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The process of detecting and identifying an object, people, writing, or pattern in a digital image or video is called as image recognition. A major factor driving growth of the global image recognition market is increasing adoption of image recognition devices from various sectors such as marketing, media, and retail. A major factor hampering growth of the global image recognition market is high installation cost.

The global market is segmented on the basis of technique, component, application, deployment mode, industry verticals, and region. On the basis of technique, the global market is segmented into QR/barcode recognition, object recognition, facial recognition, pattern recognition, and optical character recognition. The object recognition segment accounts for highest revenue share in the global market.

On the basis of component, the global market is segmented into hardware, software, and service.  The service segment is expected to witness highest growth during the forecast period.

On the basis of application, the global market is segmented into augmented reality, scanning & imaging, security & surveillance, marketing & advertising, and image search. The marketing and advertising segment accounts for highest revenue share in the global market.

On the basis of deployment mode, the global market is segmented into on premise and cloud. The cloud segment is expected to witness highest growth during the forecast period.

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On the basis of industry verticals, the global market is segmented into retail & e-commerce, media & entertainment, banking, financial services and insurance (BFSI), telecom & IT, government, healthcare, automobile & transportation, and others. The media and entertainment segment accounts for highest revenue share in the global market; whereas the retail and e-commerce segment is expected to witness highest growth during the forecast period.

On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest share in terms of revenue in the global market. The Asia Pacific image recognition market is expected to witness highest growth in terms of revenue during the forecast period.

Key players in the global market are Attrasoft, Inc., NEC Corporation, Google, Inc., Catchoom Technologies S.L, Hitachi, Ltd., Honeywell International, Inc., LTU Technologies, Qualcomm Incorporated, Slyce, Inc., Wikitude GmbH, and other prominent players.

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