Global Image Recognition Market | Growth, Size, Share 2019
                     GLOBAL IMAGE RECOGNITION MARKET
FORECAST 2019-2027

• The global image recognition market is projected to 
record growth at a CAGR of 21% during the 
forecast period.
• The increasing demand for facial recognition, the 
technological advancements in the domain of facial 
recognition, and the favorable regulations, are the 
factors propelling the growth of the market.
• Image recognition is a technology that has numerous 
applications, and detects objects and features in a digital 
image using various algorithms. 
• The increasing adoption of facial recognition systems and the 
rise in the need for using data analytics, are estimated to 
sustain the market growth in a significant manner.
• However, the increasing expenditure accompanying the 
image recognition applications in the domains of retail, 
media, and marketing, is expected to deter market growth. 
• Although there are market growth opportunities for image 
recognition with regards to the increasing usage of arterial 
intelligence, the concerns over image quality pose a threat to 
market growth.
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The Global Image Recognition Market is estimated to grow with an anticipated 
CAGR of 21% during the forecasted period, and will reach the revenue of 
$20636.53 million by 2027. Request free sample report now! 
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• The global market for image recognition is 
assessed based on the markets present 
across regions such as, North America, 
Europe, Asia Pacific, and the Rest of the 
World.
• The Asia Pacific region is estimated to record 
the highest growth rate during the forecast 
period, owing to the increasing demand for 
image recognition applications, and 
increasing IT budgets in the region.
The North America image recognition market is 
projected to garner a CAGR of 18.39% during the 
forecasted period of 2019-2027. The rising number 
of smartphone and electronic gadgets users using 
image recognition applications, and increasing 
adoption and application of drones in various 
domains, are the factors expected to propel the 
market growth.
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The Europe image recognition market is 
expected to project a steady growth and a 
CAGR of 20.22% during the forecast period, 
2019-2027. The increasing applications of 
machine vision systems in inspection and 
industrial automation, and rising adoption of 
image recognition, are the factors estimated to 
drive the market growth.
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The Asia Pacific image recognition market is 
predicted to record steadfast growth with a 
CAGR of 24.28% during the forecasted period, 
2019-2027. The shifting preference towards 
new technologies, increasing funding in the IT 
sector, and rising economic capabilities, are 
the factors boosting the growth of the market.
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The significant development in the e-commerce sector 
and partnerships between the players in the market is 
contributing to the market growth. Some of the major 
companies in the region are Hitachi Ltd., Qualcomm 
Technologies, Inc., NEC Corporation, Google LLC., 
Honeywell International Inc., LTU Technologies, 
Amazon Web Services Inc., etc.