According to a new market research report “Image Recognition in CPG Market by Component (Hardware, Solutions & Services), Application (Inventory Analysis, Product and Shelf Monitoring Analysis & Gauging Emotions), Deployment Mode, End User (Online & Offline), and Region – Global Forecast to 2025″ published by MarketsandMarkets, the image recognition in CPG market size to grow from USD 1.4 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.7 % from 2020 to 2025. Increased in the need for efficient and profitable retail execution processes with adherence to compliance standards and technological advancements to boost the adoption of image recognition in CPG market across the globe during the forecast period.
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Based on component, the hardware segment to account for the largest market size during the forecast period
This segment includes image sensors integrated with cameras. Hardware is an integral part of image recognition technology in the CPG market. Many companies like IBM and Qualcomm provide their company made sensors which help detect products, shelf life and even trends. For instance, Qualcomm offers the Vision Intelligence 400 platform that is built with powerful image processing and ML for smart camera products; it performs face detection, face recognition, product classification, and license plate recognition.
Based on application, the product and shelf monitoring analysis segment to account for the largest market size during the forecast period
The pandemic situation has forced people to concentrate more on online e-commerce businesses. Many leading retailers and CPG companies have adopted AI and image recognition technology for shelf monitoring and product identification. Computer vision and image recognition are used for product discovery, product recommendations and trend analysis.
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Among regions, North America to account for the highest market share during the forecast period
North America is a significant contributor to the global image recognition in CPG market. The US and Canada are the major contributors to the North American market. Canada and the US are increasingly witnessing the merging of artificial intelligence with image recognition and augmented reality; this is expected to drive market growth in the region. The United States is home to major AI-based image recognition companies, leading to increasing adoption of the technology across the region. As a result, many companies are making their move towards the US market, intending to develop an assemblage of AI capabilities.
The major image recognition in CPG market vendors include IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), Trax (Singapore), Catchoom (Spain), Slyce (US), LTU Tech (France), Imagga (Bulgaria), Vispera (Turkey), Blippar (UK), Ricoh innovations (US), Clarifai (US), Deepomatic (France), Wikitude (Austria), Huawei (China), Honeywell (US), Toshiba (Japan), Oracle (US).
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