Image Recognition Market Analysis By Technology, Deployment Mode, Application, Vertical, Region & Top Players IBM, Google, Qualcomm, Microsoft, AWS, NEC Corporation

Image Recognition Market by Technology (Digital Image Processing, Facial Recognition, Pattern Recognition), Component (Hardware, Software, and Services), Deployment Mode (On-premises & Cloud), Application, Vertical, and Region - Global Forecast to 2025

The global image recognition market size is expected to grow from an estimated value of USD 26.2 billion in 2020 to USD 53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1 % from 2020 to 2025. The image recognition industry is driven by various factors, such as Increased in the need for efficient and profitable retail execution processes with adherence to compliance standards and technological advancements to boost the adoption of image recognition market across the globe during the forecast period. However, High installation cost of image recognition services can hinder the growth.

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Services segment to grow at a higher CAGR during the forecast period

Services for the image recognition market include implementation, deployment, product upgrades, maintenance, and consulting. Increase in the adoption of image recognition software has led to the growth of such services, which help the companies to increase overall revenue and enhance performance. Vendors in the image recognition market sometimes provide services via channel partners; these partners can help strengthen the geographical reach of solution vendors and improve the cost-effectiveness of their software. The growing demand for rich media is expected to drive companies, such as LTU Technologies, and Catchoom, to offer integrated training services, professional services, and support and maintenance services

Hardware segment to account for a higher market share during the forecast period

This segment includes image sensors integrated with cameras. Hardware is an integral part of image recognition technology market. Many companies like IBM and Qualcomm provide their company made sensors which help detect products, shelf life and even trends. For instance, Qualcomm offers the Vision Intelligence 400 platform that is built with powerful image processing and ML for smart camera products; it performs face detection, face recognition, product classification, and license plate recognition.

Asia Pacific to grow at the highest rate during the forecast period

The image recognition market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. North America accounts for the highest share (33.49%) of the image recognition market in 2020. The factors supplementing this growth are the region’s stable economy, early adoption of technologies, and the presence of major image recognition vendors, such as IBM, AWS, Google, and Microsoft.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the image recognition market.

By company type: Tier 1: 23%, Tier 2: 27%, and Tier 3: 50%
By designation: C-level: 48%, Directors: 31%, and Others: 21%
By region: North America: 26%, Europe: 28%, APAC: 30%, MEA: 10% and Latin America: 6%

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Major vendors offering in image recognition market across the globe are

IBM (US),
Google (US),
Qualcomm (US),
Microsoft (US),
AWS (US),
NEC Corporation(Japan),
Trax (Singapore),
Partium(Austria),
LTU Tech (France),
Vispera(Turkey),
Blippar(UK),
Clarifai(US),
Wikitude (Austria),
Huawei (China),
Honeywell (US),
Hitachi (Japan),
Toshiba (Japan),
Oracle (US).

The study includes an in-depth competitive analysis of the key players in the image recognition market, with their company profiles, recent developments, and key market strategies.

Key benefits of buying the report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall image recognition market and the sub segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Table Of Contents

1 Introduction
1.1 Introduction To Covid-19
1.2 Covid-19 Health Assessment
Figure 1 Covid-19: Global Propagation
Figure 2 Covid-19 Propagation: Select Countries
1.3 Covid-19 Economic Assessment
Figure 3 Revised Gross Domestic Product Forecasts For Select G20 Countries In 2020
1.3.1 Covid-19 Economic Impact—Scenario Assessment
Figure 4 Factors Impacting Global Economy
Figure 5 Scenarios In Terms Of Recovery Of The Global Economy
1.4 Objectives Of The Study
1.4.1 Market Definition
1.4.2 Inclusions And Exclusions
1.5 Market Scope
1.5.1 Market Segmentation
1.5.2 Years Considered For The Study
1.6 Currency Considered
Table 1 United States Dollar Exchange Rate, 2014-2019
1.7 Stakeholders
1.8 Summary Of Changes

2 Research Methodology
2.1 Research Data
Figure 6 Image Recognition Market: Research Design
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup Of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup And Data Triangulation
2.3 Market Size Estimation
Figure 7 Market Size Estimation Methodology—Approach 1 (Supply Side): Revenue From Solutions/Services Of Vendors
Figure 8 Market Size Estimation Methodology: Illustrative Example Of Amazon Web Services
Figure 9 Market Size Estimation Methodology—Approach 2, Bottom Up (Supply Side): Collective Revenue From Hardware, Software, And Services
Figure 10 Market Size Estimation Methodology—Approach 3, Top Down (Demand Side): Share Of Image Recognition
2.4 Market Forecast
Table 2 Factor Analysis
2.5 Company Evaluation Matrix Methodology
Figure 11 Company Evaluation Matrix: Criteria Weightage
2.6 Startup/Sme Evaluation Matrix
Figure 12 Startup/Sme Evaluation Matrix: Criteria Weightage
2.7 Assumptions For The Study
2.8 Limitations Of The Study

3 Executive Summary
Figure 13 Global Image Recognition Market To Witness High Growth During Forecast Period
Figure 14 Leading Segments In Market In 2020
Figure 15 Market: Regional Snapshot

4 Premium Insights
4.1 Attractive Opportunities In Image Recognition Market
Figure 16 Increasing Technology Developments To Boost Adoption Of Image Recognition Solutions
4.2 Market, By Service And Deployment Mode
Figure 17 Professional Services And On-Premises Segments To Hold Higher Market Shares In 2020
4.3 Market, By Region
Figure 18 Asia Pacific To Grow At Highest Cagr During Forecast Period
4.4 Market: Investment Scenario
Figure 19 Europe And Asia Pacific To Emerge As Best Markets For Investments In Next Five Years

5 Market Overview And Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 20 Drivers, Restraints, Opportunities, And Challenges: Image Recognition Market
5.2.1 Drivers
5.2.1.1 Increasing Need For Image Recognition In The Automotive Industry
5.2.1.2 Rising Demand For Security Applications And Products Enabled With Image Recognition Functions
5.2.1.3 Increasing Use Of High Bandwidth Data Services
5.2.1.4 Technology Advancements To Boost The Demand For Image Recognition Among Cpg And Retail Companies
5.2.2 Restraints
5.2.2.1 High Installation Cost Of Image Recognition Solutions
5.2.3 Opportunities
5.2.3.1 Increase In The Demand For Big Data Analytics
5.2.3.2 Integration Of Ai Capabilities With Image Recognition Solutions
5.2.4 Challenges
5.2.4.1 Low Resolution Image Size And Storage
5.2.4.2 Covid-19 Impact On Supply Chain
5.3 Covid-19-Driven Market Dynamics
5.3.1 Drivers And Opportunities
5.3.2 Restraints And Challenges
5.3.3 Cumulative Growth Analysis
Table 3 Image Recognition Market: Covid-19 Impact
5.4 Value Chain
Figure 21 Market: Value Chain
5.5 Ecosystem
Figure 22 Market: Ecosystem
5.6 Average Selling Price/Pricing Model Of Image Recognition Players, 2019-2020
Figure 23 Average Selling Price Model Of Market, 2019-2020
5.7 Technology Analysis
5.8 Use Cases
5.8.1 Use Case 1: Planorama
5.8.2 Use Case 2: Labsphere
5.8.3 Use Case 3: Catchoom
5.8.4 Use Case 4: Snap2insight
5.8.5 Use Case 5: Infrrd
5.8.6 Use Case 6: Vispera
5.8.7 Use Case 7: Trax
5.9 Revenue Shift – Yc/Ycc Shift For Image Recognition Market
Figure 24 Market: Yc/Ycc Shift
5.1 Porter’s Five Forces Analysis
Figure 25 Market: Porter’s Five Forces Analysis
5.10.1 Threat Of New Entrants
5.10.2 Threat Of Substitutes
5.10.3 Bargaining Power Of Suppliers
5.10.4 Bargaining Power Of Buyers
5.10.5 Intensity Of Competition Rivalry

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