According to market research report "Image Recognition in Retail Market by Technology (Code Recognition,
Digital Image Processing) Component (Software and Services), Application (Visual
Product Search, Security Surveillance), Deployment Type, and Region - Global
Forecast to 2025" published
by MarketsandMarkets, the global image recognition in retail market size is
expected to grow from USD 1.4 billion in 2020 to USD 3.7 billion by 2025, at a
Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period. Need to
increase on-shelf availability, enhance customer experience, and maximize RoI
is one of the major factors driving the growth of the market.
Browse in-depth TOC on "Image Recognition in Retail
Market”
139- Tables
44- Figures
186- Pages
139- Tables
44- Figures
186- Pages
Professional services to account for the highest market share
during the forecast period
Service providers provide professional services, such as
consulting, training, support, and maintenance services that help retailers
gain descriptive knowledge about software. Vendors also provide online and
onsite training so that retailers can use software in a better way. Providing
training and support services while deploying image recognition software has
generated a level of awareness about the use of the software, thus strengthening
the growth for the services segment. Continuous training sessions to resolve
business complexities further enable retailers to gain expertise in newly
adopted software.
Cloud segment to grow at a higher CAGR during the forecast
period
The increasing use of the internet, along with the high adoption
of innovative technologies, such as the web, mobile, social media, and
analytics supplement the growth of cloud-based image recognition techniques.
Retailers deploy image recognition software solutions on-premises to encourage
and strengthen marketing endeavors, which involve high costs with limited
scalability. This has encouraged retailers to adopt cloud-based image
recognition solutions as they do not involve high upfront costs. Cloud-based
services reduce licensing costs, cut down on unnecessary IT staff, focus on
maintenance, and offer retailers with greater flexibility to expand their
business. However, to implement a cloud model deployment, enterprises first
need to analyze the benefits of their existing set-up and those that a
cloud-based service can give them. In addition, security concerns remain a
critical issue that restricts its adoption; however, the security issue is
gradually being eliminated through rigorous security tests of the highest standards
by third parties
North America to lead the image recognition in retail market during
the forecast period
North America is expected to account for the highest share of
the image recognition in retail market in 2020. The region comprises developed
countries, such as the US and Canada, and is considered the most advanced
region in terms of adoption of advanced technologies. The North American region
exhibits a wide presence of key industry players offering image recognition in
retail software and services, and its financial position enables the region to
invest majorly in leading tools and technologies for effective business
operations.
Google (US), Microsoft (US), AWS (US), IBM (US), Trax
(Singapore), NEC Corporation (Japan), Qualcomm (US), Slyce (US), Catchoom
(Spain), Intelligence Retail (US), Imagga (Bulgaria), Vispera (Turkey), Snap2Insight
(US), ParallelDots (US), Clarifai (US), Deepomatic (France), Blippar (UK),
Ricoh Innovations (US), LTU (France), ShelfWise (Poland), Trigo (Israel),
Wikitude (Austria), Standard Cognition (US), Huawei (China), Honeywell (US),
and Zippin (US) are some of the major companies operating in this market.
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Content Source:https://www.marketsandmarkets.com/PressReleases/image-recognition-in-retail.asp
Report: https://www.marketsandmarkets.com/Market-Reports/image-recognition-in-retail-market-181903303.html
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source:https://www.marketsandmarkets.com/PressReleases/image-recognition-in-retail.asp
Report: https://www.marketsandmarkets.com/Market-Reports/image-recognition-in-retail-market-181903303.html
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