Press release
Image Recognition In Retail Market Leading Players, Demands, Future Trends, Growth Factors, Price and Gross Margin till 2033
Image Recognition In Retail Market
One of the key developments in this area is the growing use of image recognition tools in applications such as scanning, security, and marketing. For example, Google's image recognition technology, Google Lens, saw its monthly usage increase from 3 billion to 8 billion between 2021 and 2022. Additionally, the real-time object detection system, You Only Look Once (YOLO), experienced a jump in active users globally from 3.4 million in 2019 to 10 million in 2020.
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The rise of online retail (e-commerce) has further accelerated the growth of image recognition. By enhancing the shopping experience with capabilities like visual search, augmented reality, and personalized suggestions, image recognition is streamlining the purchasing process and boosting customer engagement. According to the International Trade Administration, consumer e-commerce generated over $120 billion in annual revenue in 2022, accounting for 30% of the UK's total retail sector-an increase from 20% in 2020.
Key Drivers of Market Growth
The demand for image recognition technology in retail is fueled by several factors. Retailers are increasingly leveraging these solutions to improve operational efficiency, enhance security, and optimize marketing strategies. This has led to an uptick in the usage of applications for scanning, surveillance, and product promotion. Image recognition systems offer businesses the advantage of a higher ROI by delivering accurate insights into customer behavior and helping improve product placement and sales strategies.
For instance, data from Google reveals that its Google Lens technology saw a sharp rise in usage, from 3 billion to 8 billion monthly uses between 2021 and 2022. Similarly, the YOLO object detection system saw its user base grow substantially, further demonstrating the expanding interest in these technologies.
Challenges to Overcome
Despite the promising outlook, the growth of the image recognition market in retail faces challenges. One of the main obstacles is the issue of low-resolution images and storage limitations. Retailers often face difficulties when capturing high-quality images, especially during busy operations or with large amounts of visual data. Low-resolution photos can hinder product recognition, leading to poor results in recognition software and ultimately affecting the accuracy of analytics. Additionally, the storage and processing of high-definition images require significant technological infrastructure, which can strain resources and slow down processing speeds.
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Applications of Image Recognition in Retail
The image recognition market within retail is broad, with applications spanning various areas. In 2023, the visual product search category led the market, thanks to its ability to improve the shopping experience by allowing customers to search for products using photos instead of keywords. This function enhances convenience and accuracy, particularly in e-commerce where customers may find it challenging to describe products accurately. The rise of smartphones and AI-powered visual search tools has only increased the demand for this application.
Another key area is vision analytics, which uses image recognition to analyze data trends and predict future outcomes. This tool helps retailers understand customer behavior, pricing strategies, on-shelf product availability, and sales performance, offering valuable insights to make data-driven decisions. Retailers can also use vision analytics to track geographic patterns, helping them plan for future growth and expansion.
Image Recognition In Retail Top Companies and Competitive Landscape
To obtain a competitive edge, major companies in the retail image recognition market are focusing more on AI-powered solutions. Using their cellphones, consumers can visually search and shop for real-world things with one such tool, Shopping Lens.
In May 2024, ShelfWise was purchased by FORM, an integrated platform that helps businesses quickly implement data collecting solutions, for an unknown sum. The goal of this strategic purchase is to collaboratively create a platform that combines picture recognition and task management. The objective is to speed up and improve the efficiency and dependability of in-store data collection. A Polish business called ShelfWise, which specializes in picture recognition software for retail insights, contributes essential features to FORM's product line.
Some of the key companies in the global Image Recognition In Retail Market include:
AWS
IBM
Microsoft
Trax
NEC Corporation
Qualcomm
Catchoom
Slyce
LTU
Intelligence Retail
SNAP2INSIGHT
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Image Recognition In Retail Latest Industry Updates
In April 2023, Microsoft partnered with Coca-Cola. The partnership aims to regulate its business operations on Microsoft Azure cloud and offer rich new digital experiences that will provide innovative solutions. These solutions will aid the Coca-Cola Company achieve new insights from data across the enterprise, enabling a 360-degree view of the business, and increases customer and employee experiences.
In January 2024, Trax acquired Survey.com to combine both companies' technologies, cater to needs of emerging CPG market and grocery retailers, and strengthen its position in image recognition in retail market.
Image Recognition In Retail Market Segmentation Analysis
Technology Outlook (Revenue, USD Million; 2020-2033)
Code Recognition
Digital Image Processing
Facial Recognition
Object Recognition
Others
Component Outlook (Revenue, USD Million; 2020-2033)
Software
Services
Professional Services
Managed Services
Application Outlook (Revenue, USD Million; 2020-2033)
Visual Product Search
Security and Surveillance
Vision Analytics
Marketing and Advertising
Others
Deployment Mode Outlook (Revenue, USD Million; 2020-2033)
On-premises
Cloud
Regional Outlook (Revenue, USD Million; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Image Recognition In Retail Market Size@ https://www.emergenresearch.com/industry-report/image-recognition-in-retail-market/market-size
Image Recognition In Retail Market Share@ https://www.emergenresearch.com/industry-report/image-recognition-in-retail-market/market-share
Image Recognition In Retail Market Trends@ https://www.emergenresearch.com/industry-report/image-recognition-in-retail-market/market-trends
Image Recognition In Retail Regional Market Demand@ https://www.emergenresearch.com/industry-report/image-recognition-in-retail-market/regional-market-demand
Image Recognition In Retail Market Analysis@ https://www.emergenresearch.com/industry-report/image-recognition-in-retail-market/market-analysis
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