Visual Search Market is segmented By Offering (Image Search, Search Recommendation), and By Industry Vertical (Consumer Goods, Retail, Automotive, Healthcare, and Others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Visual search is the process of locating a predefined goal amid various distractions. A visual search tool gathers visual information from the internet and categorizes picture and video data automatically. Additionally, they are employed in surveillance systems, where they monitor massive volumes of video feeds. Visual search is becoming increasingly popular in the e-commerce sector, owing to its capacity to produce highly targeted search results and facilitate client involvement. Visual search is especially advantageous in fashion or home décor, where customers may search for a theme or style that may be difficult to describe verbally. The technology enables users to do searches on a broad subject or aesthetic in ways that would be difficult, if not impossible, with only words.
Visual Search Market size was estimated at $6,669 million in 2020 and is expected to reach $28,470 million by 2031, growing at a CAGR of 17.5% during the forecast period of 2022 to 2031.
Due to technological developments, these visual search engines (ViSE) has been continuously rising over the last few years, resulting in greater acceptance across various end-user sectors.
The COVID-19 pandemic and propagation have had a global impact. It has had a significant effect on the worldwide manufacturing industry as a result of supply chain disruptions. The epidemic has had a substantial effect on all image recognition end users. The fall in smartphone and automotive manufacturing has resulted in a reduction in worldwide demand for image sensors. This has resulted in a decline in image sensor production, posing a threat to the markets growth.
Major cloud providers such as Amazon Web Services, Microsoft, and Google are investing extensively in refining their image recognition market capabilities to maximize in-store and online retail operations. The need for cloud-based services has increased even more as a result of the COVID-19 epidemic. Intelligence Retail, a computer vision and artificial intelligence (AI) for merchandising services, leverages IBMs cloud and analytics solution powered by cutting-edge Graphics Processing Units (GPUs) to assist businesses in increasing sales, reducing audit costs, enhancing performance, and increasing customer loyalty.
Visual Search Market Growth and Trend
The visual search industry is primarily driven by increased demand from the retail and e-commerce industries, large investments, and strategic alliances between top players. Additionally, rising research and development initiatives to improve the efficiency of visual search machines are expected to provide profitable prospects for the optical search market in the future years.
The rapid use of visual search engines in the e-commerce industry is a significant element driving this markets exceptional rise. Additionally, the rise and expansion of the e-commerce business will directly and beneficially affect the need for visual search engines. Increased demand for advanced technology solutions such as automation and artificial intelligence would further fuel the visual search markets attractive and attractive development potential. Increased internet and smartphone adoption will drive demand for visual search engines even higher.
The increasing usage of machine learning in visual search and the growing use of visual search in e-commerce is likely to drive the global visual search market forward. Additionally, the usage of chatbots in visual search is anticipated to open up new growth potential for the visual search industry in the coming years. Retailers interested in integrating their services with a virtual or chatbot assistant may allow clients to take a photo of the desired product and submit it to chatbots. Only 30% of an e-commerce websites total inventory is visible to users, as comparable goods are repeatedly displayed in response to relevant queries.
Visual Search Market Segmentation
The visual search market is segmented by offering and industry vertical. Based on offering, the market consists of image search, search recommendation. Based on industry vertical, the market is divided into consumer goods, retail, automotive, healthcare, and others.
Visual Search Market Country Analysis
North America dominated the worldwide visual search market in 2018 and is likely to continue to do so during the projected period. The increasing use of mobile computing systems and image search in e-commerce and digital purchasing is driving growth in the North American visual search industry. The United States of America and Canada have also emerged as major suppliers. On the other hand, Asia-Pacific is expected to expand at the fastest compound annual growth rate (CAGR) throughout the projection period, owing to the growing usage of visual search engine solutions for e-commerce applications and increasing smartphone and internet penetration. The Asia Pacific visual search market is predicted to develop the fastest throughout the forecast period, owing to the increasing use of face recognition in monitoring and surveillance systems in China.
Visual Search Market Share and Competition
The major players operating in the global visual search market are Alphabet, Amazon.com, BlipparClarifai, Cortexica Vision Systems, Goxip.com, Microsoft, Pinterest, Shopagon, Slyce Acquisition, Snap Inc., Syte.ai, TinEye, Turing Analytics, Veritone, ViSenze, and Wide Eyes Technologies.
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Industry Segmentation and Revenue Breakdown
Offering Analysis (Revenue, USD Million, 2022 - 2031)
• Image Search
• Search Recommendation
Industry Vertical Analysis (Revenue, USD Million, 2022 - 2031)
• Consumer Goods
Region Analysis (Revenue, USD Million, 2022 – 2031)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Visual Search Market Companies
• Cortexica Vision Systems
• Slyce Acquisition
• Snap Inc.
• Turing Analytics
• Wide Eyes Technologies
• United States Visual Search Industry Research Report
• Europe Visual Search Industry Research Report
• Asia Pacific Visual Search Industry Research Report
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