Image Recognition In Retail Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The image recognition in retail market size has grown exponentially in recent years. It will grow from $1.99 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to efforts to enhance customer engagement, growing importance of visual merchandising, increased availability of high-quality data, competition and differentiation in retail, customer expectations for seamless shopping, enhanced security and loss prevention, regulatory compliance and privacy measures.

The image recognition in retail market size is expected to see exponential growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to continued growth of online shopping, global expansion of e-commerce platforms, rise of visual search engines, enhanced in-store shopping experiences, demand for sustainable and ethical products, personalized marketing campaigns, demand for contactless shopping, focus on accessibility and inclusivity. Major trends in the forecast period include visual search capabilities, personalized shopping recommendations, in-store customer analytics, automated checkout systems, ai-powered customer service, real-time pricing and competitor analysis, integration with e-commerce platforms.

Market Overview -
Image recognition in retail is an algorithm that analyses a picture or video, decodes its information, and identifies the image as representing a certain brand, product, category, or something else entirely. Image recognition in retail is used to maintain shelf health, display compliance, competitive insight, and planogram compliance.

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Image Recognition Applications Fuel Retail Market Growth
The increasing use of image recognition applications is expected to drive the demand for image recognition in the retail market going forward. The image recognition applications such as scanning and imaging, security and surveillance, and marketing and advertising are being used increasingly due to the need for improving operational accuracy, strengthening security, and better marketing campaigns. The increasing use of image recognition applications in turn will increase demand for image recognition in retail due to the improved ROI (return on investment) for retailers. For instance, according to the information published by Google, a US-based technology company engaged in the development of image recognition applications, in 2021, an image recognition technology developed by Google, Google Lens was used more than 3 billion times per month, all over the world, which increased to 8 billion times per month in 2022. In addition, according to the statistics published by DMR, a US-based company providing curated collections of statistics, gadgets, and fun facts, in 2020, You only look once (YOLO), a real-time object detection system recorded 10 million active users all over the globe, however, when it was launched in 2019, the users were just 3.4 million in the United States. Therefore, the increasing use of image recognition applications will drive the growth of image recognition in the retail market.

Competitive Landscape -
Major companies operating in the image recognition in retail market report are Catchoom Technologies S.L., Ricoh Innovations Corporation, Blippar Ltd., Jumio Corporation, Google LLC, Wikitude GmbH, Trax Retail Solutions Pte. Ltd., Snap2Insight Inc., Clarifai Inc., Slyce Inc., ParallelDots Inc., NEC Corporation, Huawei Technologies Co. Ltd., Qualcomm Incorporated, Amazon Web Services Inc., Zippin Inc., Vispera Information Technologies Ltd., Hitachi Ltd., NVIDIA Corporation, International Business Machines Corporation, Intel Corporation, Toshiba Corporation, Honeywell International Inc., Staffing Technologies, Sharp Corporation, Attrasoft Inc., Syte Visual Conception Ltd., boohoo Group plc, Sephora SA, Shutterstock Inc.

Retail Market Embraces Technological Advancements In Image Recognition
Technological development is a key trend gaining popularity in image recognition in the retail market. Major players in image recognition in the retail sector are focused on technological developments to sustain their marketplace. For instance, in July 2021, BeMyEye, an England-based retail technology company launched the latest addition to its list of CPG tools, 'real-time image recognition for retail store audits. With the help of this innovative technology, audit times may be reduced by up to 70% while giving sales representatives precise store insights in less than 20 seconds. This new technology enhances the speed, efficiency, and actionability of field teams engaged in the store audit.

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Key Segments -

The image recognition in retail market covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Type: Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Other Types
3) By Deployment: On-Premises, Cloud
4) By Application: Scanning And Imaging, Image Search, Security And Surveillance, Augmented Reality, Marketing And Advertising, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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