Image Recognition Market is expected to grow $38.9 billion by 2021

According to a research report "Image Recognition Market by Technology (Digital Image Processing), Component (Hardware, Software, Service), Application (Augmented Reality), Deployment Type (On-Premises, Cloud), Industry Vertical, and Region - Global Forecast to 2021" published by MarketsandMarkets, the global image recognition in retail market size is expected to grow from USD 16.0 billion in 2016 to USD 38.9 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period. The major drivers leading to the growth of the Image recognition market are increasing use of image recognition applications, increasing demand for security applications and products enabled with image recognition functions and technology acceptance by various companies in different verticals.

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Professional services to account for the highest market share during the forecast period

Based on technology, the code recognition technology segment is estimated to lead the image recognition market during the forecast period

Code recognition or barcode recognition is a technology that allows machines to read optical labels to describe the object that carries the code. Barcode recognition involves the identification and interpretation of an optical information corresponding to the object. Barcodes are generally represented as parallel horizontal lines or square 2D black and white boxes. These are used across groceries, cosmetic products, branded utensils, refreshments, recreational materials, and accessories. The code recognition technology segment is estimated to lead the image recognition market between 2016 and 2021. There has been an increase in the adoption of code recognition technology specifically in North America to offer better facilities to customers and to enhance customer loyalty.

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Based on application, the security & surveillance application segment of the Image recognition market is projected to grow at the highest CAGR during the forecast period.

Image recognition technology is mainly integrated into devices that are used for security and video surveillance, content management, automotive driver assistance, and car parking. The technology is also being used in marketing activities such as advertising and branding where companies are providing customers with online progressive marketing solutions that encourage customers to engage in positive purchase behavior and marketing programs of the company. Organizations require solutions that can help them in storing, retrieving, and marketing their offerings to retain customers. Image recognition technology provides these solutions.

North America is estimated to lead the image recognition market during the forecast period

North America is estimated to account for the largest share of the image recognition market during forecast period . Significant adoption of new and advanced technologies such as mobile application security solutions and mobile image recognition technology are fueling the growth of image recognition market in this region. The increasing number of users of smartphones and other electronic gadgets integrated with image recognition applications is one of the key influencing factor driving the growth of the image recognition market in North America. There are more than 10 billion smartphones and other digital gadgets in North America which are integrated with image recognition applications. Due to their high demand, several companies such as Google have launched various image recognition applications. Apps are also available for Windows, Android, and iOS-based smartphones. Online marketplaces such as Amazon and eBay have introduced apps that use image recognition to identify clothes, cars, and books, among other products, to help customers in finding a similar set of items from their online databases. Slyce, a visual search and recognition company headquartered in Toronto, offers Mobile Image Recognition (MIR) technology to various leading North American retail brands.

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Market Players

Qualcomm Technologies, Inc. (US), NEC Corporation (Japan), Google (US), LTU Tech(France), Catchoom (Spain), Honeywell International Inc (US), Hitachi, Ltd. (Japan), Slyce (Canada), Wikitude GmbH (Austria), Attrasoft, Inc (US), Blippar (UK), Planorama (France), Ricoh Innovations Corporation (US), , Pattern Recognition Company GMBH (Germany) are the leading players operating in the Image recognition market market.

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