What’s the Current and Future Market Size for Image Recognition in Retail Market?
The Image Recognition in Retail Market has seen considerable growth in recent years, expanding from a value of $2.38 billion in 2024 to an estimated $2.88 billion in 2025 at a compound annual growth rate (CAGR) of 20.7%. Factors contributing to the historic market expansion include efforts to enhance customer engagement and visual merchandising, increased availability of high-quality data, and a rising need for enhanced in-store security and loss prevention.
However, this impressive progress is just the beginning. Projections suggest that by 2029, the market could reach a staggering value of $6.09 billion, growing at a CAGR of 20.6%. This future growth can be attributed to the continued rise of online shopping, global expansion of e-commerce platforms, growth in visual search engines, and the demand for more sustainable and ethical products alongside personalized shopping experiences.
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What Are the Key Drivers for Image Recognition in Retail Market?
A significant driver for the image recognition in retail market is the increased popularity and widespread adoption of smartphones. The growing number of smartphone users provides a vast platform for image recognition applications and services. In the UK alone, mobile connections saw a surge to 71.8 million in February 2024, and the nation’s population is projected to expand to 68.3 million by 2025, with an estimated 95% of the population, or around 65 million individuals, owning a smartphone.
What Are the Major Segments in Image Recognition in Retail Market?
The image recognition in retail market can be segmented as follows:
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
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Who are the Major Players in Image Recognition in Retail Market?
Leading companies in the image recognition in retail market include 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 are the Trends in Image Recognition in Retail Market?
Technological advancements play a crucial role in shaping the trends in the image recognition in retail market. For instance, Mastercard’s Shopping Muse launched in December 2023, employs advanced image recognition capabilities to curate personalized product recommendations.
Which Region Dominates the Image Recognition in Retail Market?
North America commanded the largest share of the image recognition in retail market in 2024, followed by regions like Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Image Recognition In Retail Market Report 2025 Offer?
The report offers insights into the image recognition in retail market, which uses an algorithm to analyze and decode details in images or videos, representing brands or products. This technology is extensively used in maintaining shelf health, competitive insight, and planogram compliance.
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