Image Recognition in Retail Global Market Report 2024

The global image recognition in retail market has grown exponentially in recent years. It will grow from $1.99 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. Historical growth can be attributed to various factors that aimed to improve customer engagement, emphasize visual merchandising, enhance data quality, foster competition and differentiation in retail, meet customer expectations for smooth shopping experiences, bolster security and loss prevention measures, as well as comply with regulatory standards and privacy measures.

The global image recognition in retail market is expected to see exponential growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. Anticipated growth in the forecast period is driven by several key factors, including the sustained expansion of online shopping, the worldwide reach of e-commerce platforms, the emergence of visual search engines, improvements in in-store shopping experiences, a growing demand for sustainable and ethical products, personalized marketing strategies, the increasing preference for contactless shopping, and a heightened focus on accessibility and inclusivity.

Increased adoption of image recognition applications is anticipated to fuel demand in the retail market. Applications like scanning, security, and marketing are gaining prominence due to their role in enhancing operational accuracy, bolstering security measures, and improving marketing campaigns. This surge in application usage is expected to drive up demand for image recognition in retail, primarily due to the improved return on investment (ROI) it offers retailers. For instance, Google reported that their image recognition technology, Google Lens, experienced a jump from 3 billion to 8 billion monthly uses globally between 2021 and 2022. Similarly, You Only Look Once (YOLO), a real-time object detection system, recorded an increase from 3.4 million to 10 million active users worldwide between its launch in 2019 and 2020.

The expansion of online retail, commonly known as e-commerce, is poised to significantly propel the growth of image recognition in the retail market. In this digital landscape, image recognition enhances the shopping experience through features like visual search, personalized recommendations, and augmented reality. This technological integration amplifies customer engagement and streamlines the purchasing journey. For example, the International Trade Administration noted that in 2022, consumer eCommerce accounted for 30% of the UK's total retail sector, marking a substantial rise from 20% in 2020, with an annual e-commerce revenue exceeding $120 billion.

Technological advancements stand out as a prominent trend within the image recognition retail market. Industry leaders are committed to continual technological progress to maintain their competitive edge. A case in point is BeMyEye, which in July 2021 introduced real-time image recognition technology for retail store audits. This innovation significantly reduced audit times by up to 70%, offering precise store insights to sales representatives within seconds, thereby enhancing the efficiency of field teams engaged in store audits.

Major players in the image recognition retail sector are intensifying their focus on AI-powered tools to gain a competitive advantage. One such tool, Shopping Lens, enables users to visually search and shop for real-world items through their smartphones. For instance, Klarna launched Shopping Lens in October 2023, leveraging AI to translate product images into search terms, guiding users to the best deals available on its app. This move aims to enhance the shopping experience for approximately 150 million active Klarna users, aligning with the growing demand for AI-driven shopping assistants and personalized experiences.

In July 2021, FORM, an integrated platform facilitating rapid implementation of data collection solutions for businesses, acquired ShelfWise for an undisclosed amount. This strategic acquisition is aimed at jointly developing an integrated task management and image recognition platform. The goal is to expedite the collection of in-store data, making it more efficient and reliable. ShelfWise, a Poland-based company specializing in image recognition software for retail insights, brings crucial capabilities to enhance FORM's offerings.

Major companies operating in the image recognition in retail market report are Catchoom Technologies S.L., Ricoh Innovations Corporation, Blippar Ltd., Jumio Corporation, Google LLC, Wikitude GmbH, Trax Retail Solutions Pte. Ltd., Snap2Insight Inc., Clarifai Inc., Slyce Inc., ParallelDots Inc., NEC Corporation, Huawei Technologies Co. Ltd., Qualcomm Incorporated, Amazon Web Services Inc., Zippin Inc., Vispera Information Technologies Ltd., Hitachi Ltd., NVIDIA Corporation, International Business Machines Corporation, Intel Corporation, Toshiba Corporation, Honeywell International Inc., Staffing Technologies, Sharp Corporation, Attrasoft Inc., Syte Visual Conception Ltd., boohoo Group PLC, Sephora SA, Shutterstock Inc.

North America was the largest region in the image recognition in retail market share in 2023. The regions covered in the image recognition in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the image recognition in retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Several types of image recognition are employed in retail settings. These include code recognition, digital image processing, facial recognition, object recognition, and other related methods. Code recognition, for instance, serves as an identification solution capable of reading and validating QR codes, traditional barcodes, and 2D data matrix codes. This technology utilizes a combination of hardware, software, and services, deployable through both on-premises and cloud-based systems. Its applications span across functionalities like scanning, image search, security and surveillance, augmented reality, marketing, advertising, and more.

This report provides image recognition in retail market statistics, including image recognition in retail industry global market size, regional shares, competitors with an image recognition in retail market share, detailed image recognition in retail market segments, market trends and opportunities, and any further data you may need to thrive in the image recognition in retail industry. This image recognition in retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The image recognition in retail market consists of revenues earned by entities by providing image recognition in retail for planogram compliance, detecting empty shelves, assessing competition and personalized searches for customers. The market value includes the value of related goods sold by the service provider or included within the service offering. The image recognition in retail market also includes sales of hardware and software that are used to provide image recognition solutions in retail. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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