Visual Search Technology Industry 2019 Insights with Top players Google, AWS, IBM, and Baidu

AdroitMarketResearch.com has published "Visual Search Technology Market Drivers, Restraints, Potential Growth Opportunities, Product Size, Application Estimation, Vendor Competitive Landscape, Trends and Forecast 2018-2025" report to its new research report offering

Tech giants such as Microsoft, Google, AWS, IBM, and Baidu are investing relentlessly in new technological advancements. In 2016, an investment of around USD 30 Billion was made with more than 90% on the R&D activities and remaining 10% on the merger and acquisition activities. Moreover, seed investment, venture capital investment and private equity financing also grew substantial amounting to a total of over USD 6 Billion.

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The development of the deep learning algorithms and machine learning and technological advancement are also major driving factors for the AI in retail market. Machine learning is projected to propel in AI in retail market at more than 40% CAGR. The growth is also driven by higher adoption of technology by the retailers to offer improved customer experience and provide personalized shopping experience to the customer.

Few points from Table of Contents (https://www.adroitmarketresearch.com/contacts/request-toc/771 ):
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market drivers
3.2.2. Market restraints
3.2.3. Market opportunities
3.3. Value chain analysis
3.4. Porter’s Five Forces analysis
3.5. PESTEL analysis
3.6. Vendor landscape analysis, 2017

Technological advancements around visual search have been making rounds in 2018. It remains a tiny fraction of total search volume, perhaps topping 1 billion monthly searches, compared to hundreds of billions of text searches. Even so, growth has been strong, with Pinterest, for instance, seeing monthly visual search jump from 250 million in February 2017 to 600 million in February 2018. The move towards visual search is not going unnoticed.

Images are returned for more than 15% of search queries on Google. There are over 600 million visual searches on Pinterest each month. Image-based Pinterest Ads have a very conversion rate, almost 8.5% and Pinterest is projected to clear nearly USD 1 billion a year in ad revenue by 2020. The image recognition market is expected to grow to USD xx.xx billion by 2019. By 2021, early adopter brands which redesign their websites to support visual and voice search will increase digital commerce revenue by nearly 30%.

Some retailers are exploiting the integration of chatbots and visual search into the shopping experiences. Retailer Target corp. has been using Pinterest Lens for the past year. WSJ Pinterest is combining visual search with text search, which should increase its reach in the future. Visual platforms like Instagram and Snapchat have a natural tie-in with visual search, if they can make the shopping experience as frictionless as possible. Brands (notably, Mastercard) are dropping text from their images altogether in favor of a design-driven expression of their identity.

Fast-fashion brands are competing against each other for online marketshare, and visual search offers a way to gain ground. Today, Forever 21 begins offering “Discover Your Style” on its web and mobile homepages through a partnership with visual search engine Donde Search. A shopper can click on icons representing features they want in apparel, specifying factors such as silhouette and color, to see corresponding results in Forever 21’s inventory. This is an expansion of a pilot of the technology launched on the retailer’s mobile app in May, which was so successful at increasing conversions and average purchase value that the company decided to “fast track” its large-scale web integration.

Report Description

Visual search is changing the face of machine learning and artificial intelligence with a potential to reform how consumers buy and find products. By streamlining the method of search, organizations can move closer to instant gratification that most customers demand. With help of studies, it is observed that more than 60% of millennials desire the convenience of visual search over any other novel technology and the likes of Google, Pinterest and Amazon have already developed substantial capabilities in this field.

“The future of search will be about pictures rather than keywords,” stated Pinterest CEO, Ben Silbermann. And with so much consumer and brand weight behind it, it’s no surprise that visual search promises to be a breakout trend of 2019.

The accuracy of visual search has improved as image recognition tools have access to big training sets of images, and visual search engines learn about the implicit questions users ask when submitting images. This has created a virtuous cycle, where more people use visual search, which in turn creates more accurate visual search tools.

Mobile visual search has gained high popularity in APAC, especially in Japan, China and South Korea where it is used in online fashion stores. Not only this, visual search engines are also used as tools for mapping, concept generation and outlining. Top global visual search providers are slowly and steadily announcing their products in the emerging countries of Asia like Indonesia and India due to their enormous market potential.

Of visual search technology includes baggage scanning, security screening, electronic component manufacturing, navigation systems and in retail for jewelry and clothing. Since past few years, the market had witnessed a huge growth in varied end-users mainly aviation, automotive OEMs, e-commerce, electronics, forestry and many more. Currently, e-commerce dominates other all end-users segment and is anticipated to remain the same in the forthcoming years. Growing rate of investments in visual search technology coupled with higher adoption of visual search engines is projected to propel the visual search market.

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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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