Image Recognition in Retail - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Image Recognition in Retail Market is accounted for $1.17 billion in 2019 and is expected to reach $5.02 billion by 2027 growing at a CAGR of 20.0% during the forecast period. Some of the key factors propelling the market growth are growing need for enhancing customer experience increasing use of the internet, and technological advancements. However, high risk associated with customer data thefts is the restraining factor for the growth of the market.
Image recognition is the technique by which an input image is analyzed and its category is predicted from a set of categories. It is often used to interpret live camera video and has a wide variety of applications in the retail sector.
By technology, the digital image processing segment is expected to grow at a significant market share during the forecast period as it allows images to be defined over two or more dimensions. Based on geography, North America is anticipated to hold considerable market share during the forecast period owing to the high rate of adoption of novel technologies by various enterprises present in this region.
Some of the key players in Image Recognition in Retail Market include Microsoft, IBM, Qualcomm, Google, Honeywell, NEC Corporation, Trax, Blippar, Standard Cognition, Snap2Insight, Intelligence Retail, Slyce, AWS, ShelfWise, Ricoh Innovations, Zippin, Catchoom, Trigo, Deepomatic, Vispera, and ParallelDots.
• Object Recognition
• Code Recognition
• Facial Recognition
• Digital Image Processing
• Marketing and Advertising
• Security and Surveillance
• Visual Product Search
• Vision Analytics
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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