Image Recognition Market Size Worth $109.4 Billion by 2027 | CAGR: 18.8%: Grand View Research, Inc.
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Read 150 page research report with ToC on "Image Recognition Market Size, Share & Trends Analysis Report By Technique, By Application, By Component (Hardware, Software), By Deployment Mode, By Vertical, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/image-recognition-market
The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.
However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.
Grand View Research has segmented the global image recognition market on the basis of technique, application, component, deployment mode, vertical, and region:
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