Press release
Image Recognition In Retail Market Set to Reach $6.09 Billion by 2029 with 21% Yearly Growth
Image Recognition In Retail Market
The escalating usage of smartphones is forecasted to spur the demand for image recognition in the retail sector. A smartphone is essentially a mobile device that melds the typical functions of a traditional cell phone with sophisticated computing abilities. The extensive acceptance of smartphones provides a massive customer base for image recognition programs and services. For example, Uswitch Limited, a UK-based finance regulatory authority, stated that the UK had up to 71.8 million mobile connections in February 2024, which was a 3.8% surge compared to the previous year, adding approximately 2.6 million extra connections. Additionally, predictions indicate that the UK population will grow to 68.3 million by 2025, with approximately 95% of the population, or roughly 65 million people, possessing a smartphone. Therefore, the increase in smartphone use will boost the expansion of image recognition in the retail industry.
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What is the projected compound annual growth rate (CAGR) of the image recognition in retail market from 2025 to 2034, and what factors influence it?
The size of the image recognition market in retail has experienced rapid growth over the past few years. This sector is forecasted to expand from $2.38 billion in 2024 to $2.88 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.7%. Factors contributing to this growth in the past include attempts to boost customer interaction, the rising significance of visual merchandising, the improved availability of high-quality data, competition and differentiation in the retail sector, the demand for a seamless shopping experience by customers, enhanced security and loss prevention measures, and regulations related to compliance and privacy.
The size of the image recognition in retail market is projected to undergo significant expansion in the forthcoming years, eventually reaching $6.09 billion in 2029 with a compound annual growth rate (CAGR) of 20.6%. Factors driving this projected growth over the forecast period include the continued rise of online shopping, worldwide growth of e-commerce platforms, popularity of visual search engines, enhanced in-store shopping experiences, demand for ethical and sustainable products, tailored marketing campaigns, preference for contactless shopping, and a focus on accessibility and inclusivity. Key trends expected to dominate the forecast period include visual search functionalities, personalized shopping suggestions, in-store customer data analysis, automated payment systems, AI-driven customer support, real-time pricing and competition analysis, and integration with e-commerce platforms.
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How are the latest trends influencing the growth of the image recognition in retail market?
Advancements in technology are emerging as a crucial trend in the field of image recognition in retail. The dominant players in this sector are intently focused on this technological evolution to maintain their market position. For example, in December 2023, Shopping Muse, an AI tool offering product suggestions, was launched by the US-based credit card corporation, Mastercard. This tool integrates advanced image recognition features allowing users to upload images of products they want, and the tool then suggests similar items based on visual similarities, even without specific technical tags. This boosts the precision and personalisation of product suggestions, which is highly beneficial in the retail sector where visual appearance greatly impacts consumer choices.
What are the major segments of the image recognition in retail market and their role in driving growth?
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
Subsegments:
1) By Hardware: Cameras And Sensors, Edge Devices, Processing Units
2) By Software: Image Recognition Software, Machine Learning Algorithms, Analytics Software
3) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training Services
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Which regions are key players in the growth of the image recognition in retail market?
North America was the largest region in the image recognition in retail market share in 2024. The regions covered in the image recognition in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the image recognition in retail market?
Major companies operating in the image recognition in retail market 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., Sharp Corporation, Attrasoft Inc., Syte Visual Conception Ltd., Shutterstock Inc.
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What Is Covered In The Image Recognition In Retail Global Market Report?
• Market Size Forecast: Examine the image recognition in retail market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the image recognition in retail market for a structured understanding.
• Key Players Overview: Analyze major players in the image recognition in retail market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the image recognition in retail market.
• Segment Contributions: Evaluate how different segments drive overall growth in the image recognition in retail market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the image recognition in retail market.
• Industry Challenges: Identify potential risks and obstacles affecting the image recognition in retail market.
• Competitive Landscape: Review strategic developments in the image recognition in retail market, including expansions, agreements, and new product launches.
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