Image-recognition technology is expected to make major inroads in retail in the coming years, with growing use in inventory management, customer-behavior analysis and personalized marketing. That’s the conclusion of the just-released “Global Image Recognition in Retail” report from Pragma Market Research, which predicted that market will grow at an annual rate of 20 percent between 2023-2028.
“The growth of image recognition in the retail market is attributed to the increasing demand for efficient and effective retail operations and the growing need for personalized customer experience,” the report states. “With the development of advanced visual-recognition technologies, retailers can analyze customer behavior and preferences, optimize store layouts, and provide personalized marketing strategies to increase customer engagement and loyalty.”
The report covers such technologies as code recognition, digital image processing, facial recognition, object recognition more. Specific applications covered in the report include visual product search, security and surveillance, vision analytics, marketing and advertising, and more.
“The visual product search segment is expected to hold the largest market share due to the increasing demand for visual search technologies for product discovery and shopping convenience,” the report states.
Key tech providers in the market include Snap2Insight, Vispera, Trax, Slyce, NEC Corp., Ricoh Innovations, IBM, Honeywell, Standard Cognition, Google, Qualcomm, Microsoft and AWS.
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