New York, NY, May 24, 2019 (GLOBE NEWSWIRE) -- 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.
Browse through 47 Tables & 17 Figures spread over 190 Pages and in-depth TOC on “Global Visual Search Market Size & Share 2018: Industry Type, Trends, Segments, Growth, Analysis and Forecast, 2027”.
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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.
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.
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By geography, the North American visual search market accounted for a major share of the globally in 2018 and is expected to be more than USD 11,000 million by 2027 in value. The rising number of users of smartphones and electrical gadgets with various visual search applications is the key factor propelling the visual search market in the region. The U.S. accounted for the majority share of the global market, i.e., around 80%, in 2018. Moreover, 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.
Europe was in the second position in terms of market share in the global visual search market in 2018 and is expected to grow with a remarkable rate over the forecast time period. The easy accessibility of groundbreaking visual search tools, high internet penetration, and huge acceptance of new technologies are some key factors contributing to the European visual search market.
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The Asia Pacific visual search market is expected to register the highest growth over the estimated timeline in the future. This regional market is in its initial growth phase. India and China are expected to register high growth in the Asia Pacific visual search market in the future. The growing applications of facial recognition in surveillance and security systems in China are estimated to drive this regional market growth. Moreover, the growing footprints of companies operating in the visual search market are also expected to propel the Asia Pacific market in the future.
Latin American and the Middle Eastern and African regions hold the least shares in the global visual search market, due to low awareness about advanced tools among the regional population. However, growing internet penetration and smartphones in the regions are expected to drive the visual search market in these regions in the future.
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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.
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This report segments the global visual search market into:
Global Visual Search Market: Offering Analysis
- Image Search
- Search Recommendation
Global Visual Search Market: Vertical Analysis
- Consumer Goods
- Retail
- Automotive
- Healthcare
- Others
Global Visual Search Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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