Image Recognition in CPG Market by Component, Application, Deployment Mode, End User, and Region – Global Forecast to 2025

According to market research report on “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™, MarketsandMarkets forecasts 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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in-depth TOC on “Image Recognition in CPG Market”

231 – Tables

42 – Figures

209 – Pages

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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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