Artificial Intelligence in Retail Market, Present Scenario On Growth Analysis Along With Key Industry Players, And Forecast To 2030technology 2022. 7. 21. 18:57
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.
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.
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.
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
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