New York, NY, May 24, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Image Recognition Market by Technology (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), by Component (Hardware, Software, and Services), by Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented Reality, and Marketing & Advertising), by Deployment (On-Premises and Cloud), and by Industry Vertical (BFSI, Media & Entertainment, Retail & Consumer Goods, IT & Telecom, Government, Healthcare, Transportation & Logistics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global image recognition market was around USD 16.85 billion in 2018 and is expected to reach approximately USD 39.87 billion by 2025, at a CAGR of around 18.3% between 2019 and 2025.

Image recognition is a software device that is used to recognize the place, object, writing, actions, machine-based tasks, etc. Image recognition mainly includes camera and artificial intelligence, which helps to complete the process of image recognition. The image-based virtual tasks and barcode scanning are two primary tasks performed by the image recognition software device. Image recognition technology is used in various applications including advertising, automation of factory and malls, security surveillance, monitoring purpose, etc., which is the primary growth factor of the global image recognition market. Several key players are working on image recognition software to develop their own software application that has advanced security features and data surveillance. The increasing global demand for image recognition is another factor fueling this market. However, the lack of awareness and technical issues are hampering the global image recognition market. Additionally, the high cost of image recognition leads to the increased final cost of products and services is another factor affecting this global market.

Browse through 68 Tables & 39 Figures spread over 110 Pages and in-depth TOC on “Global Image Recognition Market Size 2018: By Type, Technology, Industry Applications, Share, Analysis and Forecast to 2025”.

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The global image recognition market is divided based on technology, component, application, deployment, and industry vertical. By technology, the global image recognition market includes code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition. The facial recognition segment is predicted to account for a significant share of the global market. The component segment of the market includes hardware, services, and software.

By application, the global image recognition market is classified as scanning & imaging, security, and surveillance, image search, augmented reality, and marketing and advertising. The security and surveillance segment accounted for the dominant market share, owing to the technological benefits like security and protection of virtual data and forensic identification. Cloud and on-premises comprise the deployment segment of the market.

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By industry vertical, the global image recognition market is classified into BFSI, media and entertainment, retail and consumer goods, IT and telecom, government, healthcare, transportation and logistics, and others. The media and entertainment segment accounted for a dominant share in the global market in 2018, due to the rising use of image recognition in movies, social media, and gaming.

By geography, the North American image recognition market is projected to grow substantially and hold the largest market share over the forecast time period, owing to the growing use of image recognition in malls, e-commerce platforms, and government work and increasing investments made for technological developments. In 2018, the North American image recognition market held around one-third value share of the global market, as image recognition techniques are necessary for security and surveillance and monitoring purposes.

Browse the full “Image Recognition Market by Technology (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), by Component (Hardware, Software, and Services), by Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented Reality, and Marketing & Advertising), by Deployment (On-Premises and Cloud), and by Industry Vertical (BFSI, Media & Entertainment, Retail & Consumer Goods, IT & Telecom, Government, Healthcare, Transportation & Logistics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/image-recognition-market

In Europe, high investments for research and development activities by the majority of the key market players are anticipated to enhance the penetration of the image recognition market in the region. There is stimulation in the adoption of image recognition in the European automobile sector due to advancements in technologies such as automobile obstacle detection. Prominent market growth is anticipated in the Asia Pacific region in the forecast period owing to the major applications in the security and surveillance of facial recognition.

Latin American and the Middle Eastern and African regions are projected to hold relatively less share of the global image recognition market over the forecast period, owing to the lack of awareness about image recognition technology and technological issues.

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Some key players of the global image recognition market are Google, Honeywell International, Hitachi, LTU Technologies, Slyce, NEC Corporation, Qualcomm Incorporated, Catchoom, Wikitude, and Tetrasoft.

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This report segments the global image recognition market into:

Global Image Recognition Market: Technology Analysis

  • Code Recognition
  • Digital Image Processing
  • Facial Recognition
  • Object Recognition
  • Pattern Recognition
  • Optical Character Recognition

Global Image Recognition Market: Component Analysis

  • Hardware
  • Software
  • Services

Global Image Recognition Market: Application Analysis

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

Global Image Recognition Market: Deployment Analysis

  • On-Premises
  • Cloud

Global Image Recognition Market: Industry Vertical Analysis

  • BFSI
  • Media and Entertainment
  • Retail and Consumer Goods
  • IT and Telecom
  • Government
  • Healthcare
  • Transportation and Logistics
  • Others

Global Image Recognition Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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