Hi Leif,
Visual Search Industry Report- This Month in Mobile
Significant current and future growth in the mobile and image recognition markets were hot topics in news this month. As we have covered in the past, huge monetary gains continue to be predicted within the overall artificial intelligence and augmented reality space within the next five to ten years. The world of mobile shopping is frequently cited as an early adopter of this progressive technology, with advancements in other fields (like security and surveillance) continuing to spur market growth and provide surety to those looking to invest in this next wave of commerce and innovation. As you’ll read below, Slyce remains well-positioned as both a driving force and thought leader in image recognition and visual search.
Artificial Intelligence for Enterprise Applications to Reach $11.1 Billion in Market Value by 2024, According to Tractica
04/23/2015
Image recognition is an important part of both artificial intelligence (AI) and augmented reality (AR). The opportunities and advancements that image recognition affords are virtually limitless, spanning across fields like health, retail and eCommerce, and security to name a few. In terms of business applications, AI technology has had nearly 60 years of false starts. With 2015, this exciting era is finally dawning: the current market for enterprise AI systems currently sits at a value of over $200 million. According to a new report from Tractica this figure is set to increase dramatically in the next decade, to a worth of over $11 billion. Key industries named as likely for adoption include advertising service technology, investment, and media.
Image Recognition Market Analysis, Competitive Strategies and Forecasts, 2014 to 2020 Illuminated by New Report
04/25/2015
A new report by Grand View Research predicts strong growth in the image recognition market over the next five years, thanks to a number of factors both in and out of the mobile retail shopping space. Widespread adoption of password and pin-based recognition systems is expected to drive the IR market, as well as a growing trend towards e-governance. Pervasive use of smartphones has led to the advancement of the technology, while demand in the security and surveillance arena is expected to positively impact overall image recognition market growth. North America is named as the dominant region for this technology, with Asia Pacific expected to exhibit high growth over the next six years. Most notably, the use of this technology to enhance the retail app experience is specifically mentioned in the report.
Why You Should Be Using Mobile Shopping Apps
04/15/2015
Mobility and eCommerce are just beginning to merge into a seamless, unstoppable juggernaut. Virtually everyone shops. Whether it is for business or for pleasure, shopping is a daily or weekly activity for all of us. It is no secret that mobility usage continues to grow exponentially, giving a clear indicator as to how people are interacting online. As technology advances, so does our user behaviour- we are no longer merely consuming content, we are actively interacting in a variety of ways- especially shopping. Forbes believes that shopping apps will be the single fastest growing category of mobile applications in 2015. Moreover, sessions for shopping apps have grown steadily since 2013 at a rate of 174% annually. While some are hesitant to accept this shift, the numbers speak for themselves. In 2015, we are on the cusp of bridging the online and offline shopping worlds and creating a mobile efficient, productive and exciting shopping experience for us all.
Today’s The Day: Be Mobile Friendly or Get Lost in Search
04/21/2015
Mobility has taken over the internet, and internet giant Google has responded thusly. Back in February, Google warned companies it would be changing its search algorithm, effective April 21. The change means that “mobile friendly” websites (sites designed to function optimally on smartphones and tablets) will get higher placement on Google’s mobile search results. Websites not designed with mobility in mind will fall far lower in Google’s mobile search rankings. While most big sites are ready, this shift could mean some companies without well-implemented mobile strategies will be left behind, or scrambling to catch up.
Slyce - Between the Code Newsletter
Signal360, Slyce and SnipSnap Strike Partnership
04/14/2015
SnipSnap, the mobile couponing division of Slyce, announced that it had formed an exclusive partnership with proximity marketing company Signal360. The partnership means that the Signal360 SDK will be the exclusive proximity marketing SDK integrated into the SnipSnap mobile app, while Signal360 will make exclusive use of SnipSnap’s proprietary Coupon Author platform to run all future, coupon-based client campaigns. In addition, Signal360 will now be able to offer shoppers a more engaging and exciting shopping experience. Integrating the Slyce and SnipSnap technologies will allow Signal360 the ability to snap a photo of any item in the real world, be notified via their smartphone when they enter a store and be directed to the item’s location, and provided with a digital coupon to instantly purchase it.
Neiman Marcus Introduces New “Snap. Find. Shop” App.
04/14/2015
Proving that April was a big month for news in mobile and image recognition/visual search, Haute Living covered the Slyce-fueled Snap. Find. Shop feature in the popular Neiman Marcus app, which debuted in November of 2014. The article focuses explicitly on one of Slyce’s points of difference: there is no need to crop, textually search, or select a specific category, as with other image recognition providers. Neiman Marcus’s CMO heralds the technology as “revolutionary”, and Haute Living judiciously recognizes the feature as a great way to adapt to a new mobile generation. With ComScore reporting four out of five consumers are using smartphones to shop, it will not be long before more major retailers are announcing similar initiatives.
Visual Search for Marketers
04/27/2015
Slyce’s CEO Mark Elfenbein penned this post for Wallblog, focusing on the other side of consumer shopping: marketing. Elfenbein likens today’s mobile smartphone to “life’s remote control”, through which many of our daily wants and needs are achieved or accessed. Marketers are scrambling for the next innovative way to place their brands within these interactions, and with 20,000 new apps being released per month, competition is fierce. Finding solutions to increase sales while creating more loyal customers can be difficult to find. Elfenbein presents visual search as the kind of ‘sticky’ technology tool that provides a natural and frictionless path between spontaneous desire and an impulse purchasing. Visual search offers multi-dimensional benefits key for early movers in this new wave of commerce. In a world where instant gratification is not only desired but expected, Slyce’s visual search technology offers a neatly-wrapped key to innovative, engaging success.
Please watch for our next newsletter, in the first week of June! We'll be featuring more exciting developments and trends within the realm of visual search and mobile commerce.
Please contact me Roy Roman at roy@slyce.it with any questions or comments.
Best regards,
Roy Roman.
§Slyce
ROY ROMAN, CAPITAL MARKETS
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