The Image Recognition In Retail Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Image Recognition In Retail Global Market Report 2024, The image recognition in retail market size has grown exponentially in recent years. It will grow from $1.99 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to efforts to enhance customer engagement, growing importance of visual merchandising, increased availability of high-quality data, competition and differentiation in retail, customer expectations for seamless shopping, enhanced security and loss prevention, regulatory compliance and privacy measures..
The image recognition in retail market size is expected to see exponential growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to continued growth of online shopping, global expansion of e-commerce platforms, rise of visual search engines, enhanced in-store shopping experiences, demand for sustainable and ethical products, personalized marketing campaigns, demand for contactless shopping, focus on accessibility and inclusivity.. Major trends in the forecast period include visual search capabilities, personalized shopping recommendations, in-store customer analytics, automated checkout systems, ai-powered customer service, real-time pricing and competitor analysis, integration with e-commerce platforms..
The increasing use of image recognition applications is expected to drive the demand for image recognition in the retail market going forward. The image recognition applications such as scanning and imaging, security and surveillance, and marketing and advertising are being used increasingly due to the need for improving operational accuracy, strengthening security, and better marketing campaigns. The increasing use of image recognition applications in turn will increase demand for image recognition in retail due to the improved ROI (return on investment) for retailers. For instance, according to the information published by Google, a US-based technology company engaged in the development of image recognition applications, in 2021, an image recognition technology developed by Google, Google Lens was used more than 3 billion times per month, all over the world, which increased to 8 billion times per month in 2022. In addition, according to the statistics published by DMR, a US-based company providing curated collections of statistics, gadgets, and fun facts, in 2020, You only look once (YOLO), a real-time object detection system recorded 10 million active users all over the globe, however, when it was launched in 2019, the users were just 3.4 million in the United States. Therefore, the increasing use of image recognition applications will drive the growth of image recognition in the retail market.
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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
Technological development is a key trend gaining popularity in image recognition in the retail market. Major players in image recognition in the retail sector are focused on technological developments to sustain their marketplace. For instance, in July 2021, BeMyEye, an England-based retail technology company launched the latest addition to its list of CPG tools, ‘real-time image recognition for retail store audits. With the help of this innovative technology, audit times may be reduced by up to 70% while giving sales representatives precise store insights in less than 20 seconds. This new technology enhances the speed, efficiency, and actionability of field teams engaged in the store audit.
The image recognition in retail market report table of contents includes:
1. Executive Summary
2. Image Recognition In Retail Market Characteristics
3. Image Recognition In Retail Market Trends And Strategies
4. Image Recognition In Retail Market – Macro Economic Scenario
5. Global Image Recognition In Retail Market Size and Growth
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31. Global Image Recognition In Retail Market Competitive Benchmarking
32. Global Image Recognition In Retail Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Image Recognition In Retail Market
34. Image Recognition In Retail Market Future Outlook and Potential Analysis
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