The Global Image Recognition Market is expected to grow at a CAGR of 20.76 percent over the period 2013-2018.
London, 31 July 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on Global Image Recognition Market 2014-2018, which pinpoints the need for advanced security in the BFSI sector as a major driver behind a CAGR of 20.76 percent over the next four years.
Image recognition is a technology to acquire, analyze, and interpret images and distinguish them from one another. It can identify and detect an object or feature in a digital image or video and is used for access control in high-security areas, private and public buildings, and in intelligent office buildings where a person’s identity and permission rights are to be verified.
In the BFSI sector, many banks are adopting imagine recognition software to ensure the security of transactions. The technology can be used in tandem with access cards and passwords, to create a multi-factor authentications system.
“Strict compliance requirements and the increased complexity and frequency of cyber-attacks are the major factors leading to an increased need for image recognition systems in banks,” says Faisal Ghaus, Vice President of TechNavio.
“Therefore, individual identification has become a critical need in the BFSI sector, which has increased the adoption of image recognition systems, and aided market growth across the board.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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