“Need to increase on-shelf availability, enhance customer experience, and maximize RoI expected to drive the growth of the image recognition in retailmarket”
The global image recognition in retailmarket size is expected to grow from an estimated value of USD 1.4 billion in 2020 to USD 3.7billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period.The image recognition in retailindustryis driven by various factors, such as rising technological developments increases the adoption of image recognition solutions among retailers and growing need to increase on-shelf availability, enhance customer experience, and maximize RoI. However, high risk related to customer data thefts can hinder the growth of the market.
The recent COVID-19 pandemic is expected to impact the global retail industry. The prime impact of COVID-19 observed on the image recognition in retail market is reduction in in-store shoppers, resulting in a reduction in retail sales. Image recognition in retail includes technologies to improve 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. This has adversely affected the sales rate of the retail sector due to the shutting down of stores and malls in the pandemic period resulting in hefty losses to owners.
Servicessegmentto grow at a higher CAGR during the forecast period
Services form an integral part of the image recognition in retail software lifecycle; they include implementation, deployment, product upgrades, maintenance, and consulting. The services segment has been classified into professional and managed services. With the increasing adoption of the image recognition in retail software solutions, the need for these services is expected to increase, as they help companies reduce costs, increase the overall revenue, and enhance the overall performance of employees and organizations alike. Services help companies build successful customer relationships by continuously supporting them throughout their business tenure. Image recognition in retail vendors sometimes provides services via channel partners that can help strengthen the geographical reach of solution vendors and the cost-effectiveness of their software. Moreover, the growing demand for rich media is expected to drive companies, such as NEC Corporation, LTU, and Catchoom to offer integrated training services, professional services, and support and maintenance services.
Softwaresegment to account for a higher market shareduring the forecast period
API combines technologies, automates several processes, and categorizes them to search through a large image collection or databases. API servers analyze images from the existing database and retrieve image features, such as image type, class, and colors, and image metadata, such as tags. It further allows users to store information and images in the database to maintain and organize their collections more effectively. The key task of the image processing software is to extract data from the available database and produce the required output. Advanced algorithms have also been developed to accurately identify objects in images and videos without the need for human calibration. Analytical solutions extract intelligent real-time videos via surveillance cameras.
Asia Pacific to grow at the highest rate during the forecast period
The image recognition in retailmarket in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.In the APAC region, there is a tremendous demand for image recognition in retailsoftware and services.China, India, Japan, Australia and New Zealand (ANZ), and Singaporehave emerged as undisputed leaders in the image recognition in retailindustry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the image recognition in retailmarket.
- By company type: Tier 1:38%, Tier 2:42%, and Tier 3: 20%
- By designation: C-level:32%, Directors:36%, and Others: 32%
- By region: North America: 35%, Europe: 27%, APAC:23%, and RoW:15%
Major vendors offeringimage recognition in retailsolutionacross the globe are Google (US), Microsoft (US), AWS (US), IBM (US), Trax (Singapore), NEC Corporation (Japan), Qualcomm (US), Slyce (US), Catchoom (Spain), Intelligence Retail (US), Imagga (Bulgaria), Vispera (Turkey), Snap2Insight (US), ParallelDots (US), Clarifai (US), Deepomatic (France), Blippar (UK), Ricoh Innovations (US), LTU (France), ShelfWise (Poland), Trigo (Israel), Wikitude (Austria), Standard Cognition (US), Huawei (China), Honeywell (US), and Zippin (US)..
The study includes an in-depth competitive analysis of the key players in the image recognition in retailmarket, with their company profiles, recent developments, and key market strategies.
The market study covers the image recognition in retailmarketsize across segments. It aims at estimating the market size and growth potential of this market across different segments:technology, component, application, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall image recognition in retailmarket and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.