Image Recognition in Retail Market

Image recognition helps ensure that the arrangement of goods on the shelf matches the planogram. Object recognition algorithms scan a supermarket stall, detect the products, and classify them by manufacturer, brand, or SKU.

Retail is one of the most competitive industries in the world. With e-commerce on the rise and brick-and-mortar stores struggling to keep up, it’s no wonder that retailers are turning to image recognition technology to help them get a leg up on their competition.

The market is segmented into commercial and residential applications. In terms of application, the commercial segment is expected to account for the highest share in terms of revenue due to the increasing adoption of the technology in supply chain management and other industrial applications.

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. This is due to the increasing preference for smart technology solutions across various industrial sectors such as retail and transportation. Moreover, rising demand for 3D printing services and an increase in investments in artificial intelligence applications are also contributing to the growth of this region.

The market for image recognition in retail is expected to grow from USD XX million in 2019 to USD XX billion by 2031, at a CAGR of XX%.

The key players in the image recognition market are IBM Corporation, Amazon Web Services (AWS), Google, and Microsoft Corporation.Trax Retail, Honeywell International, Hitachi, LTU Technologies, NEC Corporation, and Qualcomm Incorporated