Press release
Global Image Recognition Market Major Players are Qualcomm Technologies Inc., Google Inc., Apple Inc., Facebook Inc., Twitter Inc
Global Image Recognition Market Growing at a CAGR of 20.3% by 2024
The Global Image Recognition Market accounted for USD 16.2 billion in 2016 growing at a CAGR of 20.3% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Image recognition is the ability of software to identify places, logos, objects, people, and other variable in images. Smartphones and tablets equipped with cameras have pushed this technology from mainly industrial applications. It can also be used to initiate a search. The large volume of digital data is being used by companies to deliver better and smarter services to the people accessing it. It is widely applicable in insurance, media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics. Increasing use of image recognition applications may act as a major driver in the growth of image recognition market. On the other side, high cost of installation of image recognition systems may hinder the market.
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Major Market Competitors:
Some of the major players of the global image recognition market are Qualcomm Technologies, Inc., NEC India Pvt. Ltd., Google Inc., JASTEC Co., Catchoom, Honeywell International Inc., Hitachi, Ltd., Slyce, Wikitude GmbH, Attrasoft, Inc., itraff, Apple, Inc., Facebook, Inc., Twitter, Inc, Google Inc., and others.
Market Segmentation:
On The Basis Of Technology: - code recognition, digital image processing, facial recognition, object recognition, pattern recognition, and optical character recognition.
On The Basis Of Component: - hardware, software and services. The services segment is further segmented into managed services, professional services, training, support, and maintenance services.
On The Basis Of Application: - scanning & imaging, security & surveillance, image search, augmented reality, and marketing & advertising.
On The Basis Of Deployment Type: - on-premises, and cloud.
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On The Basis Of Industry: - banking, financial services and insurance, media & entertainment, retail & consumer goods, IT & telecom, government, healthcare, transportation & logistics. The others segmented is further sub segmented into education, and gaming.
On The Basis Of Geography, the global image recognition market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
Company Share Analysis:
The report for image recognition market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyze and do more affective investments.
Major Market Drivers & Restraints:
• Increasing use of image recognition applications
• Increasing demand for security applications and products enabled with image recognition functions
• Technology acceptance by various companies in different verticals
• Increasing use of high bandwidth data services
• High cost of installation of image recognition systems
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