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Image Recognition In Retail Global Market Report 2023: Increasing use of Image Recognition Applications Drives Growth
DUBLIN, June 1, 2023 /PRNewswire/ -- The "Image Recognition In Retail Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global image recognition in retail market is expected to grow from $1.63 billion in 2022 to $1.98 billion in 2023 at a compound annual growth rate (CAGR) of 21.6%. The image recognition in retail market is expected to grow to $4.16 billion in 2027 at a CAGR of 20.4%.
Major players in the image recognition in retail market are Catchoom, Ricoh Innovations, Blippar, LTU Tech, Google LLC, Wikitude, Trax Retail, Snap2Insight, Clarifai Inc., Slyce, Paralleldots, NEC Corporation, Huawei Technologies Co Ltd., Qualcomm, Amazon Web Services Inc., Zippin, Vispera, Hitachi Ltd., and NVidia Corporation.
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Image recognition in retail is an algorithm that analyses a picture or video, decodes its information, and identifies the image as representing a certain brand, product, category, or something else entirely. Image recognition in retail is used to maintain shelf health, display compliance, competitive insight, and planogram compliance.
The main types of image recognition in retail are code recognition, digital image processing, facial recognition, object recognition, and others. Code recognition is an identifying solution that can read and validate both QR codes, all conventional barcodes, and 2D data matrix codes. The various components include hardware, software, and services that are deployed through on-premises and cloud. The applications include scanning and imaging, image search, security and surveillance, augmented reality, marketing and advertising, and others.
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.
In July 2021, FORM, a US-base integrated platform that helps businesses quickly implement solutions for data collection acquired ShelfWise for an undisclosed amount. With this acquisition, both companies intend to jointly develop integrated task management and picture recognition platform that will enable the collection of in-store data quicker, easier, and more dependable. ShelfWise is a Poland-based company that offers image recognition software for retail crucial insights.
North America was the largest region in the image recognization in retail market in 2022. The regions covered in the image recognization in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the image recognization in retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The image recognition in retail market consists of revenues earned by entities by providing image recognition in retail for planogram compliance, detecting empty shelves, assessing competition and personalized searches for customers. The market value includes the value of related goods sold by the service provider or included within the service offering.
The image recognition in retail market also includes sales of hardware and software that are used to provide image recognition solutions in retail. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Topics Covered:
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
4.1. COVID-19 Impact On Image Recognition In Retail Market
4.2. Ukraine-Russia War Impact On Image Recognition In Retail Market
4.3. Impact Of High Inflation On Image Recognition In Retail Market
5. Image Recognition In Retail Market Size And Growth
5.1. Global Image Recognition In Retail Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Image Recognition In Retail Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Image Recognition In Retail Market Segmentation
6.1. Global Image Recognition In Retail Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Code Recognition
- Digital Image Processing
- Facial Recognition
- Object Recognition
- Other Types
6.2. Global Image Recognition In Retail Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Image Recognition In Retail Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. Global Image Recognition In Retail Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Scanning And Imaging
- Image Search
- Security And Surveillance
- Augmented Reality
- Marketing And Advertising
- Other Applications
7. Image Recognition In Retail Market Regional And Country Analysis
7.1. Global Image Recognition In Retail Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Image Recognition In Retail Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/re9f21
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