Image Recognition AI Camera Market

Global Industry Analysis (2018-2021), Growth Trends and Market Forecast (2022-2026)

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Image Recognition Helps in Buying Products

Image recognition solutions are revolutionising how businesses manage customer interfaces, market products both offline and online, and manage store inventory. Image recognition technology assists manufacturers, marketers, and retailers in understanding their markets and react dynamically. Image recognition technology is gradually being used to search for and buy products online. For example, Snapchat's parent company, Snap, is currently working on developing a visual product feature in Snapchat that will leverage image recognition technology and benefit customers by allowing them to take pictures of products in the real world and recognise, browse, and purchase products on Amazon. With the thriving e-commerce industry, especially during the COVID-19 pandemic, retailers and entrepreneurs have realised that traditional sales campaign, marketing, and visual merchandising strategies will not be sustainable in the industry in the long run. As a result, retailers are rapidly adapting to the new era of AI and image recognition in order to provide next-generation customer experiences. The use of image recognition for product placement, shelf recognition, and merchandising standards is quickly gaining traction.

Cloud-powered Image Recognition Solutions Aid Smooth Retail Experience

Cloud providers such as Amazon Web Services (AWS), Microsoft, and Google are heavily investing in improving their image recognition market offerings in order to optimise in-store and online retail execution. The outbreak of COVID-19 has increased demand for cloud-based services even further. Intelligence Retail, a provider of computer vision and artificial intelligence (AI) for merchandising solutions, uses the IBM cloud and analytics solution with cutting-edge Graphic Processing Units (GPUs) to help businesses drive sales, reduce audit costs, boost performance, and drive customer loyalty. Microsoft is trying to leverage its Microsoft Azure stack to process massive amounts of data quickly for store shelf management and to enable representatives to gain real-time visibility into the retail execution process. Trax partnered with Google Cloud in early 2019 to leverage Google Cloud's cloud and edge computing technology, coupled with Trax's image recognition and machine learning ability, to efficiently control the in-store inventory and every SKU on the shelf with actionable real-time insights. Salesforce, an American cloud-based CRM company, launched Consumer Goods Cloud in 2019 to improve the in-store experience through artificial intelligence. The Consumer Goods Cloud enables field representatives to ensure the optimal shelf stock levels while also providing an image recognition and object detection solution for easy inventory management and planogram compliance checks. Such organic and inorganic techniques, backed by underlying cloud infrastructure, would help the image recognition market grow in the future.

Image Recognition Services Come with a Cost

The high cost of developing image recognition systems may be a barrier to market growth. The majority of enabling technologies, such as face recognition, deep learning, computer vision, AI, ML, and gesture recognition, are extremely expensive to develop. As a result, even if they are interested in image recognition solutions to increase productivity, companies with limited financial resources do not pursue them. Well-known vendor solutions in the market, such as Microsoft Computer Vision API, Microsoft Emotion API, Amazon Rekognition, Google Cloud Vision API, and IBM Watson Visual Recognition, are expensive, making them difficult to deploy for small businesses. The high cost of implementing image recognition solutions and training AI enablers to perform a specific task will deter small retail and e-commerce businesses, and this may act as a restraint for image recognition solution vendors during the forecast period.

Recent Developments

In July 2019, Trax Image Recognition, a computer vision and analytics solution provider for retail acquired Planorama, the supplier of image recognition services. This acquisition helped Trax to add deep learning-based image recognition technology from Planorama to its existing features that include market measurement and analytics services powered by image recognition, machine learning, and IoT platforms.

Major Players

The AI Camera market is fragmented owing to the presence of several companies that provides varied AI Camera Types. However, the companies that hold the majority share of the AI Camera market are Samsung Electronics, Honeywell International, LG Electronics, Huawei Technology, HuddleCamHD, HikVision Sony Corporation, Xiaomi Inc, Google LLC, Apple Inc, Nikon Corporation Fujitsu Ltd, and other prominent players.

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