January 11, 2021
According to the market research report titled ‘Global Image Recognition in Retail Market Size study, by Technology (Code Recognition, Digital Image Processing) Component (Software and Services), Application (Visual Product Search, Security Surveillance), Deployment Type (On-Premises, Cloud) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global image recognition in retail market accounted for USD 1.14 billion in 2019 and is projected to exhibit a noteworthy CAGR of 21.80% during 2020-2027.
Rising adoption of the technology by retail stores for improving brand visibility and optimizing store execution, coupled with advantageous attributes such as sales growth and enhanced customer engagement are bolstering the expansion of global image recognition in retail market.
For the uninitiated, image recognition software analyzes an input image and subsequently predicts its category. Factors such as strategic alliances such as acquisitions and mergers by industry players, emphasis on improving shelf availability in retail stores, and rising adoption of cloud-based image recognition solutions are positively swaying the market dynamics.
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Additionally, growing competition across the globe along with requirement for eliminating errors in audits, and maximizing ROI (return on investment) among retail stores are stimulating the global image recognition in retail market outlook.
Based on technology, the overall market is divided into digital image processing, and code recognition. With regards to component type, the industry is split into services, and software.
Moving on to deployment type, global image recognition in retail market is bifurcated into cloud, and on-premises. The application spectrum of the business comprises of security surveillance, and visual product search.
Regionally, North America accounts for a substantial share of the global image recognition in retail industry, owing to rising adoption of Artificial Intelligence (AI), cloud services, and Machine Learning (ML) technologies across retail stores.
Alternatively, Asia-Pacific image recognition in retail market is slated to grow with the highest CAGR over 2020-2027. Factors such as growing population and rising disposable income are propelling the expansion of the regional market.
Key participants in the industry include Qualcomm Incorporated, NEC Corporation, LTU Technologies Inc., Hitachi Ltd., Honeywell International Inc., Trax Retail, Microsoft Corporation, Google LLC, Amazon Web Services (AWS), and IBM Corporation among others.