Global Image recognition market - Ashland, KY

Thursday, 13 February 2020
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City: Ashland, Kentucky
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Price: $411,051


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Global Image Recognition Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at a CAGR of 19.3 % during a forecast period.

Global Image recognition market

The increasing adoption of image recognition devices from various sectors such as media, marketing, and retail are expected to drive the growth of the image recognition market. The high price of maintenance as well as raw material, high installation cost, these are some of the major restraining factors that could affect the global image recognition market.

Image recognition market is segmented by technology, component, application, deployment type, industry verticals, and region. Most vendors have adopted new product launches as the key strategy to enhance their customer experience and product portfolio. Existing players in this market are constantly upgrading and innovating their products to enhance their market share. Additionally, due to the technological advancements in image recognition, key vendors are focusing on launching solutions and services for the next generation.

In case of components, the hardware segment is expected to lead the image recognition market during the forecast period, owing to the increasing use of devices enabled with image recognition capabilities, such as scanners and smartphones.

Among application, the security and surveillance segment is expected to reach at the XX% CAGR during the forecast period, due to the increasing need of products and security applications with an integration of innovative technologies such as face recognition technology and surveillance cameras.

Based on the deployment type, the on-premises segment is likely to lead the global image recognition market during the forecast period. Components based on image recognition and its derivative technologies such as pattern and facial recognition are broadly deployed on-premises. This is the main factor for the growth of this segment.
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