Global Image Recognition Market | Growth, Size, Share 2019

GLOBAL IMAGE RECOGNITION MARKET FORECAST 2019-2027

• 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.

• 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.

Request Free Sample Report

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-image-recognition-market/#req uest-free-sample

• 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.

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.

REQUEST FREE SAMPLE

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.

REQUEST FREE SAMPLE

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.

REQUEST FREE SAMPLE

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.