The global demand for Image Recognition in Retail Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Image recognition is a process wherein a specific image is processed, analyzed, and understood. It employs computer algorithms for digital image processing. Within the retail industry, image recognition has many applications across scanning & imaging, security & surveillance, marketing & advertising, payment, shopping & customer service. The most thrilling application recognizes a real-world object and looks at a market place for products that closely match the real-world object.
Market Dynamics
Image recognition technology is revolutionizing the retail industry. Growing demand for efficient and profitable retail execution processes and advancements in machine learning and artificial intelligence have hugely paved the need for image recognition in the retail sector. With image recognition technology, the retail industry is improving its level and also enhancing customer experience. Besides, image Recognition is making merchandisers' tasks easier with real-time actionable insights that drive sales and profits. However, the high installation cost of services and retailers' dependency on traditional auditing methods hinders the growth of global image recognition in the retail market.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of image recognition in retail. The growth and trends of image recognition in retail industry provide a holistic approach to this study.
Market Segmentation
This section of the image recognition in retail market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Technology- Code Recognition
- Digital Image Processing
- Facial Recognition
- Object Recognition
- Others
By ComponentBy Application- Visual Product Search
- Security and Surveillance
- Vision Analytics
- Marketing and Advertising
- Others
By Deployment TypeRegional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Image Recognition in Retail market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Image Recognition in Retail Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the image recognition in retail market include Qualcomm Technologies, Inc., NEC Corporation, Catchoom Technologies S.L., Hitachi, Ltd., Wikitude GmbH, Attrasoft, Inc., Trax Retail, Snap2Insight Inc., AWS, and IBM. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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