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Market Snapshot

CAGR:7.62

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	7.62

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Report Overview

The Image Recognition in Retail Market is on track for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 21.65% between 2022 and 2032. The market size is forecast to increase by USD 17.83 billion during this period. Image recognition in retail involves the use of artificial intelligence and computer vision technologies to analyze and interpret images or visual data for various retail applications, including inventory management, customer engagement, and security.

Image Recognition in Retail Market Overview:

Drivers:

The increasing demand for efficient inventory management, personalized shopping experiences, and enhanced security drive the expansion of the Image Recognition in Retail market. Retailers are adopting image recognition to automate stock monitoring, offer product recommendations, and improve loss prevention measures.

Furthermore, the integration of image recognition into mobile shopping apps and self-checkout systems contributes to market growth. Image recognition enhances customer engagement and operational efficiency in the retail sector.

Trends:

The adoption of augmented reality (AR) and virtual try-on experiences in e-commerce and brick-and-mortar retail is a significant trend shaping the market. Image recognition enables customers to visualize products in real-world settings before purchase, enhancing the online shopping experience.

Moreover, the use of image recognition for cashier-less checkout and frictionless shopping is growing. Retailers are deploying image recognition systems to enable automated checkout processes, reducing wait times for customers.

Restraints:

Challenges such as privacy concerns related to in-store surveillance, accuracy issues in complex retail environments, and the need for robust data security pose obstacles in the market. Ensuring customer privacy, improving recognition accuracy in crowded stores, and safeguarding image data are critical considerations.

Additionally, retailers may face technical challenges in implementing image recognition systems, including hardware and software integration. Ensuring seamless operation and scalability can be a barrier.

Image Recognition in Retail Market Segmentation by Application: The Inventory Management segment, which involves using image recognition for stock monitoring, shelf optimization, and supply chain visibility, is expected to witness substantial growth during the forecast period. Image recognition automates inventory-related tasks and minimizes out-of-stock and overstock situations.

Furthermore, the Customer Engagement and Personalization segment is relevant for retailers seeking to offer personalized product recommendations, visual search capabilities, and interactive shopping experiences.

Image Recognition in Retail Market Segmentation by Component: The Software segment, including image recognition algorithms and analytics solutions, is anticipated to remain prominent due to its role in enabling image analysis and interpretation. Retailers rely on image recognition software for actionable insights.

Regional Overview:

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North America is projected to contribute significantly to the global Image Recognition in Retail market, accounting for 42% of the market share during the forecast period. The region's retail innovation, the proliferation of e-commerce, and focus on enhancing customer experiences drive market demand.

Moreover, North America's emphasis on using image recognition for inventory optimization and cashier-less checkout aligns with the growing trend of integrating image recognition in retail operations.

In 2020, the Image Recognition in Retail market experienced growth as retailers sought technology solutions to adapt to changing consumer preferences during the COVID-19 pandemic. Image recognition played a pivotal role in enabling touchless shopping experiences.

Image Recognition in Retail Market Customer Landscape: The market report analyzes the adoption lifecycle, ranging from early adopters to late adopters. It examines adoption rates across different retail segments, considering penetration levels. The report also explores key criteria influencing Image Recognition in Retail solution selection and implementation.

Major Image Recognition in Retail Market Companies: Key players in the Image Recognition in Retail market are implementing strategies such as improving image recognition accuracy, expanding application support, and enhancing customer engagement to maintain their market presence.

Some major players include:

IBM Corporation
Google LLC (Google Vision AI)
Microsoft Corporation (Azure Computer Vision)
Amazon Web Services, Inc. (AWS Rekognition)
Salesforce.com, Inc. (Commerce Cloud Einstein)
Slyce Inc.
Trax Technology Solutions Pte Ltd.
Catchoom Technologies S.L.
Vispera Information Technologies
C2RO Cloud Robotics Inc.

The research report provides a comprehensive competitive landscape analysis of 20 market companies, evaluating their strengths, weaknesses, and strategic approaches. The analysis categorizes companies based on their market focus and dominance.

Segment Overview:

The Image Recognition in Retail market report forecasts revenue growth globally, regionally, and at the country level. It analyzes trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Billion, 2019 - 2032)

Inventory Management
Customer Engagement and Personalization
Visual Search and Discovery
Security and Surveillance
Others

Component Outlook (USD Billion, 2019 - 2032)

Software
Hardware

Geography Outlook (USD Billion, 2019 - 2032)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Rest of Europe

APAC

China
Japan
India

South America

Brazil
Argentina
Rest of South America

Middle East & Africa

UAE
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Image Recognition in Retail MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Image Recognition in Retail MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Image Recognition in Retail Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Image Recognition in Retail Of Suppliers

4.5.2. Image Recognition in Retail Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. Image Recognition in Retail MARKET BY technology landscape

SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Code Recognition

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Digital Image Processing

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Image Recognition in Retail MARKET BY component INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Software

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Hardware

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Image Recognition in Retail MARKET REGIONAL OUTLOOK

7.1. Image Recognition in Retail Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027 (USD Million)

7.2.2. North America Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Image Recognition in Retail Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Image Recognition in Retail Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Image Recognition in Retail Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Image Recognition in Retail Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Image Recognition in Retail Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 AWS

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 Blippar

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 Catchoom

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Clarifai

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 Deepomatic

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Google

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Honeywell

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 Huawei

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 IBM

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10 Imagga

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Image Recognition In Retail Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032