|By Business Wire||
|August 20, 2014 04:23 AM EDT||
Research and Markets (http://www.researchandmarkets.com/research/6rtrzt/global_image) has announced the addition of the "Global Image Recognition Market 2014-2018" report to their offering.
The Global Image Recognition market will grow at a CAGR of 42.91 percent during the period 2013-2018.
This report covers the present scenario and the growth prospects of the Global Image Recognition market for the period 2013-2018. To calculate the market size, the report considers revenue generated from the sales of image recognition solutions in the global market.
The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market. It provides a geographical segmentation of the markets for the year 2013 and discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends emerging in the market.
Retailers are expected to begin using image recognition technology within the next few years to enhance in-store customer service by enabling shoppers to scan an item with an app. The usage of image recognition apps in the Retail industry helps to reduce operational and customer support costs along with reducing the need for human resources in many retail environments. For instance, if someone walks into a large retail shoe store, instead of waiting for the sales associate, a person could use her/his smartphone camera to scan the shoe with the help of the mobile app powered by image recognition technology and the augmented reality app will pull up the current inventory of the shoe.
According to the report, the growth of the Global Image Recognition market is driven by several factors. One of the major drivers in the market is the need for advanced security in the Government sector. Government departments such as intelligence, defense, finance, and military are the major adopters and users of image recognition technology.
Further, the report states that the global Image Recognition market is curtailed by some serious challenges. The lack of accuracy is one of the major challenges in this market. Image recognition systems may make errors in the identification process because of factors such as aging, changes brought about by plastic surgery, and the non-permanent makeup of the people whose images are stored in the database.
- Itraff Technology
- LTU Technologies
Other Prominent Vendors
- Qualcomm Technologies
- Sharp Vision Software
For more information visit http://www.researchandmarkets.com/research/6rtrzt/global_image
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