Artificial Intelligence in Retail Market, Interesting Growth Research Technology Overview Analysis, Size, Share Industry and Future Plans by Forecast to 2027
Market Highlights:
The global Artificial Intelligence In Retail Market size is slated to exhibit 35% CAGR from 2017 to
2023, according to the latest report by Market Research Future (MRFR). The
report provides an informed view of the situation of the retail industry
coupled with pros and cons of integration of AI for its processes for the
forecast period (2020-2027). The COVID-19 pandemic and its effects on the
market constitute a major portion of the report.
The global artificial intelligence in retail market
is set to register an incredible growth trajectory owing to implementations of
new technologies and increasing expectations of customers. Focus on
optimization of supply chain, customer experience journeys, and controlling
prices are key drivers of the market. For instance, Walmart has leveraged AI to
provide item substitution choices in case of stock expiry. This can lead to
retention of customers and selling of abundant stocks.
The growth of the ecommerce sector has led to
retailers adapting AI to increase their customer base and stave off competition
from online stores. AI can fix operational inefficiencies and identify gaps in
workflows. Real-time visibility of stocks stored in warehouses and stores can
alert owners to replenish stocks while optimizing costs.
But lack of infrastructure and high implementation
costs can hamper market growth.
Various factors are fuelling the global artificial
intelligence in retail market share. As per the recent MRFR market estimates,
such factors include the growing need for monitoring and surveillance at brick
and mortar stores, increasing responsiveness and application of AI in the
retail sector for effective logistics and product delivery, enhanced
user-experience, higher ROI, amended productivity, increasing use during the
COVID-19 pandemic, and the emergence of natural language processing (NLP)
technology, deep learning, and machine learning.
On the contrary, privacy issues related to the use
of artificial intelligence growth potential analysis and limited private-public
partnership to directly address social implications may impede the artificial
intelligence in retail market size over the forecast period.
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Major Key Players:
The notable players profiled in the artificial
intelligence in retail market report include SAP SE (Germany), Oracle
Corporation (U.S.), Amazon Web Services (U.S.), IBM Corporation (U.S.), Google
Inc (U.S.), Microsoft Corporation (U.S.), Sentient Technologies (U.S.),
Salesforce (U.S.), Intel Corporation (U.S.), and NVIDIA Corporation (U.S.),
among others.
Segmentation:
The MRFR report throws light on an inclusive
segmental analysis of the global AI in retail market based on application,
technology, component, and deployment.
By application, the artificial intelligence in
retail market is segmented into surveillance and analytics, market forecast,
merchandizing, and advertising.
By technology, the artificial intelligence in
retail market is segmented into voice assistance, facial recognition, natural
language processing, neural networks, and deep learning.
By component, the artificial intelligence in retail
market is segmented into services and solution. The solution segment is again
bifurcated into supply chain management, virtual assistant, visual search,
customer relationship management, product planning, and others. The services
segment is again bifurcated into maintenance services, installation, managed,
and professional services.
By deployment, the artificial intelligence in
retail market is segmented into premise and cloud.
Regional Analysis:
By region, the global artificial intelligence (AI)
in retail market covers the recent trends and growth opportunity across Europe,
the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of
these, North America will steer the market over the forecast period. Higher
demand to integrate AI in Canada and the US, early adoption of the technology,
presence of top industry players, increasing investments in artificial
intelligence in retail technology through funding to startups and strategic
alliances, change in consumer preference in the retail sector, and improved ROI
are adding to the artificial intelligence in retail market growth in the
region.
The artificial intelligence in retail market in
Europe is predicted to have the second-largest share over the forecast period.
The presence of technologically mature countries like Italy, the Netherlands,
France, Germany, and the UK, major developments in the retail industry
especially in organized retail, and companies such as Tesco leading the
forefront of retail are adding to the global artificial intelligence in retail
market growth in the region.
In the APAC region, the artificial intelligence in
retail market is predicted to grow at a fast pace over the forecast period.
Several investors investing in trending and newer technologies, increasing
adoption of AI technology in retail sector in India, Japan, and China, huge
shift in India to organized retail from traditional retail that insist
companies to adopt newer technologies for better customer analytics,
advertising, and marketing by analyzing customer’s experience and behavior,
notable growth across demand for consumer products, spending capabilities,
economic growth, and internet infrastructure, favorable government initiatives,
the growth of e-commerce in India and China, increasing investments in AI for
real-time inventory and improved productivity, increasing digitalization,
growing adoption of artificial intelligence-based solutions and services among
retailers, and developing connectivity infrastructure and internet are adding
to the global artificial intelligence in retail market growth in the
region.
The artificial intelligence in retail market in RoW
is predicted to have sound growth over the forecast period.
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Full Report @ https://www.marketresearchfuture.com/reports/artificial-intelligence-in-retail-market-5009
Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.1. Research objectives
2.2.2. Assumptions & Limitations
2.3. Markets Structure
Continued….
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