Image Recognition Market

The Asia-Pacific image recognition market is expected to grow with an exponential rate in the coming years due to high threats from terrorist attack with the increasing trend towards e-governance in the region. Major users of image recognition technology in the region are Japan and China.

On the basis of types, the image recognition market can be categorized as object recognition, optical character recognition, barcode recognition, pattern and gradient matching, and facial recognition. The facial recognition market is growing at the highest rate among types of image recognition market due to advancement in the accuracy of the technology and the increasing use of face recognition technology in personal computers, tablets and smartphones. Additionally, rising government budget in the developing countries such as Russia, China and India regarding homeland defense and security is supporting the growth of the facial recognition market. Facial recognition market is also expected to grow with the highest rate among types of image recognition market in the coming years due to rising use of the technology over card based technology in the residential and industrial sector.

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On the basis of applications, the image recognition market can be categorized as scanning and imaging, marketing and promotional activities, quality control and inventory management, security and surveillance, m-commerce, advanced driving assistance, and content management. Security and surveillance includes forensics, and identity and access management. Some of the factors restraining the growth of the image recognition market are lack of user awareness and technological issues.

Some of the competitors in the image recognition market are NEC Corporation, Toshiba Corporation, Hitachi Ltd., Qualcomm Technologies, Inc., Panasonic Corporation, Honeywell International Inc., Wikitude GmbH, iTraff Technology Sp. z o.o., Catchoom, and LTU Technologies S.A.S.