The rising adoption of smartphones among users will help the image recognition market grow significantly. The global image recognition market to grow from USD 12.49 billion in 2015 to USD 29.98 billion by 2020, at a CAGR of 19.1%, according to Research and Markets.
The Research and Markets forecasts the global image recognition market to grow from USD 12.49 billion in 2015 to USD 29.98 billion by 2020, at a CAGR of 19.1%. Smartphones and gadgets equipped with cameras have pushed this technology.
Online shoppers search for clothing or accessories by simply taking a picture of the garment, color, print, or texture they like. This photo is then uploaded to an app that searches an inventory of products to find the similar items, products, or items with the help of image recognition technology. The speedy growth of social media is also driving the image recognition market.
Asia-Pacific (APAC) is expected to become one of the major adopters of image recognition techniques by 2020
APAC is growing at a higher rate in comparison to other regions. Moreover, countries in the region, mainly Australia, China, and India, are prominently adopting technologies and solutions within the organizations for increasing profits along with customer satisfaction. Moreover, it is being used for marketing and promotional activities in many leading Asian newspapers and magazines.
Also, advertising agencies in Japan, such as Hakuhodo and Dentsu, have combined image recognition software with time and GPS from smartphones to link with the consumers and provide them with the product information by creating platforms/apps such as Kokoku Plus, Gaziru, and Scan It.
Furthermore, the adoption of emerging technologies and the economic growth of countries such as India and China are driving the adoption of image recognition
