The global visual search market is estimated to surpass $14,727m by 2023 growing at CAGR 9% during the forecast period 2018-2023, majorly driven by the advancements in technologies and the rapid adoption of visual search engines (ViSE) in e-commerce industry. The Increasing efficiency of these visual search engines along with the major investments in this technology is will surely escalate the growth of visual search market in the near future.
What is Visual Search?
Visual search is the act of identifying a specific predetermined target among other distractions. A Visual search engine automatically collects the visual information from the web and classifies the image and video data accordingly. They are also used in surveillance systems by monitoring huge amounts of video streams. The demand for visual search is particularly increasing in the e-commerce sector due to its ability to return specific search results and convenient customer engagement. Due to the advancements in technology, the accuracy of these visual search engines (ViSE) has been increasing steadily in the past few years which resulted in increased adoption of these products across various end user industries.
Mobile visual search is gaining popularity in APAC particularly in countries such as Japan, South Korea and China where it is being used in online fashion stores. Visual search engines can be used as tools for concept generation, mapping and outlining. This report incorporates an in-depth assessment of Visual Search market by the type of visual search, end-user and geography. The major types of visual search encompassed in the scope include image search, mobile visual search and video search.
What are the major applications of Visual Search?
Visual search is mostly used for various applications such as security screening, baggage scanning, navigation systems, electronic component manufacturing and in retail for clothing and jewelry. Since, past few years, the market had a huge growth in various end-users namely e-commerce, aviation, forestry, automotive OEMs, electronics and many more. Presently, e-commerce is the dominating among all the end-users and is expected to remain the same in the next few years. Increasing investments in visual search technology along with increased adoption of visual search engines is expected to drive the market of visual search.
Market Research and Market Trends of Visual Search
- Currently, the visual search engines are witnessing significant demand due to its increasing applications in retail and e-commerce sectors. This is mainly due to the capabilities of visual search which identifies an image accurately using advanced machine learning and AI technology
- Companies’ partnerships, huge investments and joint venture activities in this market resulted in the exchange of technology and methodologies for new developments of these visual search engines which is surely expected to boost the global visual search market.
- APAC is an emerging market for the visual search owing to its increasing demand in online fashion stores. Global top visual search providers are slowly introducing their products in the emerging economies of Asia such as India and Indonesia due to their huge market potential.
- Many research and development activities to increase the efficiency of visual search machines are being undertaken which is enhancing the market growth. The integration of machine learning with visual search engines has improved the image processing drastically.
Who are the Major Players in the Visual Search Market?
The companies referred to in the market research report include Clarifai (U.S.), Veritone (U.S.), Slyce (Canada), ViSenze (Singapore), Ever AI (U.S.) and many others.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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