The global image recognition market is in the middle of a considerable growth trend, according to a new analysis from Progressive Markets. Using 2015 as a benchmark, the India-based research agency says that the market will grow from a value of $13.7 billion to $79.8 billion by 2025, reflecting a CAGR of 19.7 percent.
In announcing the report, Progressive Markets highlighted a “rapid increase in demand for security & surveillance” as a key driver of the image recognition market. Indeed, escalating government use of technologies like facial recognition have led to a growing number of flash points over ethical and legal considerations in the public domain, with companies like Amazon coming under fire for providing such technology to police agencies. But there are plenty of commercial applications of image recognition technologies as well, including augmented reality, marketing and advertising, healthcare, logistics, and more.
Looking to key players in the industry, Progressive Markets highlights big names including Qualcomm, NEC, Google, Honeywell, Hitachi, as well as lesser known firms such as LTU Technologies, Catchoom Technologies, Slyce, Attrasoft, and Wikitude.
The full report, entitled “Global Image Recognition Market – Size, Trend, Share, Opportunity Analysis, and Forecast, 2014-2025”, is available from Progressive Markets’ website.