Global Image Recognition Systems Industry Research Report 2023-2031: From Smartphones to Defense - Market is Expected to Experience High Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Image Recognition Systems Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

Image Recognition Systems Market Expected to Grow at 16.2% by 2031

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Growing use of image recognition technology in smartphones, tablets, and personal computers is propelling the demand for image recognition technology. The future prospects look promising with the growing adoption of image recognition technology across several industry verticals including retail, healthcare, automotive, IT, and defense among others. Technological advancements along with rising security concerns are expected to be an influential factor driving market growth during the forecast period from 2023-2031.

The field of image recognition has gained widespread acclaim in the past few years as major companies such as Apple Inc., Google, Inc. and IBM Corporation among others are consistently conducting multitude of research. Technology acceptance by several business organizations in wake of growing security concern is further fueling technology penetration. Advances in software capabilities, thereby improving recognition algorithms and providing end-users with a user-friendly interface is expected to aid market growth.

Growing trend of virtual reality and other simulation products is creating a huge market potential for image recognition systems. Increasing adoption of current and future applications of image recognition including smart photo libraries, targeted advertising along with interactive media are playing vital role in image recognition market growth. Major players are investing in R&D for developing innovative, advanced, and cost-effective image recognition solutions, thereby fueling the market momentum.

Rising demand for high bandwidth data services in BFSI and retail sector also drives the image recognition market. Consistent adoption of smartphones and other handled devices for e-commerce is making companies to invest in the image recognition space. This offers an enhanced shopping experience on the digital platform. However, high installation and maintenance cost, lack of skilled people and lack of awareness regarding the benefits offered by image recognition systems represent some of the challenges for the market growth.

The increasing demand for image recognition technology enabled security devices is one of the key influencing factors driving the growth of the image recognition market, especially in North America. Currently, North America is leading the image recognition market followed by Europe and Asia Pacific. The U.S. is the largest market for image recognition in the North America owing to factors such as increasing security concerns and escalating demand for high quality image processing.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Image Recognition Systems market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Image Recognition Systems market?
• Which is the largest regional market for Image Recognition Systems market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Image Recognition Systems market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Image Recognition Systems market worldwide?

Key Players

• LTU Technologies
• Qualcomm Technologies Inc.
• NEC Corporation
• Catchoom Technologies S.L.
• Honeywell International Inc.
• Hitachi Ltd.
• Slyce Inc.
• Wikitude GmbH
• Attrasoft Inc.
• iTraff Technology Sp. Z.o.o.
• Blippar
• Toshiba Corporation Sharp Vision Software
• Apple Inc.
• Google Inc. IBM Corporation

Market Segmentation

Technique

• Qr/ Barcode Recognition
• Object Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition

Application

• Augmented Reality
• Scanning & Imaging
• Security & Surveillance
• Marketing & Advertising
• Image Search

Component

• Hardware
• Software
• Service

Deployment Mode

• On-Premise
• Cloud

Vertical

• Media And Entertainment
• BFSI
• Automobile And Transportation
• Retail And E-commerce
• Telecom And IT
• Government
• Healthcare
• Others

For more information about this report visit https://www.researchandmarkets.com/r/6qx4qi

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