Visual Search Market in North America and Europe Will Reach USD 21,107 Million By 2027: Facts & Factors
According to the [190+ Pages] research report; the North America and Europe Visual Search Market in 2018 was approximately USD 4,875 million. The market is expected to grow at a CAGR of 17.3% and is anticipated to reach around USD 21,107 million by 2027. Top market players are Turing Analytics, Amazon.com, Snap Inc., Slyce Acquisition, Blippar Clarifai, ViSenze, Shopagon, Pinterest and others.
New York, NY, Jan. 15, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “North America and Europe Visual Search Market By Offering (Image Search and Search Recommendation) and By Vertical (Consumer Goods, Retail, Automotive, Healthcare, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”.
“According to the research study, North America and Europe Visual Search Market was estimated at USD 4,875 million in 2018 and is expected to reach USD 21,107 million by 2027. North America and Europe Visual Search Market are expected to grow at a compound annual growth rate (CAGR) of 17.3% from 2019 to 2027”.
Visual search is the common task of searching for a product mostly in a cluttered visual environment on the internet. The item that the observer is searching for is called a target, whereas the non-target items are tagged as distractors. Visual search utilizes image/s, instead of text, as queries. It identifies objects within the image and then searches for images that are related to the target object/s. For example, based on a table’s image, one can use a visual search to shop for a table that is similar/identical to the table in the image. Thus, for performing a visual search accurately, search engines need highly sophisticated processes in comparison to traditional image search.
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Several advantages in the e-commerce market majorly driving the North America and Europe visual search market
The primary growth driver of the North America and Europe visual search market is the several advantages that visual search offers in the e-commerce domain. Only about 30% of an e-commerce seller online catalog is discovered by its customers, where some products are displayed several times with similar searches. The rest of the catalog remains undiscovered owing to the lack of specific recommendations and searches. Thus, visual search opens up the whole catalog to be discovered by the customers. Additionally, visual search is also an excellent cross-selling tool along with reducing basket abandonment and saving users from the annoying process of vague product searches.
Top Market Players
Key players operating in North America and Europe visual search market are Turing Analytics, Amazon.com, Snap Inc., Slyce Acquisition, Blippar Clarifai, ViSenze, Shopagon, Pinterest, Goxip.com, Veritone, Syte.ai, TinEye, Cortexica Vision Systems, Wide Eyes Technologies, Microsoft, and Alphabet, among others.
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The image search segment is projected to dominate the offering segment
In 2018, the image search segment held more than 61% of the share in North America and Europe visual search market. It is also estimated to grow at a CAGR of 13.57% over the forecast period. This segment’s growth is propelled by an image search’s ability to make it easy for the users to obtain information about a product, which they are unaware of.
The consumer goods sector is likely to lead the vertical segment in the future
The consumer goods segment will be the fastest-growing in the future in North America and Europe visual search market. It will register a CAGR of 18.1%, owing to the escalating preference for online shopping by the consumers and consistent developments in the technological domain. In 2018, this segment accounted for a 41.8% share of the North America and Europe visual search market.
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The rising use of machine learning in visual search is the major growth driver of North America and Europe visual search market in the years ahead. Deep machine learning draws its inspiration from the way biological neural networks in the human brain obtain information from the various senses of the body. Deep machine learning has various applications, particularly when it comes to analyzing, understanding, and discovering new patterns and new knowledge that is hidden in huge data volumes and needs to be segregated systematically.
Undeniably, in the age of big data and the flourishing internet of things, deep machine learning is the key technology that enables businesses to extract value from their huge volumes of data, overcome the challenges of the fourth industrial revolution, and support business success.
Browse the full “North America and Europe Visual Search Market by Offering (Image Search and Search Recommendation) and By Vertical (Consumer Goods, Retail, Automotive, Healthcare, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027″ report at https://www.fnfresearch.com/north-america-and-europe-visual-search-market-by-149
Europe to record the highest CAGR over the estimated timeline
Europe is the fastest-growing North America and Europe visual search market and will register a CAGR of 17.6% in the future. This can be attributed to the increasing innovations witnessed related to AR and VR and their growing integration in search engine tools. Additionally, the rising acceptance of the latest tools and escalating awareness regarding advanced visual search options are also supporting the European market.
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This report segments North America and Europe visual search market into:
North America and Europe Visual Search Market: By Offering
- Image Search
- Search Recommendation
North America and Europe Visual Search Market: By Vertical
- Consumer Goods
- Retail
- Automotive
- Healthcare
- Others
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