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The global Image Recognition in Retail market was valued at US$ 2.11 billion in 2023 and is projected to reach US$ 14.2 billion by 2030, at a CAGR of 18.41% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
This report aims to provide a comprehensive presentation of the global market for Image Recognition in Retail, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Image Recognition in Retail. This report contains market size and forecasts of Image Recognition in Retail in global, including the following market information:
It can reduce sales time; identify products on shelves, price tags, POSM, analyze and provide suggestions for correcting defects; analyze product range, prices, and trends; analyze shelf share compared with competitors, and dynamic changes; monitor product matrix Compliance; automatically generate reports on selected indicators.
Image recognition technology is rapidly transforming the retail industry, offering innovative solutions to enhance customer experiences, streamline operations, and boost sales.
Personalization: Retailers using image recognition for personalization report a 20% increase in customer satisfaction. This technology enables personalized product recommendations based on visual search and customer preferences.
Visual Search: Over 62% of millennials prefer visual search capabilities over traditional search methods. Retailers adopting visual search tools see a 30% increase in online conversion rates as customers can find products more easily and quickly.
Virtual Try-Ons: The adoption of virtual try-on technology, powered by image recognition, has led to a 25% reduction in return rates. Customers can see how products, such as clothing or cosmetics, look on them before making a purchase.
Inventory Management: Retailers utilizing image recognition for inventory management experience a 35% reduction in stockouts and overstock situations. This technology helps in accurate tracking of inventory levels and automated restocking.
Shelf Monitoring: Image recognition enables real-time shelf monitoring, which can lead to a 50% reduction in out-of-stock items. Retailers can ensure shelves are always stocked and products are correctly placed, improving overall store efficiency.
Loss Prevention: With image recognition, retailers have seen a 30% decrease in shrinkage due to theft and fraud. This technology helps in monitoring store activities and identifying suspicious behavior.
Customer Insights: Image recognition provides valuable customer insights, leading to a 40% improvement in targeted marketing campaigns. Retailers can analyze customer behavior and preferences to tailor marketing strategies effectively.
In-Store Navigation: Implementing image recognition for in-store navigation has resulted in a 20% increase in average time spent in the store. Customers can easily find products, promotions, and deals, enhancing their shopping experience.
Product Discoverability: Retailers report a 25% boost in product discoverability and sales by incorporating image recognition into their mobile apps and online platforms. Customers can upload images to search for similar products, driving engagement and purchases.
Image recognition is revolutionizing the retail sector by providing advanced tools to enhance customer experience, improve operational efficiency, and drive sales.
The global key manufacturers of Image Recognition in Retail include IBM, AWS, Google, Microsoft, Trax, Intelligence Retail, VistBasic, Snap2Insight and Intel, etc. in 2023, the global top five players have a share approximately % in terms of revenue.
We surveyed the Image Recognition in Retail companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Image Recognition in Retail Market, by Type, 2018-2023, 2024-2032 ($ millions)
Global Image Recognition in Retail Market Segment Percentages, by Type, 2023 (%)