The global image recognition in CPG market size is expected to grow from an estimated value of 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.
The image recognition in CPG industry is driven by various factors, such as 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. However, High installation cost of image recognition services can hinder the growth.
Services for the image recognition in CPG market include implementation, deployment, product upgrades, maintenance, and consulting. Increase in the adoption of image recognition software has led to the growth of such services, which help CPG companies to increase overall revenue and enhance performance. Vendors in the image recognition in CPG market sometimes provide services via channel partners; these partners can help strengthen the geographical reach of solution vendors and improve the cost-effectiveness of their software. The growing demand for rich media is expected to drive companies, such as LTU Technologies, and Catchoom, to offer integrated training services, professional services, and support and maintenance services.
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.
The image recognition in CPG market in Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. North America accounts for the highest share in the image recognition in CPG market in 2020. The factors supplementing this growth are the region's stable economy, early adoption of technologies, and the presence of major image recognition in CPG vendors, such as IBM, AWS, Google, and Microsoft.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 COVID-19 Impact on Image Recognition in CPG Market
7 Image Recognition in CPG Market, by Component
8 Image Recognition in CPG Market, by Application
9 Image Recognition in CPG Market, by Deployment Mode
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