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The growing use of image recognition applications is expected to drive image recognition innovation in retail manufacturing, driving the market during the forecast period.

The global image recognition in retail market is expected to grow from $1.63 billion in 2022 to $1.98 billion in 2023 at a compound annual growth rate (CAGR) of 21.6%. The image recognition in retail market size is expected to grow to $4.16 billion in 2027 at a CAGR of 20.4%.

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Global Image Recognition In Retail Market Segments Include:

• By Type: Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Other Types
• By Component: Hardware, Software, Services
• By Deployment: On-Premises, Cloud
• By Application: Scanning And Imaging, Image Search, Security And Surveillance, Augmented Reality, Marketing And Advertising, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global image recognition in retail market in 2021.

Major Market Players in the image recognition in retail market include Catchoom, Ricoh Innovations, Blippar, LTU Tech, Google LLC, Wikitude, Trax Retail, Snap2Insight, Clarifai Inc., Slyce, Paralleldots, NEC Corporation.

Technological advancement is a key trend that is gaining traction in image recognition in the retail market. To stay competitive in the retail image recognition market, major players are focusing on technological advancements. For example, in July 2021, BeMyEye, an England-based retail technology company, announced the addition of’real-time image recognition for retail store audits’ to its list of CPG tools. This cutting-edge technology can cut audit times by up to 70% while providing sales representatives with precise store insights in less than 20 seconds. This new technology improves the speed, efficiency, and actionability of store audit field teams.

The Image Recognition In Retail Global Market Report 2023  provides a image recognition in retail market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The image recognition in retail market forecast analyzes image recognition in retail market size, image recognition in retail market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

In retail, image recognition is an algorithm that analyses a picture or video, decodes its information, and recognises the image as representing a specific brand, product, category, or something entirely different. Retailers use image recognition to maintain shelf health, display compliance, competitive insight, and planogram compliance.

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