The growth of the image recognition market explained

I can recall that, the growth of the image recognition market can be attributed to the rising use of high bandwidth data services in retail and BFSI sector. Smartphones and devices with cameras are attracting vendors to invest in the market. Increasing demand for security applications and products enabled with image recognition functions is also influencing the growth of this market.

Various companies in different sectors, such as retail, automotive, healthcare, and defense, are significantly adopting image recognition technology. Low-resolution image size and storage act as a challenge for the growth of the market.

Owing to the technological advancements in image recognition, key vendors are focusing on launching next generation solutions and services.

Research and Markets reveals that, the image recognition market is estimated to grow from USD 15.95 Billion in 2016 to USD 38.92 Billion by 2021, at the CAGR of 19.5% during the forecast period.