Image Recognition in Retail Market Scope
The growing retail industry in the COVID 19 pandemic is expected to witness high demand for Image Recognition in the Retail market in the forecasted period. The image recognition technology can be used for retail applications to process, analyze, and understanding images. Image recognition is used to perform a large number of machine-based visual tasks, such as labeling the content of images with meta-tags, performing image content search, and guiding autonomous robots, self-driving cars, and accident avoidance systems. This is beneficial for the retail industry. Thus, Many retailers are implementing Artificial Intelligence as well as image recognition technology in retail to deliver the next level of customer experience. Image recognition in retail includes technologies to enhance 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. The technological advancement associated with Image Recognition in Retail can create lucrative opportunities in the forecasted period.
The Image Recognition in Retail market study is segmented and major geographies with country level break-up.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Image Recognition in Retail market throughout the predicted period.
IBM (United States), AWS (United States), Google (United States), Microsoft (United States), Trax (Singapore), Intelligence Retail (United States), Snap2Insight (United States), Intel (United States), NVidia Corporation (United States) and NEC (Japan) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AMA Research has segmented the market of Global Image Recognition in Retail market by Type, Application and Region.
On the basis of geography, the market of Image Recognition in Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In April 2020, Microsoft partnered with Coca-Cola. The partnership aims to regulate its business operations on Microsoft Azure cloud and offer rich new digital experiences that will provide innovative solutions. These solutions will aid the Coca-Cola Company to achieve new insights from data across the enterprise, enabling a 360-degree view of the business, and increases customer and employee experiences.
In March 2020, Trax acquired Survey.com to combine both companiesí technologies, cater to the needs of emerging CPG market and grocery retailers, and strengthen its position in image recognition in the retail market.
- Upsurging technological developments to boost the adoption of image recognition solutions among retailers
- Hugh demand for brand recognition among end-users
- High demand due to rise on-shelf availability
- High Adoption due to enhance customer experience, and maximize RoI due to COVID-19
- The growing requirement to make informed decisions among retailers
- High demand for cloud-based image recognition solutions
- The Concern related to High risk related to customer data thefts
- High cost of image recognition services
- Low-resolution image size and storage issues
Key Target AudienceEnd-users/enterprise-users, Research institutes and organizations, Government bodies, venture capitalists, and private equity firms and Market research and consulting firms
Frequently Asked Questions (FAQ):
1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Image Recognition in Retail Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.
3. What is expected growth rate in Image Recognition in Retail Market?
According to AMA, the Global Image Recognition in Retail market is expected to see growth rate of 21.34%.