Developments:

  • May 2020: Fuji Laboratories and Fujitsu Research and Development Center developed “Actlyzer”, a novel hand-wash movement recognition tool. The solution utilizes AI and ML capabilities identify complex hand wash movements from video data, which ensures proper, standardized hand washing practices.
  • May 2020: Microsoft and Sony collaborated to design software tools to enable simplified sharing of and access to their mutual customer data. The companies will be integrating these tools in AI-powered smart cameras and video analytics by leveraging Microsoft’s Azure AI and Sony’s IMX500 intelligent vision sensor.

List of Key Players Covered in Image Recognition Market Report:

  • Blippar Ltd (London, England)
  • Slyce Acquisition Inc. (Philadelphia, PA, United States)
  • NEC Corporation (Minato City, Tokyo, Japan)
  • Hitachi, Ltd. (Chiyoda City, Tokyo, Japan)
  • Honeywell International Inc. (Charlotte, North Carolina, United States)
  • Microsoft Corporation (Redmond, Washington, United States)
  • Google LLC (Mountain View, California, United States)
  • Wikitude GmbH (Salzburg, Austria)
  • Catchoom Technologies, S.L. (Barcelona, Spain)
  • LTU Technologies (Paris, France)
  • Qualcomm Technologies, Inc. (San Diego, California, United States)
  • Nvidia Corporation (Santa Clara, California, United States)
  • IBM Corporation (Armonk, New York, United States)
  • Amazon Web Services (AWS) Inc. (Seattle, Washington, United States)

Quick Buy – Image Recognition Market Research Report:

Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Companies Profiled (Covered for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Past and Current Revenue
      • Geographical Share
      • Business Segment Share
    • Recent Developments
  • Annexure
    • Global Image Recognition Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
      • By Component (Value)
        • Hardware
        • Software
        • Services
          • Implementation
          • Consulting and Training
          • Support and Maintenance
      • By Technology (Value)
        • Code Recognition
        • Facial Recognition
        • Object recognition
        • Pattern Recognition
        • Optical Character Recognition
      • By Deployment (Value)
        • Cloud
        • On-Premises
      • By Application (Value)
        • Scanning and Imaging
        • Security and Surveillance
        • Image Search
        • Augmented Reality
        • Marketing and Advertising
      • By End Use (Value)
        • BFSI
        • Media and Entertainment
        • Retail and Consumer Goods
        • IT and Telecom
        • Government
        • Healthcare
        • Transportation and Logistics
        • Others
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America

TOC Continued….

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