Today, the image recognition solutions are not only fulfilling basic human requirements, such as purchasing numerous products through smartphone-based applications, but are also providing state-of-the-art technology facilitated equipment for sensitive layouts such as defense, airports, immigration, and customs departments. Also, the Intelligent Character Recognition (ICR) technology is used in sorting and enumerating important files for organizational purposes. It helps in accessing a particular document with ease and saving time.
The new report has comprehensively divided the image recognition market by types: Optical Character Recognition (OCR), pattern and gradient matching, object recognition, barcode/QR code recognition, facial recognition; by components: hardware, software, and services; by deployment: on-premise and on-demand; by applications: security and surveillance, marketing and promotional activities, content management, advanced driving assistance, quality control and inventory management, scanning and imaging, m-commerce, and others; by verticals: government and defense, Banking, Financial services, and Insurance (BFSI), healthcare and life sciences, manufacturing/industrial units, consumer goods and retail, IT and telecommunication, transport and logistics and others; by regions: North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA) and Middle East and Africa (MEA).
Analysts believe that there is a lack of user awareness and a few technological quality issues in the image recognition market. These challenges are restraining businesses and customers from implementing image recognition technology to support a broad spectrum of applications, such as security and surveillance, marketing and promotional activities, content management, advanced driving assistance, quality control and inventory management, scanning and imaging, and m-commerce.
The image recognition market is estimated to grow from $9.65 billion in 2014 to $25.65 billion by 2019 at a Compound Annual Growth Rate (CAGR) of 21.6% from 2014 to 2019. NA is the biggest market for image recognition solutions while other regions such as APAC and MEA are expected to increase with high CAGRs.