Global Image Recognition Market | Growth, Size, Share 2019

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Global Image Recognition Market | Growth, Size, Share 2019

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The Global Image Recognition Market is estimated to grow with an anticipated CAGR of 21% during the forecasted period, and will reach the revenue of $20636.53 million by 2027. – PowerPoint PPT presentation

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Title: Global Image Recognition Market | Growth, Size, Share 2019


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GLOBAL IMAGE RECOGNITION MARKET FORECAST 2019-2027
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  • The global image recognition market is projected
    to record growth at a CAGR of 21 during the
    forecast period.
  • The increasing demand for facial recognition, the
    technological advancements in the domain of
    facial recognition, and the favorable
    regulations, are the factors propelling the
    growth of the market.

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  • Image recognition is a technology that has
    numerous applications, and detects objects and
    features in a digital image using various
    algorithms.
  • The increasing adoption of facial recognition
    systems and the rise in the need for using data
    analytics, are estimated to sustain the market
    growth in a significant manner.
  • However, the increasing expenditure accompanying
    the image recognition applications in the domains
    of retail, media, and marketing, is expected to
    deter market growth.
  • Although there are market growth opportunities
    for image recognition with regards to the
    increasing usage of arterial intelligence, the
    concerns over image quality pose a threat to
    market growth.

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The Global Image Recognition Market is estimated
to grow with an anticipated CAGR of 21 during
the forecasted period, and will reach the revenue
of 20636.53 million by 2027. Request free sample
report now!
https//www.inkwoodresearch.com/reports/global-ima
ge-recognition-market/request-free-sample
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  • The global market for image recognition is
    assessed based on the markets present across
    regions such as, North America, Europe, Asia
    Pacific, and the Rest of the World.
  • The Asia Pacific region is estimated to record
    the highest growth rate during the forecast
    period, owing to the increasing demand for image
    recognition applications, and increasing IT
    budgets in the region.

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The North America image recognition market is
projected to garner a CAGR of 18.39 during the
forecasted period of 2019-2027. The rising number
of smartphone and electronic gadgets users using
image recognition applications, and increasing
adoption and application of drones in various
domains, are the factors expected to propel the
market growth.
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The Europe image recognition market is expected
to project a steady growth and a CAGR of 20.22
during the forecast period, 2019-2027. The
increasing applications of machine vision systems
in inspection and industrial automation, and
rising adoption of image recognition, are the
factors estimated to drive the market growth.
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The Asia Pacific image recognition market is
predicted to record steadfast growth with a CAGR
of 24.28 during the forecasted period,
2019-2027. The shifting preference towards new
technologies, increasing funding in the IT
sector, and rising economic capabilities, are the
factors boosting the growth of the market.
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The significant development in the e-commerce
sector and partnerships between the players in
the market is contributing to the market growth.
Some of the major companies in the region are
Hitachi Ltd., Qualcomm Technologies, Inc., NEC
Corporation, Google LLC., Honeywell International
Inc., LTU Technologies, Amazon Web Services Inc.,
etc.
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