Image Recognition in CPG Market

Image Recognition in CPG Market Insights

The image recognition in the CPG market is augured to discern exalted growth of CAGR 20.5% during the outlook term (2020-2026). Image recognition technology can be defined as the ability as a system or software to identify and detect an object or any feature in digital documents such as images or videos. The approach is used for various purposes such as industry system automation, toll booth monitoring, security surveillance, accident dodge mechanism, and many others. It is also termed as the series of neural network which uses technologies based on machine vision with trained algorithms and AI to identify photographs via a camera method. Ever since, the global lockdown was stated during March 2020, online and offline sales have gone hovering in the retail sector, which led to an increase in the requirement for CPG products. Easy accessibility of the internet, rapid digitization, raising prevalence in retail & e-commerce, low-cost solutions & services, comedown in conventional strategies for sales and marketing are the propellors of the global IR market.

Image Recognition in CPG Market: By Type of Component

Based on the type of component, the market can be listed as solutions, services, and hardware. The services sector is measured to exacerbate at a substantial rate in the forecast period due to features such as the enactment of software for image processing in healthcare & life sciences and media & entertainment, the necessity for text extraction, reduction in audit costs, provender of customer satisfaction and heightening content discoverability.

Image Recognition in CPG Market: By Type of Application

The market grouping based upon application is product and shelf monitoring analysis, inventory analysis, product placement trend analysis, category analysis, auditing product placement, assessing compliance and competition, and gauging emotions. Inventory analysis is proposed to see a significant rise in the market. The components amplifying the growth are technology chosen by various businesses and the influx of facial recognition in social media platforms.

Image Recognition in CPG Market: By Type of Deployment

Based on deployment, cloud and on-premises are the elements of the global market. The area awaited to thrive in the projection period is cloud technology. Few attributes swaying the extension of the market are the implication of cloud technologies in multiple verticals such as BFSI (Banking, Financial Services, and Insurance), media & entertainment, retail & e-commerce, rebate in license expense, greater flexibility, higher efficiency, and lower manpower requirement.

Image Recognition in CPG Market: By Type of End-User

Online and offline are categories based on the type of end-user. online end-user is estimated to grow significantly during the forecast period. Increase in the usage of e-commerce after COVID-19, the initiation of contemporary techniques by IT giants to empower subsisting technologies, and implementation of deep learning and AI techniques in the computer vision sector are the representatives promoting the growth of the market.

Image Recognition in CPG Market: By Region

Based on the topical review, the market can be fragmented as APAC (Asia-Pacific), NA (North America), MEA (the Middle East & Africa), Europe, and CSA (Central & South America). North America is expected to see a notable reach in the market as the U.S. is home to AI-based image recognition technology, which has led to notoriety in the region. The progress in digitization, reception of electronic goods, and regulation of technologies like AI, machine learning is the whips boosting the burgeon of the global market. On the other hand, the APAC region is expected to be the fastest-growing market segment as per the geographical analysis during the forecast period owing to rising focus on digitization in most of the sectors in this region.

Image Recognition in CPG Market Share and Competitor Analysis

The focal players currently operating in the Image Recognition in CPG Market are IBM Pvt. Ltd., Google LLC, Qualcomm, Microsoft Corporation, AWS, Trax, Catchoom, Slyce Inc., LTU Technologies, Imagga Ltd., Vispera, Blippar, Ricoh Innovations Corporation, Clarifai Inc., Deepomatic, Wikitude, Huawei Technologies Co. Ltd., Honeywell International Inc., Toshiba Corporation, Oracle Corporation, and other companies.

Please note: This is not an exhaustive list of companies profiled in the report.

In March 2020, Trax acquired Survey with the motive to combine technologies of both the companies. This progress will purvey to the demands of the market and sustain its stance in IR in the retail and e-commerce market.

In August 2019, AWS launched the upgraded version of its product name, Amazon Rekognition. The advantages of this product are high efficiency of gender identification, emotion discovery, and augmented functionality in face analysis features.

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