The industry is estimated a CAGR growth of 21.6% for 2014-19
Image Recognition is a modern technology that enables a computer to understand things. This method of putting up things is also known as a computer’s way of grasping things in the form of images and reproducing important information maybe in the numerical format. In simplest words; it is a process similar to eyes performed by the computer of seeing a picture, understanding it and proceeding with further information. The process is quite simple…or is it?? For instance, human eyes may see a family member and instantly recognize him or her, a popular brand logo is quickly identified this in medical inputs is phrased as the connection between eyes and brain. The brain and its memory system is immediately put to work and the process of identifying something similar or which is seen before is completed within a few seconds.
The global market for Image Recognition Technology is projected to grow at a fire pace around all continents as the technology is usage in most of the industries. There are innumerable applications where the technology is used such as infrastructure surveillance and security, automatic driving and parking processes, automotive safety, forensic applications, social media, police investigation processes, scanning equipment in modern medical sciences and the most recent use in the M-commerce (mobile commerce) industry. The said applicable areas are an insight of the vast usage potentials.
The technology can be widely classified into Optical Character Recognition (OCR), Pattern Recognition and Facial Recognition. All three of these have their diverse applications like the facial recognition is in everyday use on Facebook, where a photo has been tagged by a particular name of the person or a thing. Optical Character Recognition (OCR) is used in the bank processes where a cheque is deposited by taking a picture; the application is utilized by the bank to correctly read the routing and account number so to transfer the funds to the proper account holder. Both OCR and Facial Recognition applications can be used in case of texts and images respectively; it is not the same with Pattern Recognition making it the most exciting image recognition system.
Pattern Recognition system is an application which is of unlimited usage nature. This system can recognize general objects like an oven, car or a fan, specific objects like company logos (for example: Nokia’s logo). It can also be used to identify objects which are arranged in various poses, in case of cartoon characters.
This technology as stated above is up and running for a further expansion in large scale, the industry is estimated to grow to a whopping value of $25.65 billion by the finish of 2019. Whereas; the industry is projected a value of $9.65 billion for the year 2014; the market research shows an estimated CAGR of 21.6% for the same period. The industry is well familiarized in the developed countries and is forecasted to catch with developing countries mainly in the APAC and MEA areas.