$38.92 Billion Image Recognition Market 2017 by Technology, Component, Application, Deployment Type, Industry Vertical, and Region - Global Forecast to 2021 - Research and Markets

DUBLIN--()--Research and Markets has announced the addition of the "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" report to their offering.

The image recognition market is estimated to grow from USD 15.95 Billion in 2016 to USD 38.92 Billion by 2021, at the CAGR of 19.5% during the forecast period.

The growth of the image recognition market can be attributed to the rising use of high bandwidth data services in retail and BFSI sector. Smartphones and devices with cameras are attracting vendors to invest in the market. Increasing demand for security applications and products enabled with image recognition functions is also influencing the growth of this market.

Various companies in different sectors, such as retail, automotive, healthcare, and defense, are significantly adopting image recognition technology. Low-resolution image size and storage act as a challenge for the growth of the market.

Most vendors have adopted new product launches as the key strategy to enhance their product portfolio and customer experience. Existing players in this market are constantly innovating and upgrading their products to enhance their market share. Furthermore, owing to the technological advancements in image recognition, key vendors are focusing on launching next generation solutions and services.

Market Dynamics

Drivers

  • 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

Restraints

  • High Cost of Installation of Image Recognition Systems

Opportunities

  • Increasing Demand for Big Data Analytics
  • Increasing Demand of Brand Recognition Among End-User

Challenges

  • Low Resolution Image Size and Storage

Companies Mentioned

  • Attrasoft, Inc.
  • Catchoom Technologies S.L.
  • Google Inc.
  • Hitachi, Ltd.
  • Honeywell International Inc.
  • LTU Technologies
  • NEC Corporation
  • Qualcomm Inc.
  • Slyce Inc.
  • Wikitude GmbH

For more information about this report visit http://www.researchandmarkets.com/research/h8zjm4/image_recognition

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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Related Topics: Machine Learning and Data Mining

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Related Topics: Machine Learning and Data Mining