Press release
Shelf Image Recognition Artificial Intelligence Market Poised for Robust Growth, Projected to Hit $4.64 Billion by 2029
How Much Is the Shelf Image Recognition Artificial Intelligence Market Expected to Expand by 2025?The artificial intelligence market focused on recognizing items on shelves has experienced a remarkable surge lately; this segment is projected to expand from generating $1.43 billion in 2024 to reaching $1.82 billion in 2025, reflecting an impressive compound annual growth rate of 26.8%. This substantial expansion observed during the past period stems from several key factors, including the broader integration of AI solutions across various sectors, a heightened need for automated processes and greater operational effectiveness, the sheer increase in image data originating from mobile devices and the internet, continuous progress in sophisticated deep learning and machine learning methodologies, and the imperative to deploy more robust security and monitoring infrastructures.
How Will the Shelf Image Recognition Artificial Intelligence Market Size Change and Expand by 2029?
The domain of artificial intelligence applied to shelf image recognition is projected to experience rapid expansion over the coming years, achieving a valuation of $4.64 billion by 2029, propelled by a compound annual growth rate (CAGR) of 26.4%.This surge in the anticipated period stems from several key factors, including the expanding utilization of retail automation technologies, the increased deployment of computer vision in the oversight of stock, augmented capital infusion into analytics powered by artificial intelligence, the call for continuous monitoring of shelves in real-time, and the imperative to elevate the shopper experience via visual data processing.Prominent developments anticipated throughout this forecast timeframe encompass refinements in analytics and monitoring capabilities for shelves as they happen, the evolution of image recognition solutions running locally on store premises for in-store process automation, novel approaches in multimodal AI that merge visual input with transactional sales information, improvements in precision down to the individual Stock Keeping Unit (SKU) via sophisticated deep learning architectures, and the creation of smooth interfaces enabling integration with both retail execution systems and Enterprise Resource Planning (ERP) platforms.
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What Are the Principal Drivers Behind the Shelf Image Recognition Artificial Intelligence Market's Expansion?
The future expansion of the shelf image recognition artificial intelligence market is anticipated to be fueled by the growing requirement for automated processes within retail environments. Retail automation involves leveraging technology to execute store functions effectively with reduced reliance on personnel. This escalating need for automating retail tasks stems from the objective to boost operational effectiveness, given that automated solutions cut down on manual labor, lower the frequency of mistakes, and improve the precision of inventory data instantly. Shelf image recognition artificial intelligence serves this automation imperative by autonomously gathering and examining visual data from shelves to monitor product presence, identify stock mismatches, and confirm adherence to planograms without requiring human input. To illustrate this trend, the US Census Bureau, a statistical organization in the United States, released data in February 2024 indicating that e-commerce revenue climbed to $1,118.7 billion throughout 2023, marking an advance of 7.6% compared to 2022, which underscores the surge in digital commerce and the resultant pressure on retailers to implement automation. Consequently, the surging appetite for retail operational automation is acting as a key catalyst for the advancement of the shelf image recognition artificial intelligence sector.
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What Emerging Patterns and Trends Are Fueling the Shelf Image Recognition Artificial Intelligence Market Growth?
Leading enterprises within the shelf image recognition AI sector are concentrating their efforts on groundbreaking developments, including sophisticated learning methodologies, self-regulating shelf inspection mechanisms, artificially intelligent retail execution frameworks, and broadly applicable cloud infrastructure for data analysis, all aimed at elevating precision, output, and on-shelf results. These automated shelf inspection tools leverage artificial intelligence to scrutinize shelf imagery, delivering immediate understandings that minimize the necessity for human checks and bolster the clarity of inventory status. To illustrate this progress, in September of 2023, Repsly Inc., an American firm specializing in retail execution software, unveiled upgraded AI visual recognition features, integrating technologies from collaborators like ParallelDots; this refinement empowers field personnel to execute shelf inspections more swiftly and precisely, achieving accuracy exceeding 95 percent while simultaneously halving the duration required for these audits, consequently aiding consumer goods firms in augmenting sales outcomes and refining their worldwide retail strategies through better efficiency and enhanced product presence on shelves.
Which Segment Categories Are Expected to Dominate the Shelf Image Recognition Artificial Intelligence Market by 2029?
The shelf image recognition artificial intelligence market covered in this report is segmented -
1) By Component: Software, Hardware, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Application: Retail Execution, Inventory Management, Planogram Compliance, Pricing Analysis, Promotion Tracking, Other Applications
4) By End-User: Supermarkets Or Hypermarkets, Convenience Stores, Pharmacies, Specialty Stores, Other End Users
Subsegments
1) By Software: Image Processing And Analysis Software, Machine Learning And Deep Learning Platforms, Data Management And Integration Tools, Computer Vision Frameworks, Cloud-Based Deployment Platforms
2) By Hardware: Cameras And Sensors, Edge Computing Devices, Processing Units, Storage Systems, Networking Equipment
3) By Services: System Integration Services, Installation And Maintenance Services, Training And Support Services, Consulting Services, Managed Services
Who Are the Prominent Market Players Shaping the Future of the Shelf Image Recognition Artificial Intelligence Market?
Major companies operating in the shelf image recognition artificial intelligence market are Microsoft Corporation; Amazon Web Services Inc.; International Business Machines Corporation; Oracle Corporation; SAP SE; VusionGroup; Scandit AG; YOOBIC Ltd.; Focal Systems Inc.; Vispera Information Technologies; Pensa Systems Inc.; eLeader Sp. z o.o.; Infilect Technologies Pvt. Ltd.; ParallelDots Inc.; Repsly Inc.; SeeChange Technologies Ltd.; Ailet Inc.; Snap2Insight Inc.; Quant Retail s.r.o.; Neurolabs Ltd.
What Are the Key Regional Hubs Shaping the Future of the Shelf Image Recognition Artificial Intelligence Market?
North America was the largest region in the shelf image recognition artificial intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shelf image recognition artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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