by Brianna Crandall — May 2, 2014—Of interest to FMs looking into biometrics-based security systems, global market research and consulting company MarketsandMarkets has released new research on the image recognition market.
According to the report, image recognition solutions are currently not only fulfilling basic human requirements, such as purchasing numerous products through smartphone-based applications, but are also providing state-of-the-art technology-facilitated equipment for sensitive layouts such as defense, airports, immigration, and customs departments. Also, intelligent character recognition (ICR) technology is used in sorting and enumerating important files for organizational purposes, and to help in accessing a particular document with ease, saving time and effort.
However, MarketsandMarkets believes that there is a lack of user awareness and a few technological quality issues in the image recognition market. These challenges are restraining businesses and customers from implementing image recognition technology to support a broad spectrum of applications, such as security and surveillance, marketing and promotional activities, content management, advanced driving assistance, quality control and inventory management, scanning and imaging, and m-commerce.
Nevertheless, the company estimates that the image recognition market will grow from $9.65 billion in 2014 to $25.65 billion by 2019 at a compound annual growth rate (CAGR) of 21.6% from 2014 to 2019. North America is seen as the biggest market for image recognition solutions, while other regions such as Asia-Pacific (APAC) and the Middle East and Africa (MEA) are expected to increase as well, with high CAGRs.
The report, Image Recognition Market [Method (OCR, Object, Pattern Matching, Barcode/QR, Facial), Application (Security & Surveillance, Quality Control & Inventory Management, Advertising, Scanning & Imaging, m-Commerce)] – Worldwide Market Forecast (2014-2019), defines and divides the image recognition market into various subsegments along with a detailed analysis and forecasting of segment-wise revenues. It also explains the drivers and restraints for this market and identifies the opportunities, challenges, and ongoing trends.
MarketsandMarkets has comprehensively divided the image recognition market by types: optical character recognition (OCR), pattern and gradient matching, object recognition, barcode/quick response (QR) code recognition, and facial recognition; by components: hardware, software, and services; by deployment: on-premise and on-demand; by applications: security and surveillance, marketing and promotional activities, content management, advanced driving assistance, quality control and inventory management, scanning and imaging, m-commerce, and others; by verticals: government and defense, banking, financial services, and insurance (BFSI), healthcare and life sciences, manufacturing/industrial units, consumer goods and retail, information technology (IT) and telecommunication, transport and logistics, and others; and by regions: North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA) and the Middle East and Africa (MEA).
