The global market for image recognition in retail is projected to have considerable CAGR during the forecast period. The market growth mainly driven by the increasing application in a wide range of application such as vision analytics, marketing & advertising and others in retail industry. The growing adoption of image recognition software for packaging recognition, product search & track on the web, product detection for brand protection and others are the most common factor contributing to the market. Furthermore, the recent developments in big data analytics, cloud computing, social networks, natural language processing (NLP) and machine learning have a significant impact on image recognition technologies in retail sector. The rapid advancement in advanced technologies such as AI and their increasing adoption in the various application is further projected to provide significant opportunity to the market.

Segmental Outlook  

The global image recognition in retail market is segmented based on deployment type and application. Based on the product type, the market is further classified into on-premises and cloud-based. The cloud based image recognition solutions are widely adopted by the enterprises due to cost-effectiveness and various benefits such as scalability and portability in the operation. Therefore growing adoption of cloud-based image recognition solutions in retail industry providing significant opportunity to the market growth. On the basis of application the market is further segregated into vision analytics, marketing and advertising, visual product search, and others.

Global Image Recognition in Retail Market Share by Application, 2019 (%)

Global Image Recognition in Retail Market to be Driven by Vision Analytics

Among application, the vision analytics segment held a considerable growth in the market owing to increasing demand of analytics solutions for better customer experience in retail shop and malls. Moreover, AI with the image recognition enables to ease the process and alleviate the shopping experience for the customers. Companies such as Amazon, Lenskart, Adidas, Cognizant and many more uses the image recognition in their retail stores. Amazon’s friction-less grocery store uses image recognition to identify its customer and support them by making their shopping experience better without the requirement of stopping at payment counters. Lenskart and Adidas have their image recognition system which enables the customer to try how the accessories look on them without actually wearing them. They can just select the option and image recognition system will project it on the screen as how it looks on them.

Regional Outlook 

Geographically, the global image recognition in retail market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is projected to hold a significant market growth in the global image recognition in retail market during the forecast period. Major economies which are anticipated to contribute to Asia-Pacific image recognition in retail market include China, India Japan and others. The major factors contributing to the growth of the market in the region include the rising demand of analytics solutions in retail industry coupled with the growing urbanization and growth of retail & e-commerce industry in the region.

Global Image Recognition in Retail Market Growth, by Region 2020-2026

North America to hold a considerable share in the global image recognition in retail market

Geographically, North America have significant share in the global image recognition in retail market. Technologies such as AI has been significantly adopted in various application of retail sector. The advancement of technological infrastructure in major economies of North America such as the US and Canada coupled with significant adoption of data analytics solutions are further making a considerable contribution towards the market in the region. Furthermore, The presence of major market players such as Amzon web Services Inc., IBM Corp., Google LLC, and others in the North American region is fueling the growth of the market in North America. Image recognition technology has rapidly evolved over the past years, which can be used in a number of applications owing to advanced algorithms and the incorporation of AI in the image recognition technology. Governments, law enforcement, and private-sector businesses are increasingly using the facial recognition scanning software, specifically for public safety in retail store.

Market Players Outlook

The key players in the image recognition in retail market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Amazon Web Services, Inc., Google LLC, IBM Corp., Microsoft Corp., Trax Technology Solutions Pte Ltd., and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. For instance, In July 2019, Trax Technology Solutions Pte Ltd. Announced the acquisition of leading European provider of image recognition for retail execution planorama.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global image recognition in retail market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.