The global image recognition in CPG market is expected to grow at a significant CAGR during the forecast period (2024-2031). The increasing need for efficient and profitable retail execution processes with adherence to compliance standards is one of the major factors expected to drive the growth of this market.
Image recognition solutions are revolutionizing the way CPG companies manage customer interactions, market products online and offline, and manage store inventory. Image recognition technology is increasingly being used to search for products online for purchase. For instance, Snapchat’s parent company, Snap, is currently working on developing a visual product feature in Snapchat that will leverage image recognition technology and help users to take pictures of products in the real world and identify, browse, and purchase items on Amazon.
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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 CPG industry in the long term. Hence, retailers are quickly adapting to the new era of AI and image recognition to deliver a 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.
Recent Developments:
- In April 2020, Microsoft partnered with Coca-Cola. The partnership aims to regulate its business operations on Microsoft Azure cloud and offer rich new digital experiences that will provide innovative solutions. These solutions will aid the Coca-Cola Company to achieve new insights from data across the enterprise, enabling a 360-degree view of the business, and increasing customer and employee experiences.
- In March 2020, Trax acquired Survey.com to combine both companies’ technologies, cater to the needs of emerging CPG market and grocery retailers, and strengthen its position in image recognition in the retail market.
- In August 2019, AWS enhanced Amazon Rekognition. The enhanced solution provides high accuracy of gender identification and emotion detection; and improved functionality to its face analysis features.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: IBM, Google, Qualcomm, Microsoft, AWS, Trax, and Catchoom, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Image Recognition In CPG Market by Segment
By Component
- Hardware
- Solutions
- Services
By Application
- Inventory Analysis
- Product
- Shelf Monitoring Analysis
- Gauging Emotions
By Deployment Mode
- Cloud
- On-Premise
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