Image Recognition Market to Rise at 19.6% CAGR till 2026 Driven by the Growing Incorporation of AI, says Fortune Business Insights™

Pune, June 02, 2020 (GLOBE NEWSWIRE) — The global image recognition market size is projected to reach USD 81.88 billion by 2026. The increasing incorporation of artificial intelligence in image recognition will fuel the demand for the product across the world. According to a report published by Fortune Business Insights™, titled, “Image Recognition Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Services (Implementation, Consulting and Training, and Support and Maintenance), By Technology (Barcode Recognition, Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), By Applications (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, and Marketing and Advertising), By Deployment (On-Premises, Cloud), By End-User (BFSI, Media and Entertainment, Retail and Consumer Goods, IT and Telecommunications, Government, Healthcare, Transportation and Logistics, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 20.19 billion in 2018 and will exhibit a CAGR of 19.6% during the forecast period, 2019-2026.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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The competitive landscape of the IoT in manufacturing market has been discussed in detail. In addition to growth stimulators, the report discusses a few of the factors that have restrained market growth. Forecast values for the market have been provided in the report for the period of 2019-2026. Additionally, the report identifies areas that have witnessed the highest demand and applications for the product in recent years. Besides this, a few of the leading products, major companies, and major industry developments of recent times have been highlighted in this report.Increasing Number of Product Launches Will Aid GrowthThe report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches have made the highest impact on market growth. In April 2019, Honeywell announced the launch of a new technology with AI-integrated capabilities in connected security platforms. The product was launched with in collaboration with Intel with the aim to improve site security and operator productivity. Through this product, the company plans to expand its portfolio of image recognition products and establish a stronghold in the market. The report includes a few of the major product launches of recent times and gauges their impact on the global market.The report analyzes the ongoing image recognition market trends across major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in North America will witness high growth in the coming years, due to the growing demand for image recognition across several industries. The growing incorporation of image recognition technology in banking sectors will contribute to market growth. Besides North America, the market in Asia Pacific is projected to emerge as the fastest growing market among due to the increasing investments in product development.
Key Industry Developments:April 2018: Qualcomm Technologies, Inc. announced a collaboration with NetEase Youdao for the implementation of Youdao’s real-scene augmented reality (AR) translation-based platforms.Amazon Web Services (AWS) Inc.Google LLCIBM CorporationMicrosoft CorporationNVidia CorporationHoneywell International Inc.Qualcomm Technologies, Inc.Honeywell International, Inc.Hitachi, Ltd.LTU technologiesNEC CorporationIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersGlobal Image Recognition Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Size Estimates and ForecastsBy Component (Value)HardwareSoftwareServicesImplementationConsulting and TrainingSupport and MaintenanceBy Technology (Value)Barcode RecognitionFacial RecognitionObject RecognitionPattern RecognitionOptical Character RecognitionBy Application (Value)Scanning and ImagingSecurity and SurveillanceImage SearchAugmented RealityMarketing and AdvertisingBy Deployment (Value)On-PremisesCloudBy End-User (Value)BFSIMedia and EntertainmentRetail and Consumer GoodsIT and TelecomGovernmentHealthcareTransportation and LogisticsOthersBy Region (Value)North AmericaEuropeAsia PacificMiddle East and AfricaLatin AmericaTOC Continued..!!!
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