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Image Recognition In Retail Market: Revolutionizing with Cutting-Edge Technology, Market Trends, Competitive Insights, and Growth Projections
Image Recognition In Retail Market
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Image Recognition In Retail Market Report Structure
3. Image Recognition In Retail Market Trends And Strategies
4. Image Recognition In Retail Market - Macro Economic Scenario
5. Image Recognition In Retail Market Size And Growth
…..
27. Image Recognition In Retail Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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