Dublin, March 21, 2023 (GLOBE NEWSWIRE) -- The "Global Image Recognition in Retail Market (2023-2028) by Component, Technology, Deployment, Applications, and Geography, Competitive Analysis, Impact of Covid-19, Impact of Economic Slowdown & Impending Recession with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Image Recognition in Retail Market is estimated to be USD 2.57 Bn in 2023 and is expected to reach USD 6.38 Bn by 2028, growing at a CAGR of 19.95%.
Market dynamics are forces that impact the prices and behaviors of the stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors.
There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.
As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the Global Image Recognition in Retail Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
The analyst analyses the Global Image Recognition in Retail Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Image Recognition in Retail Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains the competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 172 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.57 Billion |
| Forecasted Market Value (USD) by 2028 | $6.38 Billion |
| Compound Annual Growth Rate | 19.9% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Need to Increase On-Shelf Availability, Enhance Customer Experience, and Maximize ROI
- Increasing the Use of Image Recognition Applications
- Increasing Use of High Bandwidth Data Services
- Increasing Demand for Security Applications and Products Enabled with Image Recognition Functions
Restraints
- High Risk Related to Customer Data Thefts
- High Cost of Installation of Image Recognition Systems
Opportunities
- Growing Adoption of Cloud-Based Image Recognition Solutions
- Rising Demand for Brand Recognition Among End Users
- Increasing Demand for Big Data Analytics
Challenges
- Low Resolution Image Size and Storage Issues
- Growing Instances of Shoplifting
Market Segmentation
The Global Image Recognition in Retail Market is segmented based on Component, Technology, Deployment, Applications, and Geography.
- By Component, the market is classified into Hardware, Software, and Services.
- By Technology, the market is classified into Barcode Recognition, Digital Image Processing, Object Recognition, Facial Recognition, and Others.
- By Deployment, the market is classified into Cloud and On-Premises.
- By Applications, the market is classified into Visual Product Search, Marketing & Advertising, Security & Surveillance, Vision Analytics, and Other.
- By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.
Companies Mentioned
- Amazon.com, Inc.
- Attrasoft, Inc.
- Blippar
- Google LLC
- Hitachi, Ltd.
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- IBM Corp.
- Intelligent Retail
- LTU Technologies
- Microsoft Corp.
- NEC Corp.
- Pattern Recognition Co. GMBH
- Planorama
- Qualcomm Technologies, Inc.
- Ricoh Innovations Corp.
- Snap2Insight Inc.
- TRAX Retail
- Toshiba Corp.
- Wikitude GmbH
For more information about this report visit https://www.researchandmarkets.com/r/av532j
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