Rising Use Of Smartphones Fuel Retail Market Growth: Key Factor Driving The Growth In The Image Recognition In Retail Market

The Image Recognition In Retail Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Image Recognition In Retail Market Size During the Forecast Period?
In recent years, there has been exceptional growth in the market size for image recognition in retail, which is projected to soar from $2.38 billion in 2024 to $2.88 billion in 2025, marking a compound annual growth rate (CAGR) of 20.7%. This substantial growth during the historical period is largely due to factors such as initiatives to improve customer interaction, the growing significance of visual merchandising, the increased accessibility of high-quality data, competition and differentiation in the retail sector, the need for customer demands for smooth shopping experiences, improvements in security and loss prevention, as well as measures for regulatory compliance and privacy.

Anticipations indicate a significant surge in the size of the image recognition in retail market over the forthcoming years, with growth expected to reach $6.09 billion in 2029, having a compound annual growth rate (CAGR) of 20.6%. This progression during the forecast period is likely due to the persistent evolution of online shopping, the global enlargement of e-commerce platforms, the emergence of visual search engines, improved in-store shopping experiences, the requirement for sustainable and ethical products, individualized marketing initiatives, the need for contactless shopping, and an emphasis on accessibility and inclusivity. Foreseen trends during this period incorporate visual search capabilities, bespoke shopping suggestions, in-store customer data analysis, automated payment stations, AI-optimized customer service, real-time pricing, and competitor evaluation, along with integration with e-commerce platforms.

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What Are the High-Growth Segments in the Image Recognition In Retail Market?
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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What Key Drivers Are Expected to Influence Future Image Recognition In Retail Market Growth?
The surge in smartphone usage is predicted to fuel the demand for image recognition in the retail sector in the future. Smartphones are mobile electronic gadgets that integrate conventional mobile phone functionality with sophisticated computing abilities. The extensive adoption of smartphones opens up a wide user base for image recognition applications and services. For instance, Uswitch Limited, a financial conduct authority based in the UK, reported in February 2024 that the number of mobile connections in the UK hit 71.8 million, representing a 3.8% growth from the prior year and adding approximately 2.6 million more connections. It is also forecasted that by 2025, the UK's population will grow to 68.3 million, with an estimated 95% of the population, or about 65 million people, owning a smartphone. Therefore, the surge in smartphone usage will stimulate the expansion of image recognition in the retail sector.

Which Companies Hold the Largest Share Across Different Image Recognition In Retail Market Segments?
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.

What Trends Are Driving Growth in The Image Recognition In Retail Market?
The advancement of technology is becoming a pivotal trend within the image recognition in retail sector. Top companies in the field are leveraging tech advancements to maintain their position in the market. For example, in December 2023, Mastercard, an American credit card firm, unveiled Shopping Muse, an artificial intelligence-powered tool that suggests product options. This tool features advanced image recognition enabling users to upload photos of their desired products after which the tool provides similar product recommendations based on visual similarities, regardless of whether the products have specific technical tags or not. This enhances accuracy and personalization of product recommendations, proving especially beneficial in retail spaces where aesthetic appeal significantly influences consumer choices.

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What Are the Emerging Geographies for The Image Recognition In Retail Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Image Recognition In Retail Market?
2. What is the CAGR expected in the Image Recognition In Retail Market?
3. What Are the Key Innovations Transforming the Image Recognition In Retail Industry?
4. Which Region Is Leading the Image Recognition In Retail Market?

Why This Report Matters:

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Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

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