New York, July 25, 2023 (GLOBE NEWSWIRE) -- The global image recognition in retail market size is predicted to expand at ~23% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 14 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022. . This is due to factors such as the increasing demand for automated processes, the growing usage of artificial intelligence (AI) and cloud technologies in retail, and the increasing demand for personalized customer experiences. Globally, 77 percent of retailers in 2022 were advancing their cloud investments as mature or intermediate users.
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By utilizing cloud technologies, retailers can quickly process customer images and detect objects within them. This allows retailers to quickly identify products and provide customers with personalized product recommendations. Additionally, the rapid digitalization of the retail industry is also driving the growth of global image recognition in retail market.
Image Recognition in Retail Market: Key Takeaways
- Market in North America to propel the highest growth
- The marketing and advertising segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
An Ever-Increasing Focus On Customer Satisfaction to Boost Market Growth
Companies have realized that customer satisfaction is key to building and maintaining a successful business. They have started investing more in customer service, offering more customer-friendly policies, and using customer feedback to improve their products and services. It is estimated that 18% of consumers are willing to pay more for a company that provides outstanding customer service, and 74% of customers will stay loyal to a brand because of friendly customer service representatives. Over 70% of U.S. consumers say they spend more on companies that provide excellent service.
Companies are increasingly using image recognition technology to provide customers with a more personalized shopping experience. This technology can recognize customer preferences and suggest products or services that cater to their needs, helping to improve customer satisfaction and loyalty. This technology also has the potential to revolutionize how customers interact with products and the retail experience in general. For example, this technology can be used to provide personalized product recommendations based on a customer's previous purchases, as well as to create virtual 'try-on' experiences that allow customers to see how an item of clothing looks on them without having to physically try it on.
Image Recognition in Retail Market: Regional Overview
The global image recognition in retail market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rise in Implementation of Image Recognition Solutions in The Retail Industry to Drive the Growth in the North America Region
By the end of 2035, the image recognition market in North America is expected to generate the largest revenue. This is because North America holds the highest market share in terms of technological advancements and implementation of image recognition solutions in the retail industry. For instance, IBM Watson uses artificial intelligence to help retail companies offer customers a more personalized shopping experience by using real-time data.
Furthermore, the region has the most mature retail market with numerous stores and customers, and this provides retail companies with a great opportunity to use image recognition solutions to improve their customer service and increase sales. Approximately 2 million e-commerce retailers operate in the United States, and there are over 442,590 brick-and-mortar retail stores. Retail stores are increasingly turning to image recognition technology to help streamline their operations. This technology can be used to track inventory levels, identify customer preferences, and improve customer service.
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Increasing Internet Penetration to Drive the Growth in the Asia Pacific Region
In terms of revenue, the Asia Pacific retail image recognition in retail market is expected to gain the most market share by 2035. With the rising use of facial recognition technology in retail stores, customers can have a more personalized shopping experience. This technology also makes it easier for retail stores to track customer behaviors and preferences, thus allowing them to better meet customer needs.
Additionally, increasing internet penetration in the region has allowed for more online shopping, which has further boosted the growth of the industry. The internet has seen a significant rise in usage among Indians with a majority of the population about 53% or 755 million people accessing it at least once per month in 2022. Furthermore, China's internet penetration rate reached 74% of its total population by the beginning of 2023.
Image Recognition in Retail Segmentation by Type
- Code Recognition
- Digital Image Processing
- Facial Recognition
- Object Recognition
The digital image processing segment is anticipated to hold the largest revenue by the end of 2035 due to the advantages digital image processing provides over traditional methods, such as improved accuracy, cost-effectiveness, and speed. In a recent survey, over 50% of online shoppers said digital images helped them make a purchasing decision.
Moreover, digital image processing techniques have enabled retailers to analyze consumer behavior and track buying trends to better understand their customers. This, combined with the increasing demand for automated image recognition solutions, has led to the growth of the segment. Additionally, automated image recognition solutions have enabled retailers to automate their inventory management and reduce manual labor costs.
Image Recognition in Retail Segmentation by Application
- Scanning & Imaging
- Image Search
- Security & Surveillance
- Augmented Reality
- Marketing & Advertising
The marketing & advertising segment is anticipated to hold the largest revenue by the end of 2035 due to the increasing demand for personalized and targeted ads and promotions. Almost 90% of leading marketers say personalization is significant to business profitability, and 88% think personalization is worth the investment. Companies are increasingly leveraging image recognition technology to enhance their customer experiences by providing more personalized and customized ads and promotions that are tailored to individual customers.
Additionally, the rise in big data analytics is leading to increased demand for marketing & advertising solutions. Companies are now able to identify customer preferences and buying patterns, target specific customers, and analyze customer feedback in real time.
Image Recognition in Retail Segmentation by Component
- Hardware
- Software
- Services
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Image Recognition in Retail Segmentation by Deployment
- On-Premises
- Cloud
A few of the well-known market leaders in the global image recognition in retail market that are profiled by Research Nester are Amazon Inc., Attrasoft, Inc., Blippar, Google LLC, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corp., Intelligent Retail, LTU Technologies, and other key market players.
Recent Development in the Market
- A human action recognition AI technology was created by Hitachi, Ltd. to recognize actions in videos when the face of the person is obscured or a subtle motion fluctuation is difficult to detect. In this method, artificial intelligence is used to analyze video and sensor signals from numerous body-worn sensors in advance to capture tiny changes in activities in real time without using extra sensors.
- InbraTerrestre, a Brazilian company, has created lighter-weight helmets for the military and police enforcement agencies using Honeywell's Spectra Shield technology. InbraTerrestre, one of the businesses of the Inbra Group, will be the first strategic defense provider to achieve T&A certification on the national level.
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