Image Recognition in Retail Market Dynamics, Growth, Trends, and Opportunities 2031

Coverage: Image Recognition in Retail Market covers analysis by Technology (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Others); Component (Software, Services); Deployment Type (On-Premises, Cloud); Application (Visual Product Search, Security and Surveillance, Vision Analytics, Marketing and Advertising, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00012293
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150
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The Image Recognition in Retail Market is expected to register a CAGR of 22.7% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

The report is segmented by Component [Software, Services (Professional Services, Managed Services)]; Deployment (On-Premises, Cloud); Technology (Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Others); Application (Visual Product Search, Security and Surveillance, Vision Analytics, Marketing and Advertising, Others). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments

Purpose of the Report

The report Image Recognition in Retail Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

  • Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
  • Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
  • Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Image Recognition in Retail Market Segmentation

Component
  • Software
  • Services
Deployment
  • On-Premises
  • Cloud
Technology
  • Code Recognition
  • Digital Image Processing
  • Facial Recognition
  • Object Recognition
Application
  • Visual Product Search
  • Security and Surveillance
  • Vision Analytics
  • Marketing and Advertising

Strategic Insights

Image Recognition in Retail Market Growth Drivers
  • Better Customer Experience: A seamless and personalized purchasing experience is essential for customer happiness and loyalty. Image recognition helps merchants to offer visual search capabilities, allowing customers to locate products more quickly and precisely. Whether in-store or online, this technology can improve the shopping experience by providing features such as virtual try-ons and personalized recommendations, resulting in a more engaging engagement between the customer and the brand.
  • Lowered Reliance on Staff: Retail employees spend a substantial amount of time monitoring inventory and refilling shelves, which can be automated with image recognition technology. By utilizing picture recognition to monitor inventory levels and automatically trigger restocking requests, merchants can free up their workers to focus on customer service and other value-added activities. This lowers operational inefficiencies and enhances the overall in-store experience.
Image Recognition in Retail Market Future Trends
  • Enhanced In-Store Shopping Experiences with Augmented Reality (AR): Image recognition will increasingly be integrated with augmented reality (AR) technologies to create immersive, interactive shopping experiences. Retailers will leverage AR to allow customers to try on clothes virtually, visualize how furniture fits in their homes, or see how cosmetics will look on their skin using their smartphones or in-store devices. By combining image recognition with AR, retailers will provide more personalized, engaging experiences that drive customer satisfaction and sales, setting the stage for a more interactive and futuristic in-store environment.
  • AI-Driven Checkout and Inventory Management: The future of image recognition in retail will also include advancements in AI-powered checkout systems, such as "just walk out" technology, where customers can pick items off the shelves, and image recognition automatically processes their purchases. This trend is already seen in stores like Amazon Go. Additionally, retailers will use image recognition for real-time inventory tracking, improving stock management and reducing out-of-stock incidents. These systems will automate inventory management by visually scanning shelves and updating stock levels, making operations more efficient and reducing manual labor.
Image Recognition in Retail Market Opportunities
  • Data Collection Opportunity: One of the most significant advantages of picture recognition for retail is the capacity to collect and evaluate data on customer behavior. Retailers may learn about purchasing habits, preferences, and trends by monitoring how customers engage with products, whether through visual searches or in-store browsing. This information enables better decision-making in inventory management, marketing strategies, and product placement.
  • Virtual Try-On Experience: Image recognition technology, combined with augmented reality (AR), enables stores to provide virtual try-ons, allowing customers to preview how apparel, makeup, and accessories might appear on them without physically trying them on. This not only enhances customer happiness but also raises the possibility of purchase as consumers acquire confidence in their purchasing decisions.

Market Report Scope

Key Selling Points

  • Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Image Recognition in Retail Market, providing a holistic landscape.
  • Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
  • Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
  • Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Image Recognition in Retail Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.

REGIONAL FRAMEWORK
World Geography

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are the deliverable formats of the image recognition in retail market report?

The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request

What are the options available for the customization of this report?

Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation#as our team would review the same and check the feasibility

What is the expected CAGR of image recognition in retail market?

The Image Recognition in Retail Market is estimated to witness a CAGR of 22.7% from 2024 to 2031

What are the driving factors impacting global image recognition in retail market?

Better customer experience and lower reliance on staff are the major factors driving the image recognition in retail market.

What are the future trends of image recognition in retail market?

Counterfeit items prevention is likely to remain a key trend in the market.

TABLE OF CONTENTS

1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1Image Recognition In Retail Market - By Technology
1.3.2Image Recognition In Retail Market - By Component
1.3.3Image Recognition In Retail Market - By Deployment Type
1.3.4Image Recognition In Retail Market - By Application
1.3.5Image Recognition In Retail Market - By Region
1.3.5.1By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4.IMAGE RECOGNITION IN RETAIL MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS

5.IMAGE RECOGNITION IN RETAIL MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS

6.IMAGE RECOGNITION IN RETAIL MARKET - GLOBAL MARKET ANALYSIS
6.1.IMAGE RECOGNITION IN RETAIL - GLOBAL MARKET OVERVIEW
6.2.IMAGE RECOGNITION IN RETAIL - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE

7.IMAGE RECOGNITION IN RETAIL MARKET - REVENUE AND FORECASTS TO 2028- TECHNOLOGY
7.1.OVERVIEW
7.2.TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3.CODE RECOGNITION
7.3.1.Overview
7.3.2.Code Recognition Market Forecast and Analysis
7.4.DIGITAL IMAGE PROCESSING
7.4.1.Overview
7.4.2.Digital Image Processing Market Forecast and Analysis
7.5.FACIAL RECOGNITION
7.5.1.Overview
7.5.2.Facial Recognition Market Forecast and Analysis
7.6.OBJECT RECOGNITION
7.6.1.Overview
7.6.2.Object Recognition Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.IMAGE RECOGNITION IN RETAIL MARKET - REVENUE AND FORECASTS TO 2028- COMPONENT
8.1.OVERVIEW
8.2.COMPONENT MARKET FORECASTS AND ANALYSIS
8.3.SOFTWARE
8.3.1.Overview
8.3.2.Software Market Forecast and Analysis
8.4.SERVICES
8.4.1.Overview
8.4.2.Services Market Forecast and Analysis
9.IMAGE RECOGNITION IN RETAIL MARKET - REVENUE AND FORECASTS TO 2028- DEPLOYMENT TYPE
9.1.OVERVIEW
9.2.DEPLOYMENT TYPE MARKET FORECASTS AND ANALYSIS
9.3.ON-PREMISES
9.3.1.Overview
9.3.2.On-Premises Market Forecast and Analysis
9.4.CLOUD
9.4.1.Overview
9.4.2.Cloud Market Forecast and Analysis
10.IMAGE RECOGNITION IN RETAIL MARKET - REVENUE AND FORECASTS TO 2028- APPLICATION
10.1.OVERVIEW
10.2.APPLICATION MARKET FORECASTS AND ANALYSIS
10.3.VISUAL PRODUCT SEARCH
10.3.1.Overview
10.3.2.Visual Product Search Market Forecast and Analysis
10.4.SECURITY AND SURVEILLANCE
10.4.1.Overview
10.4.2.Security and Surveillance Market Forecast and Analysis
10.5.VISION ANALYTICS
10.5.1.Overview
10.5.2.Vision Analytics Market Forecast and Analysis
10.6.MARKETING AND ADVERTISING
10.6.1.Overview
10.6.2.Marketing and Advertising Market Forecast and Analysis
10.7.OTHERS
10.7.1.Overview
10.7.2.Others Market Forecast and Analysis

11.IMAGE RECOGNITION IN RETAIL MARKET REVENUE AND FORECASTS TO 2028- GEOGRAPHICAL ANALYSIS
11.1.NORTH AMERICA
11.1.1North America Image Recognition In Retail Market Overview
11.1.2North America Image Recognition In Retail Market Forecasts and Analysis
11.1.3North America Image Recognition In Retail Market Forecasts and Analysis - By Technology
11.1.4North America Image Recognition In Retail Market Forecasts and Analysis - By Component
11.1.5North America Image Recognition In Retail Market Forecasts and Analysis - By Deployment Type
11.1.6North America Image Recognition In Retail Market Forecasts and Analysis - By Application
11.1.7North America Image Recognition In Retail Market Forecasts and Analysis - By Countries
11.1.7.1United States Image Recognition In Retail Market
11.1.7.1.1United States Image Recognition In Retail Market by Technology
11.1.7.1.2United States Image Recognition In Retail Market by Component
11.1.7.1.3United States Image Recognition In Retail Market by Deployment Type
11.1.7.1.4United States Image Recognition In Retail Market by Application
11.1.7.2Canada Image Recognition In Retail Market
11.1.7.2.1Canada Image Recognition In Retail Market by Technology
11.1.7.2.2Canada Image Recognition In Retail Market by Component
11.1.7.2.3Canada Image Recognition In Retail Market by Deployment Type
11.1.7.2.4Canada Image Recognition In Retail Market by Application
11.1.7.3Mexico Image Recognition In Retail Market
11.1.7.3.1Mexico Image Recognition In Retail Market by Technology
11.1.7.3.2Mexico Image Recognition In Retail Market by Component
11.1.7.3.3Mexico Image Recognition In Retail Market by Deployment Type
11.1.7.3.4Mexico Image Recognition In Retail Market by Application
11.2.EUROPE
11.2.1Europe Image Recognition In Retail Market Overview
11.2.2Europe Image Recognition In Retail Market Forecasts and Analysis
11.2.3Europe Image Recognition In Retail Market Forecasts and Analysis - By Technology
11.2.4Europe Image Recognition In Retail Market Forecasts and Analysis - By Component
11.2.5Europe Image Recognition In Retail Market Forecasts and Analysis - By Deployment Type
11.2.6Europe Image Recognition In Retail Market Forecasts and Analysis - By Application
11.2.7Europe Image Recognition In Retail Market Forecasts and Analysis - By Countries
11.2.7.1Germany Image Recognition In Retail Market
11.2.7.1.1Germany Image Recognition In Retail Market by Technology
11.2.7.1.2Germany Image Recognition In Retail Market by Component
11.2.7.1.3Germany Image Recognition In Retail Market by Deployment Type
11.2.7.1.4Germany Image Recognition In Retail Market by Application
11.2.7.2France Image Recognition In Retail Market
11.2.7.2.1France Image Recognition In Retail Market by Technology
11.2.7.2.2France Image Recognition In Retail Market by Component
11.2.7.2.3France Image Recognition In Retail Market by Deployment Type
11.2.7.2.4France Image Recognition In Retail Market by Application
11.2.7.3Italy Image Recognition In Retail Market
11.2.7.3.1Italy Image Recognition In Retail Market by Technology
11.2.7.3.2Italy Image Recognition In Retail Market by Component
11.2.7.3.3Italy Image Recognition In Retail Market by Deployment Type
11.2.7.3.4Italy Image Recognition In Retail Market by Application
11.2.7.4United Kingdom Image Recognition In Retail Market
11.2.7.4.1United Kingdom Image Recognition In Retail Market by Technology
11.2.7.4.2United Kingdom Image Recognition In Retail Market by Component
11.2.7.4.3United Kingdom Image Recognition In Retail Market by Deployment Type
11.2.7.4.4United Kingdom Image Recognition In Retail Market by Application
11.2.7.5Russia Image Recognition In Retail Market
11.2.7.5.1Russia Image Recognition In Retail Market by Technology
11.2.7.5.2Russia Image Recognition In Retail Market by Component
11.2.7.5.3Russia Image Recognition In Retail Market by Deployment Type
11.2.7.5.4Russia Image Recognition In Retail Market by Application
11.2.7.6Rest of Europe Image Recognition In Retail Market
11.2.7.6.1Rest of Europe Image Recognition In Retail Market by Technology
11.2.7.6.2Rest of Europe Image Recognition In Retail Market by Component
11.2.7.6.3Rest of Europe Image Recognition In Retail Market by Deployment Type
11.2.7.6.4Rest of Europe Image Recognition In Retail Market by Application
11.3.ASIA-PACIFIC
11.3.1Asia-Pacific Image Recognition In Retail Market Overview
11.3.2Asia-Pacific Image Recognition In Retail Market Forecasts and Analysis
11.3.3Asia-Pacific Image Recognition In Retail Market Forecasts and Analysis - By Technology
11.3.4Asia-Pacific Image Recognition In Retail Market Forecasts and Analysis - By Component
11.3.5Asia-Pacific Image Recognition In Retail Market Forecasts and Analysis - By Deployment Type
11.3.6Asia-Pacific Image Recognition In Retail Market Forecasts and Analysis - By Application
11.3.7Asia-Pacific Image Recognition In Retail Market Forecasts and Analysis - By Countries
11.3.7.1Australia Image Recognition In Retail Market
11.3.7.1.1Australia Image Recognition In Retail Market by Technology
11.3.7.1.2Australia Image Recognition In Retail Market by Component
11.3.7.1.3Australia Image Recognition In Retail Market by Deployment Type
11.3.7.1.4Australia Image Recognition In Retail Market by Application
11.3.7.2China Image Recognition In Retail Market
11.3.7.2.1China Image Recognition In Retail Market by Technology
11.3.7.2.2China Image Recognition In Retail Market by Component
11.3.7.2.3China Image Recognition In Retail Market by Deployment Type
11.3.7.2.4China Image Recognition In Retail Market by Application
11.3.7.3India Image Recognition In Retail Market
11.3.7.3.1India Image Recognition In Retail Market by Technology
11.3.7.3.2India Image Recognition In Retail Market by Component
11.3.7.3.3India Image Recognition In Retail Market by Deployment Type
11.3.7.3.4India Image Recognition In Retail Market by Application
11.3.7.4Japan Image Recognition In Retail Market
11.3.7.4.1Japan Image Recognition In Retail Market by Technology
11.3.7.4.2Japan Image Recognition In Retail Market by Component
11.3.7.4.3Japan Image Recognition In Retail Market by Deployment Type
11.3.7.4.4Japan Image Recognition In Retail Market by Application
11.3.7.5South Korea Image Recognition In Retail Market
11.3.7.5.1South Korea Image Recognition In Retail Market by Technology
11.3.7.5.2South Korea Image Recognition In Retail Market by Component
11.3.7.5.3South Korea Image Recognition In Retail Market by Deployment Type
11.3.7.5.4South Korea Image Recognition In Retail Market by Application
11.3.7.6Rest of Asia-Pacific Image Recognition In Retail Market
11.3.7.6.1Rest of Asia-Pacific Image Recognition In Retail Market by Technology
11.3.7.6.2Rest of Asia-Pacific Image Recognition In Retail Market by Component
11.3.7.6.3Rest of Asia-Pacific Image Recognition In Retail Market by Deployment Type
11.3.7.6.4Rest of Asia-Pacific Image Recognition In Retail Market by Application
11.4.MIDDLE EAST AND AFRICA
11.4.1Middle East and Africa Image Recognition In Retail Market Overview
11.4.2Middle East and Africa Image Recognition In Retail Market Forecasts and Analysis
11.4.3Middle East and Africa Image Recognition In Retail Market Forecasts and Analysis - By Technology
11.4.4Middle East and Africa Image Recognition In Retail Market Forecasts and Analysis - By Component
11.4.5Middle East and Africa Image Recognition In Retail Market Forecasts and Analysis - By Deployment Type
11.4.6Middle East and Africa Image Recognition In Retail Market Forecasts and Analysis - By Application
11.4.7Middle East and Africa Image Recognition In Retail Market Forecasts and Analysis - By Countries
11.4.7.1South Africa Image Recognition In Retail Market
11.4.7.1.1South Africa Image Recognition In Retail Market by Technology
11.4.7.1.2South Africa Image Recognition In Retail Market by Component
11.4.7.1.3South Africa Image Recognition In Retail Market by Deployment Type
11.4.7.1.4South Africa Image Recognition In Retail Market by Application
11.4.7.2Saudi Arabia Image Recognition In Retail Market
11.4.7.2.1Saudi Arabia Image Recognition In Retail Market by Technology
11.4.7.2.2Saudi Arabia Image Recognition In Retail Market by Component
11.4.7.2.3Saudi Arabia Image Recognition In Retail Market by Deployment Type
11.4.7.2.4Saudi Arabia Image Recognition In Retail Market by Application
11.4.7.3U.A.E Image Recognition In Retail Market
11.4.7.3.1U.A.E Image Recognition In Retail Market by Technology
11.4.7.3.2U.A.E Image Recognition In Retail Market by Component
11.4.7.3.3U.A.E Image Recognition In Retail Market by Deployment Type
11.4.7.3.4U.A.E Image Recognition In Retail Market by Application
11.4.7.4Rest of Middle East and Africa Image Recognition In Retail Market
11.4.7.4.1Rest of Middle East and Africa Image Recognition In Retail Market by Technology
11.4.7.4.2Rest of Middle East and Africa Image Recognition In Retail Market by Component
11.4.7.4.3Rest of Middle East and Africa Image Recognition In Retail Market by Deployment Type
11.4.7.4.4Rest of Middle East and Africa Image Recognition In Retail Market by Application
11.5.SOUTH AND CENTRAL AMERICA
11.5.1South and Central America Image Recognition In Retail Market Overview
11.5.2South and Central America Image Recognition In Retail Market Forecasts and Analysis
11.5.3South and Central America Image Recognition In Retail Market Forecasts and Analysis - By Technology
11.5.4South and Central America Image Recognition In Retail Market Forecasts and Analysis - By Component
11.5.5South and Central America Image Recognition In Retail Market Forecasts and Analysis - By Deployment Type
11.5.6South and Central America Image Recognition In Retail Market Forecasts and Analysis - By Application
11.5.7South and Central America Image Recognition In Retail Market Forecasts and Analysis - By Countries
11.5.7.1Brazil Image Recognition In Retail Market
11.5.7.1.1Brazil Image Recognition In Retail Market by Technology
11.5.7.1.2Brazil Image Recognition In Retail Market by Component
11.5.7.1.3Brazil Image Recognition In Retail Market by Deployment Type
11.5.7.1.4Brazil Image Recognition In Retail Market by Application
11.5.7.2Argentina Image Recognition In Retail Market
11.5.7.2.1Argentina Image Recognition In Retail Market by Technology
11.5.7.2.2Argentina Image Recognition In Retail Market by Component
11.5.7.2.3Argentina Image Recognition In Retail Market by Deployment Type
11.5.7.2.4Argentina Image Recognition In Retail Market by Application
11.5.7.3Rest of South and Central America Image Recognition In Retail Market
11.5.7.3.1Rest of South and Central America Image Recognition In Retail Market by Technology
11.5.7.3.2Rest of South and Central America Image Recognition In Retail Market by Component
11.5.7.3.3Rest of South and Central America Image Recognition In Retail Market by Deployment Type
11.5.7.3.4Rest of South and Central America Image Recognition In Retail Market by Application

12.INDUSTRY LANDSCAPE
12.1.MERGERS AND ACQUISITIONS
12.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3.NEW PRODUCT LAUNCHES
12.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

13.IMAGE RECOGNITION IN RETAIL MARKET, KEY COMPANY PROFILES
13.1.AMAZON WEB SERVICES, INC.
13.1.1.Key Facts
13.1.2.Business Description
13.1.3.Products and Services
13.1.4.Financial Overview
13.1.5.SWOT Analysis
13.1.6.Key Developments
13.2.CATCHOOM
13.2.1.Key Facts
13.2.2.Business Description
13.2.3.Products and Services
13.2.4.Financial Overview
13.2.5.SWOT Analysis
13.2.6.Key Developments
13.3.IBM CORPORATION
13.3.1.Key Facts
13.3.2.Business Description
13.3.3.Products and Services
13.3.4.Financial Overview
13.3.5.SWOT Analysis
13.3.6.Key Developments
13.4.INTELLIGENCE RETAIL
13.4.1.Key Facts
13.4.2.Business Description
13.4.3.Products and Services
13.4.4.Financial Overview
13.4.5.SWOT Analysis
13.4.6.Key Developments
13.5.LTUTECH
13.5.1.Key Facts
13.5.2.Business Description
13.5.3.Products and Services
13.5.4.Financial Overview
13.5.5.SWOT Analysis
13.5.6.Key Developments
13.6.MICROSOFT
13.6.1.Key Facts
13.6.2.Business Description
13.6.3.Products and Services
13.6.4.Financial Overview
13.6.5.SWOT Analysis
13.6.6.Key Developments
13.7.NEC CORPORATION
13.7.1.Key Facts
13.7.2.Business Description
13.7.3.Products and Services
13.7.4.Financial Overview
13.7.5.SWOT Analysis
13.7.6.Key Developments
13.8.QUALCOMM TECHNOLOGIES, INC.
13.8.1.Key Facts
13.8.2.Business Description
13.8.3.Products and Services
13.8.4.Financial Overview
13.8.5.SWOT Analysis
13.8.6.Key Developments
13.9.SLYCE INC.
13.9.1.Key Facts
13.9.2.Business Description
13.9.3.Products and Services
13.9.4.Financial Overview
13.9.5.SWOT Analysis
13.9.6.Key Developments
13.10.TRAX IMAGE RECOGNITION
13.10.1.Key Facts
13.10.2.Business Description
13.10.3.Products and Services
13.10.4.Financial Overview
13.10.5.SWOT Analysis
13.10.6.Key Developments

14.APPENDIX
14.1.ABOUT THE INSIGHT PARTNERS
14.2.GLOSSARY OF TERMS
The List of Companies

1. Amazon Web Services, Inc.
2. Catchoom
3. IBM Corporation
4. Intelligence Retail
5. LTUTech
6. Microsoft
7. NEC Corporation
8. Qualcomm Technologies, Inc.
9. Slyce Inc.
10. TRAX IMAGE RECOGNITION

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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