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Major Growth Driver Identified in 2025 Image Recognition In Retail Market: Rising Use Of Smartphones Fuel Retail Market Growth
Image Recognition In Retail Market
Image Recognition In Retail Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The retail image recognition market size has seen impressive expansion in recent years. Its rise from a value of $2.38 billion in 2024 to a projected $2.88 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.7%, points to this trend. Factors such as initiatives for better customer interaction, the increasing role of visual merchandising, accessibility to high-quality data, competitive elements and retail differentiation, customer demand for a flawless shopping experience, improved security and loss prevention techniques, as well as regulatory compliance and privacy controls can all be allied with the remarkable growth seen in the recent past.
Image Recognition In Retail Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for a significant surge in the image recognition in retail market size over the coming years. By 2029, it's predicted that the market will balloon to $6.09 billion, demonstrating an impressive compound annual growth rate (CAGR) of 20.6%. This impending growth during the forecasted period is largely due to factors like the persistent evolution of online shopping, worldwide proliferation of e-commerce platforms, the emergence of visual search engines and the enhanced shopping experiences in physical stores. There is also increasing demand for sustainable and ethical products, customized marketing strategies, contactless shopping options and a greater emphasis on accessibility and inclusivity. Notable trends anticipated within the forecast period encompass advancements like visual search capabilities, tailored shopping suggestions, in-store customer behavior analysis, automated payment systems, artificial intelligence-enabled customer service, dynamic pricing and competition analysis as well as integration with various e-commerce platforms.
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What Are the Drivers Transforming the Image Recognition In Retail Market?
The escalating adoption of smartphones is anticipated to fuel the need for image recognition in the retail market in the future. A smartphone, which merges the features of a conventional mobile phone with sophisticated computing capabilities, has become highly popular. This rising popularity of smartphones lays down a broad user foundation for image recognition applications and services. For example, as reported by Uswitch Limited, a finance conduct authority located in the UK, mobile connections there hit 71.8 million in February 2024, marking a 3.8% increase from the preceding year, amounting to about 2.6 million additional connections. It is also anticipated that the UK's population will rise to 68.3 million by 2025, with roughly 95% of the populace, or approximately 65 million people, possessing a smartphone. Consequently, the escalating smartphone usage will spur the progression of image recognition in the retail market.
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What Long-Term Trends Will Define the Future of the Image Recognition In Retail Market?
The escalation of technological advancements is a critical trend that's rising in popularity within the image recognition sector of retail. Key players in the market are channeling their focus towards technological innovation in order to maintain their market stance. To illustrate, Mastercard, a credit card company based in the US, rolled out an AI tool known as Shopping Muse in December 2023. This tool, designed to provide product recommendations, integrates high-end image recognition features. As a result, consumers can upload photos of their preferred products, allowing the tool to suggest similar items based on their visual aspects, even when these products are devoid of specific technology-focused tags. This functionality boosts the precision and personalization of product recommendations, proving to be beneficial in retail settings where visual appeal heavily influences consumer choices.
Which Segments in the Image Recognition In Retail Market Offer the Most Profit Potential?
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 Firms Dominate the Image Recognition In Retail Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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