21-May-2019 | Zion Market Research
Zion Market Research has published a new report titled “Visual Search Market by Offering (Image Search and Search Recommendation) and by Vertical (Consumer Goods, Retail, Automotive, Healthcare, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”. According to the report, the global visual search market was valued at USD 6,669 million in 2018 and is expected to generate around USD 28,470 million by 2027, at a CAGR of 17.5% between 2019 and 2027.
The rising adoption of machine learning in visual search and the growing use of visual search in e-commerce are expected to propel the growth of the visual search market globally. Moreover, the use of chatbots in visual search is expected to generate new growth opportunities for the visual search market in the years ahead. Retailers fascinated in joining services with a virtual or chatbot assistant may offer customers the ability to snap a picture of a targeted product and send it to chatbots. For an e-commerce website, only 30% of its entire catalog is exposed to the consumers, where similar products are shown over and over with related searches. The remaining collection is undiscovered due to the dearth of good recommendations and search. With visual search, the entire product catalog becomes visible to the customers. Visual search is a brilliant cross-selling tool that shows visually analogous products even if they are out of stock. It also decreases basket desertion and protects the users from the maddening process of imprecisely searching for products. These benefits of visual search in the e-commerce industry are fuelling the acceptance of visual search tools by various companies.
Browse the full “Visual Search Market by Offering (Image Search and Search Recommendation) and by Vertical (Consumer Goods, Retail, Automotive, Healthcare, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027” Report at https://www.zionmarketresearch.com/report/visual-search-market
On the basis of offering, the global visual search market includes image search and search recommendation. Image search accounted for a major share, i.e., more than 60%, of the global market in 2018 and is expected to dominate over the forecast time period as well. This dominance can be attributed to its ease of gaining relevant information about products. On the basis of vertical, the global visual search market is categorized into consumer goods, retail, automotive, healthcare, and others. The consumer goods segment accounted for the largest share, i.e., more than 40%, in the global visual search market in 2018.
By geography, North America accounted for a major share of the global visual search market in 2018 and is expected to remain dominant over the forecast time period as well. The rising number of incorporation mobile computing platforms and image search in the field of e-commerce and digital shopping is boosting the North American visual search market. The Asia Pacific visual search market is expected to register the highest growth over the estimated timeline in the future, owing to the growing applications of facial recognition in surveillance and security systems in China.
Some key 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.
This report segments the global visual search market into:
Global Visual Search Market: Offering Analysis
Global Visual Search Market: Vertical Analysis
Global Visual Search Market: Regional Analysis
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