While the phrase image recognition technology may be unfamiliar, chances are, you are already acquainted with the functionality. Although the term can evoke a vision of a postmodern world run by computers, in actuality, image recognition software has been invading our everyday life for years in ways we don’t always think about. Image recognition technology works to identify objects, people, locations, brands, and anything else that have value to users. The advent of smartphones and tablets, equipped with cameras, has provided the platform for this technology to rapidly advance. Chances are, your day-to-day life is full of interactions with image recognition software at work.
Have you experienced Facebook suggesting a tag in a photo? Maybe you have used your phone to scan a QR code at the grocery store. Perhaps you drive a car equipped with a reversing camera or similar safety feature. These are all everyday examples of image recognition technology implementations.
Use cases and demand for the technology is expanding at an almost explosive rate. The technology is at the core of the features for which we rely on our mobile and wearable technology. Apps like Google Shopper let you snap an image of compare prices. TVtak allows you to identify the show you are watching by pointing your device’s camera at the television screen. Any and all of the various augmented reality applications rely on image recognition. Industry experts forecast the market for image recognition technology to reach nearly 30 billion dollars by 2020.
One of the companies leading the way is Slyce visual search. Based in Toronto, Canada, Slyce, Inc. is a visual search and recognition company, with a focus on product recognition. The company launched their proprietary image recognition technology in 2013, and quickly established themselves as the technology partner for larger retailers. Their range of offerings includes Snap-to-Buy, Snap-to-List, Snap-to-Coupon and Snap-to-Discover app capabilities. Slyce, Inc. works with six of the top 20 U.S.-based retailers, including American Eagle Outfitters and Neiman Marcus. They are publicly traded as SLC on the TSX Venture Exchange Market.