The image recognition technology can be utilized for retail applications to process, analyze and understanding images. Many retailers are implementing AI and image recognition technology in retail to deliver the next level of customer experience.
This is one of the major factors driving the growth for image recognition in retail market. Image recognition technology is also used for product recommendations, product discovery, & trend analysis in retail sectors.
Image recognition in retail offers number of applications across security, marketing, payment, shopping & customer service. Retailers are using image recognition solutions, to help improve in-store customer service, as well as possibly address showrooming, by allowing shoppers to scan a product with an app and pull up current inventory. Image recognition can help merchants retain sales from shoppers who compare prices online via their smartphones.
Impact of COVID-19 Pandemic Outbreak on Image Recognition in Retail Market
The most immediate impact of COVID-19 is that contactless technologies like Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR) and image recognition in retail and are now being forced to adapt to the emergent threat.
Amidst the COVID-19 crisis, several enterprises and startups have launched and developed image recognition systems, to hold the virus spread and ascertain organizational security. Image recognition technology offers an innovative and secure way in terms of hygiene and convenience, amid the COVID-19 pandemic outbreak.
The image recognition market was valued at around US$ 17 to 19 Bn in 2019. However, as the COVID-19 rate accelerates, the market is estimated to grow by 4%-5% CAGR in 2020, as compared to the growth in 2019, due to the increasing demand for digital image processing, pattern recognition, and other object recognition, across the retail sector.
Image Recognition in Retail Market: Drivers and Challenges
Increasing use of image recognition applications such as scanning & imaging, security & surveillance, marketing & advertising, are fueling the growth of the image recognition in retail market. The growing need for improving the accuracy of the biometric authentication process, drives the image recognition in retail market growth.
Furthermore, the rising demand for big data analytics and the need for product brand recognition in retail sectors, are major factors expected to fuel the new growth opportunities in the market. Image recognition in retail offers different benefits such as auditing product placement, detecting trends in product placement, assessing compliance and competition, and category analysis.
The reliability of such benefits drives the Image recognition in retail market growth.
However, the image recognition in retail market is also impacted significantly when the scanning process is not perfect due to poor lighting, blur, motion, or even physical problems.
Also, high cost of installation of image recognition systems, as well as technical issues regarding the compatibility with existing systems, are some of the factors challenging the growth of image recognition in retail market.
Image Recognition in Retail Market: Competition Landscape
Some of the prominent players providing image recognition solutions in retail are
- Qualcomm Technologies, Inc.
- NEC Corporation
- Catchoom Technologies S.L.
- Hitachi, Ltd.
- Wikitude GmbH
- Attrasoft, Inc.
- Trax Retail
- Snap2Insight Inc.
Image Recognition in Retail Market: Regional overview
By geography, the image recognition in retail market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and Middle East & Africa. The market is currently dominated by Europe followed by North America, due to the advancements in image recognition technologies by the prominent vendors in these regions.
Moreover, Asia Pacific holds a comparatively higher market CAGR in the global image recognition in retail market, due to the growing advancements in the field of digital shopping and e-commerce, in this region.
The image recognition in retail market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The image recognition in retail market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Image Recognition in Retail Market Segments
- Image Recognition in Retail Market Dynamics
- Image Recognition in Retail Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Market
- Image Recognition in Retail Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, South Korea, & Japan)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
- Detailed overview of parent image recognition in retail market
- Changing image recognition in retail market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected image recognition in retail market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of image recognition in retail market
- Strategies of key players and solution offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Image Recognition in Retail Market: Segmentation
The image recognition in retail market has been segmented on the basis of component, technology, application, and region.
basis of technology:
- Digital Image Processing
- Code Recognition
- Optical Character Recognition
- Object Recognition
- Pattern Recognition
basis of application:
- Scanning & Imaging
- Image Search
- Security & Surveillance
- Augmented Reality
- Marketing & Advertising
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.