Artificial Intelligence (AI) in Retail Market is valued at USD 658.2 Million in 2018 and expected to reach USD 5723.0 Million by 2025 with a CAGR of 36.2% over the forecast period.
Global Artificial Intelligence (AI) in Retail Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- The increasing need in retail enterprises to provide enhanced customer experience and maintain their inventory accuracy and also to improve productivity are the major factors driving the market growth.
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Artificial Intelligence (AI) in Retail Market Top Players
- Cognitive Scale
- Inbenta Technologies
- NEXT IT.
- Salesforce.com. SAP
- Sentient Technologies
Scope of Global Artificial Intelligence (AI) in Retail Market Report–
Artificial Intelligence, or simply AI, is the title used to describe a machine’s ability to reproduce human intelligence. Actions like learning, logic, reasoning, perception, creativity, that were once considered unique to humans, is now being replicated by technology and used in every industry. It is the field developing computers and robots capable of parsing data contextually to provide requested information, supply analysis, or trigger events based on findings. Approaches like machine learning and neural networks, companies globally are investing in teaching machines to ‘think’ more like humans. AI technologies allow retailers to assemble, rework and standardize data, automatically enter it into spreadsheets, and transform it into logical visuals such as charts and graphs. In turn, this helps to build efficient business plans, reduces the time on report compilations, forecasts sales figures, set-up customer profiles, and understand customers’ shopping preferences.
Global artificial intelligence (AI) in retail market report is segmented on the basis of component, technology, application and region & country level. Based on component, global artificial intelligence (AI) in retail market is classified as solution and services. Based on technology, global artificial intelligence (AI) in retail market is classified as machine learning and deep learning, natural language processing, computer vision and others. Based upon application, global artificial intelligence (AI) in retail market is classified into automated merchandising, programming advertising, market forecasting, in store AI and location optimization, data science and other.
The regions covered in this Global Artificial Intelligence (AI) in Retail Marketreport are, North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. On the basis of country level, the market of Global Artificial Intelligence (AI) in Retail Market Software is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global Artificial Intelligence (AI) in Retail Market are AWS, Baidu, BloomReach, Cognitive Scale, Google, Inbenta Technologies, Intel, Interactions, Lexalytics, Microsoft, NEXT IT., NVidia, Oracle, RetailNext, Salesforce.com. SAP, Sentient Technologies, Visenze, Caper and others.
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Market Dynamics –
The increasing need in retail enterprises to provide enhanced customer experience and maintain their inventory accuracy and also to improve productivity are the major factors driving the market growth. Growing adoption of AI technology between retailers for multi-channel marketing can be viewed as a trend in the market. Increasing adoption of computer vision-based cameras and robots to track & manage store inventories are also supplementing the market growth. Retailers are leveraging computer vision for several in-store applications to compete with other players. Computer vision is gaining popularity among offline retailers for shelf scanning, facial recognition, and footfall traffic & interactions analysis. The large volume of data generated on the basis of in-store consumer behavior, e-mail marketing, and campaign management, when analyzed, helps to identify consumption patterns and develop personalized campaigns, thus facilitating better decision making.
However, It’s hard to conceptualize that a computer could be wrong but it may happen because of wrong Algorithms and mathematically or imitatively they might always be “right” but humans encompass much more than simply formulas and statistics. Humans being are unique and have many varieties of tastes and preferences that cannot be dumbed down to a formula. The immense thing that makes us human is the fact that we are constantly changing and growing, and there are always outliers. These are some tools that act as the barrier for the growth of the global artificial intelligence (AI) in retail market.
Moreover, the growing execution of AI-based chatbots is one of the growth opportunities for the players operating in the market. AI-based chabot technology is widely being integrated by retail companies into their work processes. The growing number of shopping channels, such as websites, physical retail stores, and mobile applications, have compelled retailers to employ AI technologies across these platforms to capture a larger customer base. This increased use of AI to monitor and analyze data is, revolutionizing the retail industry, globally.
The global artificial intelligence (AI) in retail market Software Market is segmented into North America, Europe, Asia-Pacific, Latin America and Africa. North America is expected to dominate the global artificial intelligence (AI) in retail market with the largest market share mainly because of the presence of several developed economies, such as the United States and Canada, focusing on strengthening the existing solutions in the retail space. North America hosts the primary AI solution providers and is an early adopter of AI technology. Many retailers in this region have established AI-based solutions to optimize their supply chain operations and inventory. AI is serving the retailers in managing and maintaining their customers and understanding the buying patterns of the consumers. To attract customers and enhance sales turnover, AI technologies are being adopted by both online and offline retail businesses in this region.
Key Benefits for Market Report–
Global Artificial Intelligence (AI) in Retail Market report covers in-depth historical and forecast analysis.
Global Artificial Intelligence (AI) in Retail Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Global Artificial Intelligence (AI) in Retail Market report helps to identify opportunities in marketplace.
Global Artificial Intelligence (AI) in Retail Market report covers extensive analysis of emerging trends and competitive landscape.
Artificial Intelligence (AI) in Retail Market Segmentation:
By Component:- Solution, Chatbot, Customer Behavior Tracking, CRM, Inventory Management, Price Optimization, Recommendation Engine, (Supply Chain Management, Visual Search, Others), Service, Professional Service, Managed Service
By Technology: Machine Learning and Deep learning, Natural Language Processing, Computer Vision, Others
By Application: Automated Merchandising, Programming Advertising, Market Forecasting, In store AI and Location Optimization, Data Science, Other
By Regional & Country Analysis
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa