According to MarketsandMarkets forecasts, the global image recognition market size to grow from USD 26.2 billion in 2020 to USD 53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1 % from 2020 to 2025.
Image recognition solutions are revolutionizing the way companies manage customer interactions, market products online and offline, and manage store inventory. Also Image recognition technology is increasingly being used to search for products online for purchase.
With the boom in the e-commerce industry, even more so during the COVID-19 pandemic, entrepreneurs and retailers have realized that conventional strategies of sales promotions, marketing, and visual merchandising will not be sustainable in the industry in the long term. Hence, retailers are quickly adapting to the new era of AI and image recognition to deliver next level customer experience.
The use of image recognition for shelf recognition, product placement, and maintaining compliance with merchandising standards is quickly gaining momentum. Image recognition technology is assisting manufacturers, retailers, and marketers to understand their market and react dynamically.
Intelligence Retail, a computer vision and AI provider for merchandising solutions, leverages the IBM cloud and analytics solution featuring cutting-edge Graphic Processing Units (GPUs) to help companies drive sales, decrease audit costs, boost performance, and drive customer loyalty.
To know about the market and current trends please refer to the article https://www.marketsandmarkets.com/Market-Reports/image-recognition-market-222404611.html