According to the online report published in Wise Guys Reports (WGR) the global visual search software market was valued at US$ 6669 million in 2018 and is expected to rise to US$ 28470 million by 2027 with a CAGR of 17% during the timeline of 2019 to 2027.
The active integration of machine learning techniques in E-commerce helped propagate the growth of visual search market globally. Chatbox being the new feature introduced by many websites have helped make headway for the visual software industry. Services such as taking a snapshot of the desired product and sending it to Chatbox assistant to get relevant search hits and recommendations has been well received. Ecommerce websites are working on more such visual services to target tech savvy customers.
On online websites customized catalogues are exposed to customers based on their relevant search history. The suggestions and recommendations are tailored as per consumer preferences and data pertaining to that is stored for future reference. In this way only 30% of the entire inventory is highlighted to the customer while rest remain undiscovered due to low relevance. The concept of ‘similar items’ is another brilliant masterstroke of cross-selling that allows consumers to navigate to other analogous products in case their target product is out of stock.
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Global Visual Search Software Market: Segmental Analysis
Segmentation of global visual search software market can be based on type, application, user-count and companies.
The crux of the market landscape is dominated by companies in the like of Microsoft, NetX, Google, Clarifai, Nextopia Software, Turing Analytics, Digimarc, Cortexica Vision Systems , Imaginestics, ViSenze, Pixolution ,Visual Geometry Group, See-out, Think Deeply, Slyce Acquisition, Mad Street Den, Nyris, GrayMeta and others.
Categorized as type of products the global visual search software can be divided into software as a service, platform as a service and on-premise.
Segmentation by product type includes Basic package ($15 User per Month) and Standard package ($26 User per Month).
Based on application, visual search software market is classified as Cultural Heritage, Education, Travel and others.
Finally segmented as per user count the industry is labelled as large enterprises with 1000+ users, medium sized enterprises with user count between 500 and 1000 and small enterprises with less than 500 users.
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Global Visual Search Software Market: Market Analysis
Development in R&D, launch of new services and products, collaborations and joint ventures have resulted to regional growth of the leading global competitors.
A comprehensive and analytical study of global visual software market on basis of market trends, competition and growing demands indicate North America leading with United States, Canada and Mexico as frontrunners. European countries such as Germany, France, UK, Russia and Italy, APAC countries like China, Japan, Korea, India and Southeast Asia, South American regions like Brazil, Argentina, Colombia, Middle Eastern and African countries such as Saudi Arabia, UAE, Egypt, Nigeria and South Africa are the other regions where visual search software has gained firm footing.
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