FB pixel

Report forecasts image recognition market to double by 2020

| Justin Lee
Categories Biometric R&D  |  Biometrics News  |  Trade Notes
 

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.

Article Topics

 |   | 

Latest Biometrics News

 

Canada regulator backs privacy-preserving age assurance

The Office of the Privacy Commissioner of Canada (OPC) has published a policy note and guidance documents pertaining to age…

 

FCC seeks comment on KYC revision for commercial phone calls

The U.S. Federal Communications Commission (FCC) has proposed stronger KYC requirements for voice service providers to prevent scams and illegal…

 

Deepfake detection upgrade for Sumsub highlights continuous self-improvement

Sumsub has launched an upgrade to its deepfake detection product with instant online self-learning updates to address rapidly evolving fraud…

 

Metalenz debuts under-display camera for payment-grade face authentication

Unlocking a smartphone with your face used to require a camera placed in a notch or a punch hole in…

 

UK regulators pan patchwork policy for law enforcement facial recognition

The UK’s two Biometrics Commissioners shared cautionary observations about the use of facial recognition in law enforcement over the weekend…

 

IDV spending to hit $29B by 2030 as DPI projects scale: Juniper Research

Spending on digital identity verification (IDV) technology is projected to reach a 55 percent growth rate between now and 2030,…

Comments

17 Replies to “Report forecasts image recognition market to double by 2020”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Continue Reading

Biometric Market Analysis and Buyer's Guides

Most Viewed This Week

Featured Company

Learn More

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events