Global Image Recognition in Consumer Packaged Goods (CPG) Market – Industry Trends and Forecast to 2030

Global Image Recognition in Consumer Packaged Goods (CPG) Market, By Component (Hardware, Solution, and Services), Deployment Type (Cloud and On-Premises), Application (Inventory Analysis, Product and Shelf Monitoring Analysis, Auditing Product Placement, Product Placement Trend Analysis, Assessing Compliance and Competition, Category Analysis and Gauging Emotions), End- User Type (Online and Offline) – Industry Trends and Forecast to 2030.

 Image Recognition in Consumer Packaged Goods (CPG) Market Analysis and Size

The growth and expansion of next-generation models in consumer packaged goods solutions will be improved and need to showcase their digital business capabilities.  As a result of this increase the demand for image recognition in consumer packaged goods (CPG) in the global market. The ‘services is expected to be the fastest growing component segment during the forecast period owing to features such as the enactment of software for image processing in media & entertainment and healthcare & life sciences, reduction in audit costs, the necessity for text extraction, heightening content discoverability and provender of customer satisfaction.

Data Bridge Market Research analyses that the image recognition in consumer packaged goods (CPG) market is expected to reach USD 10.23 billion by 2030, which is USD 2.08 billion in 2022, at a CAGR of 22.00% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Image Recognition in Consumer Packaged Goods (CPG) Market Scope and Segmentation

Market Definition

Image recognition is an advanced technology that uses machine learning technology and algorithms to identify certain animals, individuals or others. Image recognition technology filters the image through a sequence of artificial neurons. Image recognition mainly is the process of examining an input image and guessing its category from a group of categories.

Image Recognition in Consumer Packaged Goods (CPG) Market

Drivers

• Surging product launches

The surging product launches and other innovations by major market players is expected to drive the growth of the image recognition in consumer packaged goods (CPG) market. For instance, AWS has launched the upgraded version of its product named Amazon Rekognition In August 2019. The benefits of this product are emotion discovery, high efficiency of gender identification, and augmented functionality in face analysis features.

• Increasing demand for cloud-powered image recognition solutions

The accelerating demand for the cloud-powered image recognition solutions for aiding consumer packaged goods (CPG) representatives coupled with the major cloud companies such as Microsoft, AWS and Google heavily investing in improving their image recognition in the CPG market.  Cloud-powered image recognition solutions offering to optimize in-store and online retail execution which is witnessing huge surge and expected to drive the growth of the market.

 Opportunities

• Growing developments of advanced products and services

Growing developments of advanced services and products by market players offer numerous growth opportunities within the market. For instance, snap’s program of Snapchat’s parent company will allow users to take pictures of products in the real world and then direct them to browse similar products online. Moreover, walmart’s software proficient of gauging an emotional state of customer through the use of image recognition by scanning faces of consumer’s for signs of frustration or dissatisfaction. These advanced products will further augment the demand and growth of this technology immensely in upcoming years.

Restraints

• Increasing concern regarding data security

High installation cost of the image recognition in consumer packaged goods (CPG) services and current complications involved in implementing such programs are  some of the major factors which restrain the growth of the market during the forecast period of 2023-2030..

This image recognition in consumer packaged goods (CPG) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the image recognition in consumer packaged goods (CPG) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Global Image recognition in consumer packaged goods (CPG) Market

The image recognition in consumer packaged goods (CPG) market landscape mainly depends on the convenience retail industry and gas stations. Covid-19 considerably disrupted the fuel and convenience retail sector, causing enormous revenue loss. The epidemic disruption changed consumer patterns and shifting them toward online or virtual purchases. The demand for fuel had already been on the drop owing to the advent of electric vehicles, improved fuel efficiency, and increased ride-sharing. The onset of COVID-19 driving a significant rise in oil supply, triggering a substantial drop in oil expenses. The entry of new competitors is squeezing margins and store consolidation. All these factors highly affected the fuel and convenience store POS market share, further encouraging POS software vendors to take innovative steps to stay afloat in the market. They focus on four important areas to address critical convenience store needs and prepare to boom in upcoming period. These focus points are provide POS solutions that can foster payment process.

Recent Development

• In 2020, Trax has acquired Survey with the aim to combine the technologies of both the companies. This progress will sustain its stance in e-commerce market and IR in the retail.

Global Image recognition in consumer packaged goods (CPG) Market Scope

The image recognition in consumer packaged goods (CPG) market is segmented on the basis of component, deployment type, application and end-user type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Solution
• Services

Deployment Type

• Cloud
• On-Premises

Application

• Inventory Analysis
• Product and Shelf Monitoring Analysis
• Auditing Product Placement
• Product Placement Trend Analysis
• Assessing Compliance and Competition
• Category Analysis
• Gauging Emotions

 End-User Type

• Online
• Offline

Image Recognition in Consumer Packaged Goods (CPG) Market Regional Analysis/Insights

The image recognition in consumer packaged goods (CPG) market is analyzed and market size insights and trends are provided by country, component, deployment type, application and end-user type as referenced above.

The countries covered in the image recognition in consumer packaged goods (CPG) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the image recognition in consumer packaged goods (CPG) market in terms of revenue owing to growing   adoption of advanced technologies by the enterprises coupled with augmented focus on the improvement of image recognition technology in this region.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to rapid technological advancements in the field of IT sector. Moreover, growing investments in leading technologies and tools for effective business operations will further boost the market growth in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Recognition in Consumer Packaged Goods (CPG) Market Share Analysis

The image recognition in consumer packaged goods (CPG) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to image recognition in consumer packaged goods (CPG) market.

Some of the major players operating in the image recognition in consumer packaged goods (CPG) market are:

• Microsoft (U.S.)
• IBM (U.S.)
• Google (U.S.)
• Toshiba CORPORATION (Japan)
• Apple Inc. (U.S.)
• Honeywell International Inc. (U.S)
• Hitachi, Ltd (Japan)
• Amazon Web Services, Inc. (U.S.)
• Huawei Technologies Co., Ltd. (China)
• Ricoh  (Japan)
• Qualcomm Technologies, Inc (U.S.)
• TRAX IMAGE RECOGNITION (Singapore)
• Vispera Information Technologies (Turkey)
• Clarifai ,Inc (U.S.)
• Blippar Group Limited (U.K.)
• Imagga Technologies Ltd. (Bulgaria)