Image Recognition (Pattern Recognition) Market Witness to Grow at a CAGR of 19.1% by 2022

The global image recognition market to grow from $12.49 billion in 2015 to $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. The rising adoption of smartphones among users will help the image recognition market grow significantly. Complete report on image recognition market spread across 138 pages, profiling 10 companies and supported with 62 tables and 57 figures is now available at .

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.

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 key players in the image recognition market include Qualcomm Technologies, Inc., NEC Corporation, Google Inc., LTU Technologies, Catchoom Technologies S.L., Honeywell International, Inc., Hitachi, Ltd, Slyce Holding, Inc., Wikitude GmbH and Attrasoft, Inc. Priced at $4650 for a single user PDF, Inquire Before Buying on “Image Recognition Market by Technology (Pattern Recognition), by Component (Hardware, Software, Service), by Application (Marketing and Advertising), by Deployment Type (On-Premises and Cloud), by Industry Vertical and by Region - Global Forecast To 2022” research report can be requested at .

On a related note, another research titled Emotion Detection and Recognition Market Global Forecast to 2020 says, the emotion detection and recognition market is projected to grow from $5.66 billion in 2015 to $22.65 billion by 2020, at a CAGR of 31.9% during the period. The defense and security agencies require emotion detection technology for surveillance and monitoring purposes. Companies like Affectiva, Emotient, Kairos AR, nViso, RealEyes, SightCorp, Noldus Information Technology, Sentiance, Tobbi and IBM Watson Foundation have been profiled in this 126 pages research report available at .

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