Computer vision technology is one of the exciting advances that is transforming the way how people live and do business. It has a huge potential to have a profound impact on our lives with its ability to accurately identify and classify objects and then react to what they ‘see.‘ Based on the recent research, the market for computer vision is projected to reach 11.94 billion U.S. dollars in 2018 and will be valued 17.38 billion U.S. dollars by 2023. That’s why companies- big and small – should focus on computer vision development to accomplish their goals and prosper business. Do you want to know how businesses use computer vision technology? Let’s take a closer look!
Top ways computer vision transforms your business
There is a great number of ways computer vision can add tremendous value. Here we have provided top 4 ways how companies are utilizing Vision-powered innovation:
Improve the Social Media Experience
Ensuring users to find what they are looking for is critical to business. The more advanced content is, the more challenging it becomes to find what users like. With Vision-powered technology, it becomes possible and easy. As an example, Lens can tell users where that amazing dress was bought and can also display dresses matching the design of the item the user liked.
Provide Emotional analytics
Currently, applying emotional analytics becomes faster and cheaper compared to the brick and mortar approach in which online researches gather and process terabytes of data. Using Vision-powered technology as a part of marketing strategy really speeds up that tedious and time-consuming process. An example is Unruly that applies biometric, neurological, emotional and audio testing to allow advertisers to maximize the emotional impact of ads.
Offer secure and frictionless payment process
Embedding advanced face detection and recognition technology is great to resolve fraudulence issues. Integrated into Alipay Face++ supports facial scan logging that enables users to purchase by scanning and identifying their faces that eliminates a lot of fraud risks and makes process frictionless.
Deliver customer-centered approach
Gathering real-time visual data to personalize experiences and inform marketing strategy is not a problem anymore with vision-fueled technology. The addition of a camera-equipped smart speaker to the Amazon Echo lineup could give Amazon the ability to gather customer data for more effective cross-sells and providing individual experience.
Bottom line: Could computer vision enhance or even transform your business?
While this technology is still developing, business leaders around the world understand its potential to revolutionize a vast number of sectors. What’s important now, Computer vision is here to stay. It provides companies with a wide range of solutions that help them to better target consumers, makes data-driven decisions, offers a frictionless payment process and grows their business.
The author of this article is Andrew Lozun (Chief Innovation Officer) from ServReality company (https://servreality.com).