Facts and Factors Market Research has published a new 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 report, North America and Europe visual search market was valued approximately USD 4,875 million in 2018 and is expected to reach a value of around USD 21,107 million by 2027, at a CAGR of around 17.3% between 2019 and 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 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.
The image search segment is projected to dominate the offering segment
In 2018, the image search segment held more than 61% of 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 image search’s ability to make it easy for the users to obtain information about a product, which they are unaware of.
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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 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 41.8% share of the North America and Europe visual search market.
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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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.
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
North America and Europe Visual Search Market: By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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