Artificial Intelligence in Retail Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024
Category: #world  By Ashwin Naphade  Date: 2019-01-28
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Artificial Intelligence in Retail Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024

This Global Artificial Intelligence (AI) in Retail market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

North America accounts for over 35% share in the AI in Retail market. The increasing investments in the AI technology, the early adoption, and the presence of tech giants, such as AWS, Microsoft, Google and IBM, in the country also foster the market growth. Asia Pacific AI in Retail market is anticipated to grow significantly with a CAGR of more than 45%. The growth of the market is driven by e-commerce industry in the region. Furthermore, the investment in the AI by the Chinese technology giants Alibaba and Baidu also fuel the market growth.

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AI in Retail Market is estimated to cross the USD 8 billion mark by the year 2024. The growth of the market is driven by the disruption of the technology in the retail sector. Enterprises are rapidly deploying new technologies to get an edge over competitors and provide a personalized shopping experience to the customers. The growing demand for the enhanced customer experience is also one of the major forces propelling the market growth. As the competition among the enterprises is increasing, companies have started focusing more on providing improved shopping experience to gain customers? loyalty. Furthermore, rising investments in the AI and the development of new business models along with the advances in the data science are some of the major factors that foster the market growth. However, the data privacy and the lack of public private partnership are hindering the growth of the AI in Retail market.

Recommendation engine is the most used solution among the retailers accounting for more than 35% share in the revenue. The growth of the recommendation engine market is credited to the rising demand for the personalized shopping experience among the customers. Furthermore, the demand for the visual search solutions is estimated to grow at a CAGR of more than 45% during 2018-2024.

Natural Language Processing (NLP) leads AI in Retail market with over 40% share in the revenue. The growing demand to provide the enhanced customer experience is the major force augmenting the market growth. Machine learning and deep learning technology are anticipated to surpass the NLP technology during the forecast period with a CAGR of over 42%. The market is driven by the increasing investments in machine learning and deep learning technology. 

The solutions market is estimated to lead the AI in Retail market with over 85% share in the revenue. The growing demand for the advanced analytics solutions among the retailers to extract the consumer data is propelling the growth. Services market is anticipated to grow at a CAGR of over 45% during the forecast timeline. The increasing demand among the retailers for the third-party services is the driving the growth.  

The companies that serve AI-powered solutions in the retail sector are Google, Microsoft, IBM, AWS, Baidu, Intel, Oracle, SAP, Salesforce.com, Nvidia, Interactions, CognitiveScale, Lexalytics, Inbenta Technologies, NEXT IT, RetailNext, Sentient Technologies, Visenze, and BloomReach.

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Table of Content:

Chapter 1.   Methodology & Scope

Chapter 2.   Executive Summary

Chapter 3.   AI in Retail Industry Insights

Chapter 4.   Competitive Landscape

Chapter 5.   AI in Retail Market, By Component

Chapter 6.   AI in Retail Market, By Technology

Chapter 7.   AI in Retail Market, By Application

Chapter 8.   AI in Retail Market, By Region

Chapter 9.   Company Profiles

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About Author

Ashwin Naphade

Email: [email protected]   

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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