Allied Market Research published a report, titled, “Image Recognition Market by Deployment Mode (On-Premise and Cloud), Component (Hardware, Software, and Services, Industry Vertical (IT & Telecom, BFSI, Healthcare, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, and Others), Technology (Object Detection, QR/Barcode Recognition, Facial Recognition, Pattern Recognition, and Optical Character Recognition), and Application (Scanning & Imaging, Security & Surveillance, Image Search, Augmented Reality, Marketing & Advertising): Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report provides a detailed analysis of changing market dynamics, driving forces & opportunities, top winning strategies, and competitive scenario. According to the report, the global image recognition market garnered $17.91 billion in 2017 and would generate $86 billion by 2025, growing at a CAGR of 21.8% from 2018 to 2025.
Increase in prominence of media cloud services, technological advancements, and surge in demand for security products & applications are factors that drive the growth in the market. However, high initial cost is estimated to restrain the market growth. Contrarily, supportive government regulations that enables usage of image recognition solutions and increase in demand from the healthcare industry create new opportunities in the industry.
Cloud segment to maintain its lead position by 2025
Cloud segment accounted for more than half of the total market share in 2017 and is expected to maintain its lead position by 2025. This is due to increase in adoption in various industry verticals. It is a lucrative segment that would register the fastest growth with a CAGR of 23.3% from 2018 to 2025. The research also analyzes on-premise segment.
Service segment to be lucrative during the forecast period
The service segment would register the highest CAGR of 23.5% from 2018 to 2025 and held nearly half of the total market share in 2017. It is a lucrative segment due to rise in prominence of media cloud services and increase in demand for managed network security services. The research also discusses software and hardware.
Retail segment to dominate in terms of revenue by 2025
The retail segment contributed to nearly one-fourth of the total share in 2017, owing to increase in adoption for enhancing consumer engagement and conducting in-store promotion. On the other hand, the healthcare segment would register the highest growth rate with a CAGR of 28.4% from 2018 to 2025. This is due to rise in adoption for enabling a better decision making to increase the efficiency of radiologists, pathologists, and others.
Object detection technology segment to lead by 2025
The object detection technology segment contributed to nearly one-third of the total market share in 2017 and would maintain its lead status throughout the forecast period. However, the facial recognition segment is expected to register the highest growth rate with a CAGR of 26.1% from 2018 to 2025, owing to surge in usage in law and non-law enforcement applications.
Image search to contribute major share throughout the forecast period
The image search contributed to more than one-third of the total market share in 2017 and would maintain its lead throughout the forecast period. This is due to increase in usage in the e-commerce sector for applications including visual search, content curation, and product tagging. On the other hand, the augmented reality segment would grow at the highest growth rate, with a CAGR of 26.7% during the forecast period. The research also discusses security & surveillance, scanning & imaging, and marketing & advertising.
North America dominates in terms of revenue in 2017
North America contributed to nearly half of the total market share in 2017, owing to increase in number of users for smartphone and electronic gadgets. This dominance would continue throughout the forecast period. However, Asia-Pacific would register the fastest CAGR of 25.4% from 2018 to 2025, owing to implementation of image recognition technology to counter increase in number of terrorist attacks and rise in trend of e-governance.
Leading market players
The leading market players analyzed in the research include IBM Corporation, Amazon Web Services, Inc., Imagga Technologies Ltd., Google LLC, Qualcomm Incorporated, NEC Corporation, Microsoft Corporation, Catchoom Technologies S.L., LTU technologies, and Intel Corporation.
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