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Image Recognition Market Size, Share, Trends, Key Players, Demand and Opportunities by 2023

The image recognition market is growing by a significant rate due to increased use of smartphones, technology being embraced by various verticals, and increased demand for augmented reality (AR) and virtual reality (VR). Increasing demand for data analytics, increasing use of image recognition in media, branding and entertainment, and increasing mergers and acquisitions are providing ample opportunities to the image recognition market to grow in the coming years.

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North America leads the image recognition market followed by Europe owing to the highest implementation of image recognition solutions in the region. The U.S. holds the largest market for image recognition under North America region. The Asia-Pacific image recognition market is expected to grow with an exponential rate in the coming years due to high threats from terrorist attack with the increasing trend towards e-governance in the region. Major users of image recognition technology in the region are Japan and China.

On the basis of applications, the image recognition market can be categorized as scanning and imaging, marketing and promotional activities, quality control and inventory management, security and surveillance, m-commerce, advanced driving assistance, and content management. Security and surveillance includes forensics, and identity and access management. Some of the factors restraining the growth of the image recognition market are lack of user awareness and technological issues.

Some of the competitors in the image recognition market are NEC Corporation, Toshiba Corporation, Hitachi Ltd., Qualcomm Technologies, Inc., Panasonic Corporation, Honeywell International Inc., Wikitude GmbH, iTraff Technology Sp. z o.o., Catchoom and LTU Technologies S.A.S.

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