As our world becomes more visual – with over 3 billion images shared per day on the web – companies are missing out on vital information to make better business and marketing decisions by not being able to detect, understand and act on all the images that are relevant to their brands. Just as companies had to find ways to track and measure social media content ten years ago, companies today must learn how to not only recognize but also analyze images in order to make predictions about the future.
This report lays out the market opportunities, challenges and use cases for image intelligence and offers recommendations for organizations that wish to unlock the predictive potential of visual content. The opportunity for organizations to make sense of images isn’t just about recognition and analysis; it’s about image intelligence: the ability to detect and analyze images, incorporate them with other data sources, and develop predictive models to forecast and act on emerging trends.
Companies ranging from technology startups to industry Goliaths, such as Facebook and Google, are developing technologies that use artificial intelligence to analyze the content of images. Increasingly, they’re applying analytics to images to better understand their impact on the business.
Approximately 80% of images shared online that include a brand’s logo do not directly refer to the brand in the associated text. As a result, brands are losing out on a vast majority of opportunities to connect with consumers and build brand equity by relying on text analysis alone.
Altimeter has found 30 use cases for image intelligence across the business. Companies can use it to determine the ROI of marketing programs, make changes to future products based on the popularity of current models, gain a better understanding of how their products are being seen and used in real life, identify “ blind spots” related to counterfeit and fraud,” and even make real time supply chain decisions depending on the demand in different geographies.
As artificial intelligence, virtual reality and the Internet of Things become more prevalent, the ability for organizations to detect and analyze images will become even more critical.