ID: MRFR/ICT/3574-HCR | February 2021 | Region: Global | 100 pages
Artificial Intelligence in Retail Market is projected to grow at 35% CAGR during the forecast period. Machine learning and the deeper learning technological elements are significantly expected to share during the forecast period. The companies involved in the retail industry are using the technology to offer the best customer experience and bring growth to their business.
The use of artificial intelligence in the retail industry mainly focuses on optimizing the supply chain, customizing the shopping experience for the clients, and micro-targeting on pricing. However, there are many challenges in the retail sector that artificial intelligence takes care of.
Almost every business across the globe has experienced a severe setback since the onset of this deadly pandemic. While every organization is looking for ways to combat loss, they also want guidance to ensure that they can work efficiently and smoothly in the coming future. In contrast, no one is still sure about the end of the pandemic. Some things need to be changed in the working pattern to ensure a perfect working environment, and Artificial Intelligence in Retail Market Analysis is done perfectly by the experts.
The industry experts have been taking care of every organization's needs through the most beautiful Artificial Intelligence in Retail Market Research Report. The focus is laid on guiding them in a way that they can perform the best. Comparing the Global Artificial Intelligence in Retail Market pre and post covid times and suggesting the proper steps has been the report's goal.
Artificial Intelligence in Retail Market Dynamics:
Artificial intelligence in the retail stores market has not only gained popularity but is also witnessing tremendous growth in AI Market value. Also, the expected CAGR of the market during the upcoming forecast period is 35% which is considerably high for a market. Growth has been depending on various factors and has been working efficiently under given circumstances.
Two main factors have been bringing growth in Artificial Intelligence in Retail Market. One of them is the increase in the popularity of the virtual fitting rooms, enabling the shoppers to have an outstanding shopping experience, especially during the COVID times, because it does not involve any physical contact with the products. The second factor is the growth in the demand for all-driven chatbots. While the companies have focused on providing a personalized customer service experience, the al-driven chatbots save time and cost and are user-friendly.
The primary factor hampering Artificial Intelligence in Retail Market Growth is the lack of infrastructure and the higher implementation costs associated with its implementation. As a result, small-scale organizations with a limited budget find it expensive and burdening to implement the system in their business.
The regulatory implications on Artificial Intelligence in Retail Market might not affect the market on a larger scale but affects its growth for sure. The primary concern in the market has always stayed to be security. While the market comes with numerous benefits, one of those things that have been a concern is the safety part. Some regulations tend to maintain this aspect and cause a minor hindrance in the growth. However, it is required too but tends to harm the working efficiency without a doubt. The governments and the regulatory bodies have been ensuring the security of the companies and most of all the customers; the laws mainly focus on bringing out the technology that is not only beneficial but also safe to use.
Global Artificial Intelligence in Retail Market, USD Billion:
Artificial Intelligence in Retail Market Segmentation Overview:
The Artificial Intelligence in Retail Market Segments can be classified based on the following:
Based on the application, the Artificial Intelligence in Retail Business can further be divided into the following sections:
Based on the technology, Artificial Intelligence in Retail Market Segments are as follows:
Based on the components, the market can be subdivided into the following:
The solutions segment is further divided into customer relationship management, product planning, visual search, supply chain management, and virtual assistant.
Services are further bifurcated into Managed, professional, installation, and maintenance services.
Based on the Deployment:
Based on the deployment, the market is further segmented into the following
The artificial intelligence in the retail stores market is divided into the following based on the regions.
The region dominates the Artificial Intelligence in Retail Market Trends in North America due to an increase in the demand for artificial intelligence in major countries like the U.S. and Canada. The part tends to have the largest share in the AI Market.
The region that follows North America is Europe, with technologically advanced countries like the U.K., Netherlands, France, Germany, and many more. Moreover, the area also has many progressive companies situated in the region, bringing growth.
The Asia Pacific is expecting the highest growth in the market due to increased demand in countries like India, China, and Japan.
Artificial Intelligence in Retail Market Competitive Landscape:
The major players in the Global Artificial Intelligence in Retail Market are NVIDIA Corporation (U.S.), SAP SE (Germany), Intel Corporation (U.S.), Oracle Corporation (U.S.), Salesforce (U.S.), Amazon Web Services (U.S.), Sentient Technologies (U.S.), Google Inc (U.S.), IBM Corporation (U.S.) and Microsoft Corporation (U.S.)
All the major players in the market have been working hard to bring the desired growth in the market. Collaborations, acquisitions, and mergers have been getting tremendous growth in the market. The plans and the strategies they have been implanting are well planned and have also been helping the newcomers to understand the depth of the need to a great extent.
The segmentation of the market based on the various factors, including the regions, has also been part of the report. The significant players in the market and the strategies they have been implementing for the growth are also a part of the information. The recent advancements in Artificial Intelligence in Retail Business that the companies can use for the benefits in their work systems have also been included in the report.
|Market Size||USD 7 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||NVIDIA Corporation (U.S.), Intel Corporation (U.S.), Salesforce (U.S.), Sentient Technologies (U.S.), Microsoft Corporation (U.S.), Google Inc (U.S.), IBM Corporation (U.S.), Amazon Web Services (U.S.), Oracle corporation (U.S.), SAP SE (Germany)|
|Key Market Opportunities||The emergence of machine learning, deep learning, and Natural Language Processing (NLP) technology are expected to develop the AI-based solution for retail, creating opportunities for the growth of this market.|
|Key Market Drivers||the major factors that drive the growth of artificial intelligence market in retail is the advancement in big data, and adoption of artificial intelligence enabled devices and services across various different domains.|
Frequently Asked Questions (FAQ) :
Global artificial intelligence in retail market is projected to grow at approximately 34% CAGR during the assessment period (2020-2027).
The valuation of the global artificial intelligence in retail market is estimated to increase to USD 07 BN by the end of 2023.
Growing applications of AI solutions to meet the need for surveillance and monitoring in stores is a major tailwind pushing the growth of the artificial intelligence in the retail market.
North America holds the largest share in the global artificial intelligence in the retail market, followed by Europe and the Asia Pacific, respectively.
Intel Corporation (U.S.), NVIDIA Corporation (U.S.), Salesforce (U.S.), Microsoft Corporation (U.S.), Sentient Technologies (U.S.), Google Inc (U.S.), Amazon Web Services (U.S.), IBM Corporation (U.S.), Oracle corporation (U.S.), and SAP SE (Germany) are some of the top players operating in the global artificial intelligence in the retail market.
The industry experts have worked thoroughly to get the most recent and up-to-date information about the market. The report has an overview of the market, the Artificial Intelligence in Retail Market Analysis of the Artificial Intelligence in Retail.