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The image recognition market will double by 2020

The image recognition market will double by 2020

ID-10060862Image recognition is a technique for acquiring, processing, scrutinize, and sympathizing images. It gathers high-dimensional data from the real world in order to generate numerical or symbolic information. Simply put, image recognition is a technology that recognizes and processes data patterns online and in the physical world, everything from facial bone structure to an ad on TV.  

Due to this emerging technology, day-to-day tasks like reading a carton label or locating a dollar bill are now possible for the visually impaired. At the same time, the challenges of avoiding obstacles in a self-driving car and increased security at the airport are on the verge of becoming realities thanks to image recognition.

The technology is also taking root as a global security tool, such as Britain’s ThruVis scanner, which can detect concealed objects while remaining hidden among large crowds. Also, at New York’s John F. Kennedy International Airport, NEC Corporation of America recently unveiled its biometric facial recognition software, NeoFace, which will help identify and match facial images in a larger database and locate potential impostors who enter the country.

Additionally, there has been a high growth of image recognition technology and components among users in various industries like management of digital images, online trading, and image and video analysis. Global enterprises and brands that sell consumer goods realised that consumers and employees have plenty of choices around, and a limited range of online products gives rise to the problem of consumers switching brands, resulting in a loss of prospective leads for the brand.

Image recognition is also being used to recognize pornography and terrorist activity being posted on youtube and facebook websites.

Image recognition applications can help to cut through the competition by allowing users to click a picture of any product from their smartphones and upload it on e-commerce websites to purchase the concerned product. Also, it has taken gaming and films applications to a new level by providing 3D facilities.

According to a recent report conducted by research firm MarketsandMarkets, the image recognition market is expected to more than double worldwide to an estimated $30 billion over the next five years, while North America is expected to dominate the market through 2020.

Currently, some of the major companies operating in global image recognition market include, Catchoom, Honeywell, LTU Technologies, Panasonic Corporation, Toshiba, Hitachi Ltd, Itraff Technology, NEC Corporation, Qualcomm Technologies, and Wikitude Gmbh.

  • The growth of cloud as deployment type is driving the image recognition market among small and medium enterprises

The increasing usage of internet along with the high adoption of innovative technologies such as web, mobile, and social media has supplemented the growth of cloud-based image recognition techniques. Businesses are demanding cloud-based image recognition solutions to protect highly confidential documents and details of employees and to strengthen their marketing efforts. The presence of these solutions on cloud helps users to adopt these techniques for daily activities without increasing their budgets.

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