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The Europe Image Recognition Market Size would grow at a growth of 17.1% CAGR during the forecast period (2016 - 2022).
Image recognition is a method used to acquire, process, and scrutinize images. The technique is used to gather high-dimensional data for the purpose of generating numerical or symbolic information. Image recognition incorporates disentangling of representational information from the data gathered from the image by using replica created with the help of geometry, physics, statistics, and learning theory. Growing demand for security applications and products enabled with image recognition functions will have a significant impact on the market growth. Different sectors such as retail, automotive, healthcare, and defense, are widely adopting the image recognition technology within the working environment.
Low-resolution image size and storage are some factors that would restrict the market growth. The recognition based on passwords and PINs are gaining widespread acceptance, as it is hard to crack and difficult to steal or duplicate. Additionally, misplacing of cards, tokens, keys etc. have a detrimental effect on the system; therefore, the image recognition as a technology is gaining prominence. Based on the Component, the market is segmented into Hardware, Software, and Services. Services are divided into two segments, Professional and Managed. Professional services are further divided into Implementation, Consulting & Training, and Support & Maintenance. Based on Application, the market is segmented into Scanning & Imaging, Security & Surveillance, Image Search, Marketing & Advertising, and Others.
Based on Vertical, the market is segmented into BSFI, Media & Entertainment, Retail & Consumer Goods, Telecom & IT, Government, Healthcare, Transportation & Logistics, and Others. Based on Deployment Mode, the market is segmented on Cloud and On-Premise. Based on Technology, the market is segmented into Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Pattern Recognition, and Others. Based on Country, Image Recognition market is segmented into Germany, UK, France, Russia, Spain, Italy and Rest of Europe. Germany remained the dominant Country in the Europe Image Recognition market in 2015.
France and Russia would witness promising CAGR during the forecast period (2016-2022). The report covers the analysis of key stake holders of the Image Recognition market. Key companies profiled in the report include NEC Corporation, IBM Corporation, Hitachi Ltd., Catchoom, Google Inc., Qualcomm Incorporated, Honeywell International, Inc. and LTU Technologies.