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.
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 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.