Report forecasts image recognition market to double by 2020

May 12, 2016 - 

Research firm MarketsandMarkets recently forecasted that the image recognition market is expected to more than double worldwide to $30 billion.

Markets and Markets details these findings in its new report, “Image Recognition Market by Technology (Pattern Recognition), by Component (Hardware, Software, Service), by Application (Marketing and Advertising), by Deployment Type (On-Premises and Cloud), by Industry Vertical and by Region – Global Forecast To 2022“.

Image recognition technology, which recognizes and processes data patterns both online and in real life, is slowly helping to circumvent the challenges of avoiding obstacles in a self-driving car, as well as boosting security at airports, according to a report by Big News Network.

The technology is gaining strong growth among users in a range of industry verticals for the management of digital images, online trading, and image and video analysis.

“We hear a lot about self-driving cars and personal robotics, but these products are not ubiquitous yet. In fact, they are not even close,” Serge Belongie, a professor of computer science at Cornell Tech, told Big News Network. “So what we’re seeing is a lot of potential, and a lot of companies like Tesla and Uber and Google investing in self-driving cars and self-driving taxis that will make extensive use of image recognition, but this has not borne fruit yet.”

Belongie said that the image recognition market is poised for huge growth as it continues to be integrated in various social media features and provides new opportunities for advertisers to target users.

By analyzing images posted on social media sites like Facebook, advertisers can study the demographics of social media users and “generate advertisements that are adaptive to the content and the images,” Belongie said.

For many users, he added, this contributes to significant privacy concerns that already exist.

The MarketsandMarkets report discusses additional growth opportunities in the image recognition market including advanced image search and shopping, from a mobile device.

Other findings show that North America is expected to dominate the market through 2020. Meanwhile, significant growth in data analytics and cloud technologies across the Asia-Pacific region could lead to a larger market share there in the future.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.