Image Recognition Market: Global and Regional Analysis with Forecast till 2028, Business Opportunities, Post COVID Scenario

According to the report, the global Image Recognition market is expected to grow from $25.12 Billion in 2020, which is expected to reach $88.01 Billion by 2028, growing at the CAGR of 16.78% from 2020 to 2028. This growth is attributed to the increasing need for image recognition in the automotive industry. The growth of the image recognition market is the increasing number of smartphones operating in the market. The fact that smartphones are affordable and easily accessible is making them the most preferred platform for image recognition applications. Advancements in hardware technology are enabling smartphones to handle image recognition applications at high accuracy. Factor restraining the growth of the Image Recognition Market is the lack of widespread adoption of the technology. Many businesses are hesitant to adopt new technology due to the costs of implementing the technology into their business.

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The recently published research report on Global Image Recognition Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Image Recognition market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal
As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Image Recognition market report also includes the following data points:
• COVID19 Impact on Image Recognition market size
• End-User/Industry/Application Trend, and Preferences
• Government Policies/Regulatory Framework
• Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
• Opportunity in Image Recognition market

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Key Players
Some of the major Image Recognition players holding high market share include Google, Qualcomm, Microsoft, Amazon Web Services. These players use partnership as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
• Google
• Qualcomm
• Microsoft
• Amazon Web Services
• TRAX
• NEC Corporation
• Huawei
• Toshiba
• Oracle
• IBM

Segmental Analysis
Market Segment By Component with focus on market share, consumption trend, and growth rate of Image Recognition Market:
o Hardware
o Software
o Services
o Others

Market Segment By Application with the focus on market share, consumption trend, and growth rate of Image Recognition Market:
o Scanning and Imaging
o Security and Surveillance
o Image Search
o Augmented Reality
o Marketing and Advertising
o Others

Market Segment By Deployment Mode with a focus on market share, consumption trend, and growth rate of Image Recognition Market:
o Cloud
o On-premises
o Others

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Global Image Recognition Geographic Coverage:
• North America
o US
o Canada
o Mexico

• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific

• Rest of the World
o South America
o Middle East & Africa

The North American region holds the largest share of the market as the region is home to a large number of key players in the Image Recognition market. North America has a large and diverse set of applications for Image Recognition and has a large variety of consumer products from developed markets.

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