LONDON, April 6, 2016 /PRNewswire/ -- "The rising adoption of smartphones among users will help the image recognition market grow significantly"
MarketsandMarkets forecasts the global image recognition market to grow from USD 12.49 billion in 2015 to USD 29.98 billion by 2020, at a CAGR of 19.1%. Smartphones and gadgets equipped with cameras have pushed this technology. Online shoppers search for clothing or accessories by simply taking a picture of the garment, color, print, or texture they like. This photo is then uploaded to an app that searches an inventory of products to find the similar items, products, or items with the help of image recognition technology. The speedy growth of social media is also driving the image recognition market.
"Asia-Pacific (APAC) is expected to become one of the major adopters of image recognition techniques by 2020"
APAC is growing at a higher rate in comparison to other regions. Moreover, countries in the region, mainly Australia, China, and India, are prominently adopting technologies and solutions within the organizations for increasing profits along with customer satisfaction. Moreover, it is being used for marketing and promotional activities in many leading Asian newspapers and magazines. Also, advertising agencies in Japan, such as Hakuhodo and Dentsu, have combined image recognition software with time and GPS from smartphones to link with the consumers and provide them with the product information by creating platforms/apps such as Kokoku Plus, Gaziru, and Scan It. Furthermore, the adoption of emerging technologies and the economic growth of countries such as India and China are driving the adoption of image recognition.
Breakdown of profile of primaries
- By Company: Tier 1(9%), Tier 2 (36%) and Tier 3 (55%)
- By Designation: C-level (56%), Director Level (11%), and other executives (33%)
- By Region: North America (33%), Europe (50%), and APAC (17%)
The companies profiled in this report include:
- Qualcomm Technologies
- NEC Corporation
- Google, Inc.
- LTU Technologies
- Catchoom Technologies S.L.
- Honeywell International, Inc.
- Hitachi Ltd.
- SLYCE Holding, Inc
- WIkitude Gmbh
- Attrasoft, Inc
Increasing demand for data analytics will create new opportunities in this market
In the coming five years, the growing demand of data analytics in the image recognition market will improve the offerings and create huge opportunities for growth. Images and image sequences (videos) make up about 80% of all corporate and public unstructured big data, and image analytics is seen as a potential solution to social, political, economic, and industry issues. Big data has increased the demand of information management specialists in companies such as, Software AG, and Oracle Corporation.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the market into technology, component, application market, deployment type, industry verticals, and region covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across the different users and regions.
2. This report will help them better understand the competitors and gain more insights to better position ones business. There is a separate section on competitive landscape, including end user analysis, mergers and acquisition and expansions. Besides this, there are company profiles of the ten major players in this market. In this section, market internals are provided that can help place one's company ahead of the competitors.
3. The report helps them understand the pulse of the market. The report provides information on key market drivers, restraints, challenges, and opportunities.
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