Kenneth Research, in its repository of market research reports, have recently added a report on the Image Recognition in Retail Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Image Recognition in Retail products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Image Recognition in Retail Market is valued approximately at USD 1.14 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 21.80% over the forecast period 2020-2027. Image recognition is the process of analyzing an input image and predicting its category. The implementation of Image recognition in the retail stores improves in store execution and brand visibility and benefits the retail stores by increasing sales growth, increasing market share of the brand and improve customer engagement with the brand. Thus, the growing market competition across the globe has led to the adoption of different strategies to increase sales which includes image recognition. As in March 2020, Trax company Singapore acquired survey.com. The acquisition combined the technologies of both the companies providing to the requirement of the emerging CPG market and grocery retailers. Also, in August 2019, AWS upgraded the Amazon Rekognition to deliver higher accuracy of gender identification and emotion detection. Thus, aiding the market growth.
Further, the need to increase shelf availability, enhance customer experience and maximize Return on Investment drives the market growth. As the use of Image recognition in the store aids in eliminating errors in audits and finding out of stock products which increases availability of the products. However, high risk of customer data thefts impedes the growth of the market over the forecast period of 2022-2031. Although, growing adoption of cloud-based image recognition solutions present a lucrative opportunity for the market.
The regional analysis of global Image Recognition in Retail market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the progressive nature of retail stores in the region owing to the adoption of AI, ML and cloud services. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2031. Factors such as rising disposable income, rising population would create lucrative growth prospects for the Image Recognition in Retail market across Asia-Pacific region.
Major market player included in this report are:
Amazon Web Services (AWS)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
Digital Image Processing
Visual Product Search
Marketing and Advertising
By Deployment Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
Target Audience of the Global Image Recognition in Retail Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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