Image Recognition in Retail Market Size & Share, by Type (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition); Component (Hardware, Software, Services); Deployment (On-Premises, Cloud); Application (Scanning & Imaging, Image Search, Security & Surveillance, Augmented Reality, Marketing & Advertising) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4964
  • Published Date: Jun 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Image Recognition in Retail Market size is set to reach USD 14 billion by the end of 2035, growing at 23% CAGR from 2023 to 2035. The image recognition in retail sector was USD 3 billion in 2022. The market is projected to be influenced by the growing adoption of cloud in retail. About 77 percent of retailers globally in 2022 were mature or intermediates users of the cloud who were advancing their investment in the cloud.  Cloud computing makes data processing ability, and data storing capacity efficient which makes the operation of retail business effortless.

Additionally, the concern for fake logos, and designs is growing which will further drive the demand for image recognition. Image recognition technology basically makes it possible for e-Commerce sites to identify goods with false logos and designs trying to pass off as authentic brands by identifying inconsistencies between photos and information. When a fake is found, the system flags it and removes the sellers' products from the marketplace.


Image Recognition in Retail Market
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Global Image Recognition in Retail Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Focus on Customer Satisfaction

Retail, both online and offline, has the potential to undergo a full transformation owing to image analytics. It entails classifying images based on features or objects in the image. In image analytics, image recognition software is crucial for identifying things such as faces, animals, objects, and colors which eventually increases the satisfaction level of the customers since it becomes easy to find products. Moreover, researchers are working on facial emotion detection in order to recognize the satisfaction level of the customers.

  • Rise in the Establishment of Physical Retail Stores

Even though of growing online retail, the presence of physical stores is estimated to sustain or grow in near future. For instance, while physical storefronts continue to account for about 86% of sales, e-commerce only makes up approximately 12% of all retail sales in the United States. However, to boost the growth of physical stores, a large number of retailers are adopting digitalization. Therefore, the adoption of image recognition in retail is rising.

  • Surge in Adoption of Smartphones

With the help of image recognition software that uses artificial intelligence, users deploy their smartphones every day to scan a variety of items and access a number of applications.

Challenges

  • High Installation Cost
  • Risk of Data Theft - The user receives the intended results as a result of the image recognition technology's processing of the image data. It also needs complementary technologies to improve its functionality, such as facial recognition, deep learning, natural language processing, machine learning, and natural language processing (NLP) to process the stored data and produce useful results. With the use of these technologies, organizations are able to extract valuable information from vast amounts of data and utilize it to inform important choices. Therefore, one of the major threats that many online customers currently face is data theft.
  • Quality Issues of the Image

Image Recognition in Retail Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 23%

Base Year Market Size (2022)

~ USD 3 Billion

Forecast Year Market Size (2035)

~ USD 14 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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 Image Recognition in Retail Segmentation

  • Type (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition)

The digital image processing segment is projected to garner the largest revenue by the end of 2035. This growth of the segment is poised to rise on account of the surging use of digital images. Digital image processing techniques guide in processing videos, further also boost the quality of the image such as boosting contrast, cutting noise, and eliminating artifacts from the image.

  • Application (Scanning & Imaging, Image Search, Security & Surveillance, Augmented Reality, Marketing & Advertising)

The marketing & advertising segment is poised to have lucrative growth rate during the forecast period. The adoption of image recognition is high in this application owing to the need to improve marketing activities, along with increasing customer interactions.

Also, the audience on social media is growing which could further attract more viewers. Over 5 billion individuals used social media as of 2021, and the typical user visited approximately 5 different social media platforms each month across the globe. Hence, for the purpose of enhancing user experience and enabling advertisers to position ads that are relevant to the context, the major social media platforms are utilizing AI in retail.

Our in-depth analysis of market includes the following segments:

 

     Type

  • Code Recognition
  • Digital Image Processing
  • Facial Recognition
  • Object Recognition

 

     Component

  • Hardware
  • Software
  • Services

 

     Deployment

  • On-Premises
  • Cloud

 

 

     Application

  • Scanning & Imaging
  • Image Search
  • Security & Surveillance
  • Augmented Reality
  • Marketing & Advertising 

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Image Recognition in Retail Industry - Regional Synopsis

North American Market Forecast

The market share of image recognition in retail in North America, is anticipated to grow rapidly by 2035, backed by the growing adoption of Artificial Intelligence (AI) in the field of digital shopping and e-commerce.

Moreover, vendors have been compelled to concentrate on creating distinctive products in order to stay competitive due to the growing competition among image recognition solution suppliers.

APAC Market Statistics

Asia Pacific market is estimated to account for significant revenue share through 2035. Rapid technical advancements, rising smartphone and tablet use, and the popularity of online streaming in developing nations such as China and India are all factors contributing to the industry expansion.

Research Nester
Image Recognition in Retail Market Size
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Companies dominating the Image Recognition in Retail Landscape

top-features-companies
    • Amazon.com, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Attrasoft, Inc.
    • Blippar
    • Google LLC
    • Hitachi, Ltd.
    • Honeywell International Inc.
    • Huawei Technologies Co., Ltd.
    • IBM Corp.
    • Intelligent Retail
    • LTU Technologies

In the News

  • In order to recognize actions in videos when a person's face is obscured or there is a subtle fluctuation in motion that is challenging to discern, Hitachi, Ltd. has created a human action recognition AI technology. With this technique, it is feasible to capture tiny variations in activities in real time without the usage of extra sensors by having AI learn the video and sensor signal from numerous body-worn sensors in advance.
  • Honeywell International, Inc. announced. InbraTerrestre, a Brazilian company, has used its Spectra Shield technology to create lighter-weight helmets for the military and police enforcement. One of the Inbra Group's businesses, InbraTerrestre, would be the nation's first strategic defense provider to gain T&A certification for level III-A ballistic helmet.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4964
  • Published Date: Jun 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are a growing focus on customer satisfaction, a rise in the establishment of physical retail stores, and a surge in the adoption of smartphones.

The market size of image recognition in retail is anticipated to attain a CAGR of ~23% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Amazon.com, Inc., Attrasoft, Inc., Blippar, Google LLC, and more.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, component, deployment, application and by region.

The digital image processing segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

High installation cost, risk of data theft, and quality issues of the image are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Image Recognition in Retail Market Report Scope
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