Image Recognition Market to Grow to 25.65 Billion

A new report estimates that the image recognition market is expected to grow by 21.6% (CAGR) over the next 5 years, from $9.65 Billion in 2014 to $25.65 Billion by 2019. The report, created by Markets and Markets, defines the “image recognition market,” providing detailed analysis, discussion of trends, and forecasting of segment-specific revenues for defined types, components, deployment, applications and verticals.

Of the technologies discussed, camera-based barcode scanning presents one of the more practical and immediate opportunities for enterprises. The ubiquity of barcodes combined with recent advances in image recognition technology has significantly changed the playing field. Specifically, camera-based barcode scanning technology has the power to turn any smartphone, tablet or wearable computer into a powerful recognition tool, the capabilities of which were only previously available through expensive dedicated hardware. Watch the video to see how far camera-based barcode scanning has come.

The report provides a great breakdown the Image Recognition Market:

Types

–       Optical Character Recognition (OCR)
–       Pattern and Gradient Matching
–       Object Recognition
–       Barcode/QR Recognition
–       Facial Recognition

Components

–       Hardware
–       Software
–       Services

Deployment

–       On-premise
–       On-demand

Applications

–       Security and Surveillance
–       Marketing and Promotional Activities
–       Content Management
–       Advanced Driving Assistance
–       Quality Control and Inventory Management
–       Scanning and Imaging
–       M-commerce
–       Other Applications

Verticals

–       Government and Defense
–       Banking
–       Financial Services
–       Insurance (BFSI)
–       Healthcare and Life Sciences
–       Manufacturing/Industrial Units
–       Consumer Goods and Retail
–       IT and Telecommunication
–       Transport and Logistics

Regions

–       North America
–       Europe
–       Asia-Pacific
–       Latin America
–       Middle East and Africa

We’ll be sharing more data as it comes to light regarding the image recognition market!