MARKET OVERVIEW- EUROPE IMAGE RECOGNITION MARKET
The Europe region is showing significant growth in image recognition technology over the forecast period that can be performed by the software to identify an object or a feature in an image or video. It is generally used in many applications like defect detection, medical imaging, and security surveillance. Many organizations are investing in image recognition to interpret and analyze data coming primarily from visual sources for a number of uses such as medical image analysis, identifying objects in autonomous cars, face detection for security purposes, etc in regards to computer vision. Image recognition uses machine vision technologies with artificial intelligence and trained algorithms to recognize images through a camera system. Image recognition has taken the world by storm thanks to ongoing recent advancements in machine learning and an increase in the computational power of the machines, and these factors are likely to drive segment growth over the forecast period.
MARKET DRIVERS
The increasing use in the various end-user industries like automotive, e-commerce, retail, manufacturing industries, security, surveillance, healthcare, and farming, will fuel the market’s growth in Europe’s region. The increasing number of applications such as visual inspection, useful in applications such as image retrieval and recommender systems in e-commerce, automated driving, as well as being used by robots to identify objects and enhance autonomous navigation by identifying locations or objects on their path. The increasing use of image identification in social media monitoring, as visual listening and visual analytics, are essential factors of digital marketing that will drive the market’s growth over the forecast period. The use of facial recognition in Europe in public places and by law enforcement will drive market growth. In addition, the emergence of many image recognition companies in the region will boost the market growth over the forecast period.
MARKET OPPORTUNITIES
Technological advances in image processing and artificial intelligence will involve spoken commands, anticipating the information requirements of governments, translating languages, recognizing and tracking people, and things, diagnosing medical conditions, performing surgery, reprogramming defects in human DNA, and automatically driving all forms of transport will offer future perspective in the coming period. The recent advancement in computing power, availability of data, and new algorithms have led to major breakthroughs in the last 6-7 years in the European sector. The new AI-based algorithms lead to a considerable improvement in identification and detection performances, also due to the automatic and ‘intelligent’ choice of the images supported by machine learning and neural networks will bring new opportunities in the market.
MARKET RESTRAINTS
The image recognition market is limited by its initial high cost, which will hinder the market growth. The interference of artificial intelligence (AI) and machine learning technologies is becoming increasingly common for image recognition projects due to their ability to accurately identify objects in photos or videos will drive up the cost of the image recognition market.
MARKET GROWTH CHALLENGES
The image recognition market is facing challenges such as image classification, intra-class variance, and more. The market is also facing issues such as classification problems related to image recognition, which are plagued by well-known and established problems.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Europe Image Recognition market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The Increasing image recognition in various end-user industries such as automotive, e-commerce, retail, manufacturing industries, security, surveillance, healthcare, and farming has led to an increase in demand for the Image Recognition market and is expected to grow at a specific CAGR from 2021-2028.
IMAGE RECOGNITION MARKET SEGMENTAL OVERVIEW
The Europe Image Recognition market comprises different market segments like technology, component, application, deployment, vertical and country.
IMAGE RECOGNITION MARKET BY TECHNOLOGY
By technology, the Image Recognition includes a key segment of
- Code Recognition
- Facial Recognition
- Optical Character Recognition
- Object Recognition
- Pattern Recognition
Based on the type of technology, code recognition technology helps to recognize the codes containing information when interacting with smart devices, for example, QR codes. Whereas, facial recognition technology helps to recognize facial features, and is recently used for the locking systems of smart devices. There has been impressive progress in the field of Artificial Intelligence, especially in computer vision with the rise and popularity of deep learning algorithms.
IMAGE RECOGNITION MARKET BY COMPONENT
The Image Recognition market on the basis of components splits into
The service segment is expected to witness a noticeable growth rate over the forecast period. The growing adoption of image processing software for various applications, such as medical imaging, computer graphics, and photo editing owing to the growth for software segment held a significant market share over the forecast period. For instance, several API platforms, such as Amazon Recognition, provide an option of adding video or image analytics to an application and enhance the object identification capability of the application.
IMAGE RECOGNITION MARKET BY APPLICATION
The Image Recognition market is applied across
- Scanning & Imaging
- Security & Surveillance
- Image Search
- Augmented Reality and Marketing
The augmented reality and marketing segment are accounted the major market share over the forecast period. The segment growth is attributed to an increase in the public safety concerns that drives the growth in the security & surveillance segment. The major social media platforms are using AI-enabled image recognition technologies to improve the user experience and allow advertisers to place contextually relevant advertisements will further expand market growth.
The Security & Surveillance is also growing at considerable pace over the forecast period. The growth is owing to the increasing security and surveillance in the government and defence industry will drive the segment growth over the forecast period.
IMAGE RECOGNITION MARKET BY DEPLOYMENT
Based on deployment, The Image Recognition market is divided into
The Cloud based segment accounts the major market share and is expected to dominate the market. The increasing demand for cloud-based applications and the trend towards data virtualization will drive the segment. In,addition, many organisations are adopting cloud services which will drive the market growth. Therefore, the cloud-based segment of the image recognition market is known to have a preferential growth as compared to the on-premise segment.
IMAGE RECOGNITION MARKET BY VERTICAL
Based on vertical, The Image Recognition market is classified into
- BFSI
- Media & Entertainment
- Retail & Consumer Goods
- IT & Telecommunication
- Healthcare
- Transportation & Logistics
The media and entertainment segment accounted for major market share over the forecast period. The increasing penetration of the power of AI to create excellent customer experiences and improve customer lifetime value with more efficient ways to encode, distribute, and organize your unstructured image, video, and text data in entertainment industry will drive the market segment growth over the forecast period. The increasing monitoring image, video, text and audio media for unwanted content, manual process of writing subtitles for multiple shows and movies in dozens of languages, the use of AI to identify the contents of videos frame by frame and identify objects to add appropriate tags. These are some provisions used by media and entertainment industry will further boost segment growth.
IMAGE RECOGNITION MARKET BY COUNTRY
The Europe Image Recognition market is studied for the following countries
- United Kingdom
- Germany
- Spain
- Italy
- France
- Russia
- Rest of the Europe
Germany is the leading Image Recognition market. Germany has gone through artificial intelligence and many changes and development will bring many opportunities in the market. Newer generations of citizen data scientists will become more and more dependent on networked AI structures and processes. Networked interdependence will, increase an enterprise’s vulnerability to cyberattacks. According to PwC research, by 2030, Germany alone shall have Gross Domestic Product (GDP) up by 11.3% and generate €430 billion due to AI. And by percentage, this potential is more than most of the other European Nations. The use of AI applications in the healthcare, energy, and the auto industry will benefit from significant productivity
COVID-19 IMPACT ANALYSIS ON THE EUROPE IMAGE RECOGNITION MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the Europe Image Recognition market. In addition, a complete analysis of changes in the Europe Image Recognition market expenditure, and economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of a pandemic on Europe economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic has surged the trend of artificial intelligence and digitization which has been proved that the market of Image Recognition has been considerably impacted by the COVID-19 outbreak. The increasing machine learning technologies in artificial intelligence (AI) is at the forefront of the scientific and technological tools employed to combat the COVID-19 pandemic.
Many companies are adopting technologies for image processing, tracking of disease, prediction of outcomes, and computational medicine, to alleviate the communicability and effect of the pandemic. The transportation industry had to make immediate major operational adjustments, including limiting passenger capacity, introducing intensive cleaning and consolidating terminals and will do significant investments in digital technologies to address health and safety concerns. Many Industries are turning to facial recognition technology (FRT), which is perceived as an efficient means to ensure a seamless and contactless passenger journey while preventing virus transmission.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Image Recognition market is primarily focused on expanding the Europe growth of the Image Recognition industry through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the Image Recognition sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
- Amazon Web Services Inc
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Nvidia Corporation
- Honeywell International
- Hitachi Ltd
- LTU Technologies
- Catchoom Technologies
- Blippar Ltd
- Slyce
RECENT DEVELOPMENT:
April 2019: IBM has launched IBM PowerAI Vision, a visual recognition solution running on IBM Power Systems. This platform enables users to create visual models without coding or deep learning expertise.
May 2019: Wikitude GmbH launched the Wikitude SDK 8.5 with new image recognition features, such as a transparent area feature and image target collection. The company is representing such enhancement in services/products/solutions to compete against other market players.
