Image recognition market is expected to grow at a significant rate during the forecast period 2019-2025. Image recognition is the technique of harnessing data about any object, person, place, and various other things. It provides assistance to the machine in order to identify the data and to perform a machine-based visual task. The technique is related to artificial intelligence and machine learning in various applications for data mining. Growing applications of image recognition in various industries, increasing demand for automation, the surge in security concerns from cyber threats, and government support for the development of ICT industry are some of the major drivers augmenting the growth rate of global image recognition market. Image recognition is growing its applications in various industries including BFSI, healthcare, automotive and others. BFSI is the sector suffering from an abundance of unstructured data leading to a tedious verification process manually. With the emergence of AI enabled services in the verification process, the BFSI sector is switching over to the technology using image recognition. Adoption of technology for financial services such as pay via face identification, customer grievance services through screenshot provides operational facilities to the BFSI sector. Therefore, various financial institutions are developing and testing image recognition technology through the support of collaborations with technology giants.

Global image recognition market is segmented on the basis of application into augmented reality, marketing, security, image search, and others. Augmented reality segment is estimated to grow with a substantial rate during the forecast period due to growing applications of augmented reality in gaming, entertainment, construction, and development. Security service segment accounts for significant market share in the global image recognition market.  On the basis of end-user, the global image recognition market is branched into the retail sector, telecom & IT, BFSI, media & entertainment, government, healthcare, and others. BFSI and media & entertainment together constitute a considerable market share as of 2018. Healthcare segment is estimated to promise a high growth rate during the forecast period.

In the geographic overview, the market is divided into North America, Europe, Asia-Pacific and Rest of the World. North America is reporting the dominant share in the global image recognition market due to the presence of an established advanced technology industry in the US and Canada. Established industry supports the technology adoption in various end-user segments. Additionally, market growth is being supported by the presence of major market players in the US. Europe accounts for considerable market share due to stringent regulations and financial support of governments in the European countries for cyber security reasons. Asia-Pacific is estimated to grow with an alarming rate during the forecast period. A substantial increase in the advancement in the retail sector and the growing ICT industry in the emerging economies of the region is supporting the growth rate for the global image recognition market. Japan, South Korea, India, and China are a significant contributor to the global image recognition market in the Asia-Pacific region. Major market players of the market include Microsoft Corp., Google, LLC, Amazon Web Services, Inc., IBM Corp., Hitachi Ltd., Honeywell International, Inc., and others.

Research methodology:

The market study of the global image recognition market is incorporated by extensive primary and secondary research conducted by a research team at OMR.  Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from Secondary research have been authenticated by conducting primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary sources include:

• Financial reports of companies involved in the market
• Authentic Public Databases such as the National Artificial Intelligence Research and Development
• Whitepapers, research-papers and news blogs
• Company websites and their product catalog.

The report is intended for ICT companies, research organizations, companies working on advanced technology, investment companies, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market segmentation:

1. Global Image Recognition Market Research and Analysis by Application
2. Global Image Recognition Market Research and Analysis by End-User

The report covers:

• Comprehensive research methodology of the global image recognition market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global image recognition market.
• Insights about market determinants which are stimulating the global image recognition market.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of market players.