Image Recognition in Retail Market Scope
The growing retail industry in the COVID 19 pandemic is expected to witness high demand for Image Recognition in the Retail market in the forecasted period. The image recognition technology can be used for retail applications to process, analyze, and understanding images. Image recognition is used to perform a large number of machine-based visual tasks, such as labeling the content of images with meta-tags, performing image content search, and guiding autonomous robots, self-driving cars, and accident avoidance systems. This is beneficial for the retail industry. Thus, Many retailers are implementing Artificial Intelligence as well as image recognition technology in retail to deliver the next level of customer experience. Image recognition in retail includes technologies to enhance the in-store experiences of customers. Since the disease is spreading enormously, shoppers are avoiding crowded places and are not gathering at public places such as malls and stores. The technological advancement associated with Image Recognition in Retail can create lucrative opportunities in the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), AWS (United States), Google (United States), Microsoft (United States), Trax (Singapore), Intelligence Retail (United States), Snap2Insight (United States) and Intel (United States) |
CAGR | 20.3% |
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Image Recognition in Retail market throughout the predicted period.
IBM (United States), AWS (United States), Google (United States), Microsoft (United States), Trax (Singapore), Intelligence Retail (United States), Snap2Insight (United States) and Intel (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are NVidia Corporation (United States) and NEC (Japan).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Image Recognition in Retail market by Type , by Application (Food and Behave rage and Healthcare Product) and Region with country level break-up.
On the basis of geography, the market of Image Recognition in Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In April 2020, Microsoft partnered with Coca-Cola. The partnership aims to regulate its business operations on Microsoft Azure cloud and offer rich new digital experiences that will provide innovative solutions. These solutions will aid the Coca-Cola Company to achieve new insights from data across the enterprise, enabling a 360-degree view of the business, and increases customer and employee experiences.
In March 2020, Trax acquired Survey.com to combine both companies’ technologies, cater to the needs of emerging CPG market and grocery retailers, and strengthen its position in image recognition in the retail market.
Influencing Trend:
Upsurging technological developments to boost the adoption of image recognition solutions among retailers and Hugh demand for brand recognition among end-users
Market Growth Drivers:
High demand due to rise on-shelf availability and High Adoption due to enhance customer experience, and maximize RoI due to COVID-19
Challenges:
Low-resolution image size and storage issues
Restraints:
The Concern related to High risk related to customer data thefts and High cost of image recognition services
Opportunities:
The growing requirement to make informed decisions among retailers and High demand for cloud-based image recognition solutions
Key Target Audience
End-users/enterprise-users, Research institutes and organizations, Government bodies, venture capitalists, and private equity firms and Market research and consulting firms