Latin America Image Recognition Market Size & Outlook
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Latin America image recognition market highlights
- The Latin America image recognition market generated a revenue of USD 2,303.4 million in 2020.
- The market is expected to grow at a CAGR of 21.1% from 2021 to 2027.
- In terms of segment, qr/barcode recognition was the largest revenue generating techniques in 2020.
- Facial Recognition is the most lucrative techniques segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2021 to 2027.
Latin America data book summary
| Market revenue in 2020 | USD 2,303.4 million |
| Market revenue in 2027 | USD 8,789.9 million |
| Growth rate | 21.1% (CAGR from 2020 to 2027) |
| Largest segment | Qr/barcode recognition |
| Fastest growing segment | Facial Recognition |
| Historical data covered | 2016 - 2019 |
| Base year for estimation | 2020 |
| Forecast period covered | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | QR/Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition |
| Key market players worldwide | Blinkfire Analytics, CloudSight Inc., Alphabet Inc Class A, Attrasoft, Hitachi Ltd, Honeywell International Inc, NEC Corp, Qualcomm Inc, Syte, Wikitude |
Other key industry trends
- In terms of revenue, Latin America region accounted for 7.0% of the global image recognition market in 2020.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 35,940.6 million by 2027.
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Image Recognition Market Scope
Image Recognition Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Wikitude | View profile | 11-50 | Salzburg, Salzburg, Austria, Europe | http://www.wikitude.com |
| Syte | View profile | 101-250 | Tel Aviv, Tel Aviv, Israel, Asia | https://www.syte.ai |
| Attrasoft | View profile | 1-10 | Savannah, Georgia, United States, North America | http://www.attrasoft.com/ |
| CloudSight Inc. | View profile | 11-50 | Los Angeles, California, United States, North America | http://CloudSight.ai |
| Blinkfire Analytics | View profile | 51-100 | Chicago, Illinois, United States, North America | https://blinkfire.com |
| Qualcomm Inc | View profile | 50000 | 5775 Morehouse Drive, San Diego, CA, United States, 92121-1714 | https://www.qualcomm.com |
| NEC Corp | View profile | 118527 | 7-1, Shiba 5-chome, Minato-ku, Tokyo, Japan, 108-8001 | https://www.nec.com |
| Honeywell International Inc | View profile | 95000 | 855 South Mint Street, Charlotte, NC, United States, 28202 | https://www.honeywell.com |
| Alphabet Inc Class A | View profile | 180895 | 1600 Amphitheatre Parkway, Mountain View, CA, United States, 94043 | https://www.abc.xyz |
| Hitachi Ltd | View profile | 322525 | 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan, 100-8280 | http://www.hitachi.com |
Latin America image recognition market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to image recognition market will help companies and investors design strategic landscapes.
Qr/barcode recognition was the largest segment with a revenue share of 27.32% in 2020. Horizon Databook has segmented the Latin America image recognition market based on qr/barcode recognition, object recognition, facial recognition, pattern recognition, optical character recognition covering the revenue growth of each sub-segment from 2016 to 2027.
In Brazil, the rising penetration of technology in various applications such as E-commerce and Automatic License Plate Recognition Systems is expected to improve the growth of image recognition market. The retail & e-commerce vertical of image recognition market in Brazil is expected to grow at highest CAGR over the forecast period.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America image recognition market, including forecasts for subscribers. This continent databook contains high-level insights into Latin America image recognition market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
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Latin America image recognition market size, by country, 2016-2027 (US$M)
Latin America Image Recognition Market Share, 2020 & 2027 (US$M)
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