Kenneth Research, in its repository of market research reports, have recently added a report on North America and Europe Visual Search Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The North America and Europe Visual Search Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for North America and Europe Visual Search Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
The report covers a forecast and an analysis of the North America and Europe visual search market. The study provides historical data from 2013 to 2018 and a forecast from 2019 to 2027 based on revenue (USD Million). The study includes drivers and restraints of the North America and Europe visual search market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in North America and Europe visual search market.
In order to give the users of this report a comprehensive view of the North America and Europe visual search market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are bench marked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market North America and Europe.
The study provides a decisive view of North America and Europe visual search market by segmenting it based on offering, vertical, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segment includes the current and forecast demand for North America and Europe.
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.
By offering, the market is bifurcated into search recommendation and image search. The vertical segment includes consumer goods, automotive, healthcare, retail, and others.
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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