Image recognition technology identifies and detects features and objects in a digital video or images. The technology has numerous applications ranging from toll booth monitoring to security surveillance. The typical image recognition technology works on the basis of various types of algorithms, which are developing on the daily basis. Constantly evolving technology and growing penetration of smartphones across developed and developing countries play major role in the current growth rate of the global image recognition market. Wide range of applications, assistance in numerous complex activities and crucial role in security surveillance make this technology a successful endeavor for the existing as well as new entrants.
Drivers for Image Recognition Technology Market
Image recognition technology plays critical role in the present day information technology and smartphone revolution. As a result, the global market is constantly evolving with advanced technology, solutions, and applications. The technology is applied across various fields including security, ecommerce, advertising, traffic management, publishing, and so on. Growth in the digitization plays essential role in the inclination towards using image recognition solutions. It is also the reason why many businesses are switching towards smart technology and solutions.
In order to understand, process, analyzer and store advanced patterns, more and more businesses are using image recognition technology. This trend is influencing the current state of the global market. Growth in the use of augmented reality is is also an influential factor for the global industry of image recognition technology. In order to understand the current trends, opportunities and threats, researchers have segmented the global market into different segments. The global image recognition market is segmented on the basis of the types of algorithms, solutions, applications, modes of deployment, adoption within different industrial verticals and geographic regions.
According to the market research reports, the global image recognition technology market is poised to grow at a projected CAGR of over 21% from 2014 to 2019. At the estimated compound annual growth rate, the market will grow from $9.65 billion in 2014 to reach past $25.65 billion by the end of the year 2019. According to the dominance over the global market North America is expected to continue to rule the global market in terms of demand, revenue and overall growth of the industry. Constant technological advancements, demand from various industrial verticals and growth in applications from emerging segments is also creating strong growth prospects for the global image recognition market.