Proliferation of technically advanced identification systems is expected to favorably impact the image recognition market. Image recognition technique has emerged as a predominant alternative for card-based recognition systems. Image recognition technologies include voice, retina, iris, palm, finger geometry, hand vein pattern, hand geometry, fingerprints and facial pattern recognition. PIN and password-based recognition are expected to be widely accepted over the forecast period. These systems can be applied in various fields such as biometric scanning machines, vehicular safety, pedestrian recognition, advertising, e-commerce and security & surveillance sectors.
This technology can be integrated into smartphone applications and used in different application areas such as retail, online shopping and mobile payments through a high-quality visual environment. Retailers are expected to utilize image recognition technology to enhance in-store customer service, by enabling shoppers to scan an item with a mobile app over the forecast period. These mobile apps may reduce customer support and operational costs in many retail environments.
Rising demand for advanced surveillance systems for security and safety by government and civil agencies is also expected to drive the image recognition market. Government departments including military, finance, defense and intelligence are the major users of this technology. However, increased data sensitivity and associated risks of shared personal data coupled with technological restraints may curb market growth through the forecast period. Increased focus on R&D has also resulted in development of products with high integration ability and accuracy. This can be attributed to demand for data analytics, increasing use in media and proliferation of smartphone technology.
The image recognition market can be segmented by component into three segments, services, software and hardware. On the basis of application, the market is categorized into logistics, telecommunication, IT, retail, industrial, healthcare, financial services, banking and government. North America was the dominant regional market in 2013; Asia Pacific is expected to observe rapid growth over the forecast period. Trends towards e-governance coupled with high threat prospective from terrorist attack are expected to contribute to regional market growth.
Major market vendors include LTU Technologies, Itraff Technology, Honeywell and Catchoom. Other prominent vendors include Wikitude, Toshiba, Sharp Vision Software, Qualcomm Technologies, Panasonic, NEC, Hitachi and Blipper.
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