The growth in market revenue is attributed to proliferating adoption of game changing technologies, growth in mobile market and emergence of various AI based start-ups catering to retail industry. Proliferation of enhanced technological awareness and varied product choices among the consumers have resulted into a noteworthy shift in global retail industry landscape. This has further foisted pressure on the traditional retailers to reimagine the strategies for creating and capturing value in order to explore the optimal usage of their assets. Public policy liberalization is also one of the key factors supporting the flow of knowledge, information and resources, further generating pressure on the brick ‘n' mortar retailers to tackle with the lowered entry barriers to the online retailers in the market.
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The key players covered in this report:
- IBM Watson
- Google Inc.
- Focal Systems
- Sentient Technologies Holdings Limited
- Microsoft Corp
- Tata consultancy
Artificial intelligence in retail Market to 2025 – Global Analysis and Forecast by retail format, technology, and application, artificial intelligence in retail market is expected to grow US$ 27,238.6 million by 2025 from US$ 712.6 million in 2016. Inception of exponential technologies such as sensors, robotics, virtual reality, and artificial intelligence in the retail industry has enabled the retailers to enhance their interactions with consumers and transformed the way retail operations were performed. This change in the industry is prominently driven by the seismic shift in the shopping pattern of the consumers, and their preferences backed by demographic dividend across regions.
The report segments the global Artificial intelligence in retail market as follows:
Global Artificial intelligence in retail Market – By Retail Format
Brick ‘n' Mortar
Global Artificial intelligence in retail Market – By Technology
Audio – Visual Search Analytics
Global Artificial intelligence in retail Market – By Application
Sales & Marketing
Supply Chain & Logistics
Customer Experience & Management
The global artificial intelligence in retail market by geography is segmented into five region including north America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to account for the largest share of the global artificial intelligence in retail market in 2016, followed by Europe. Germany and UK being two key countries in Europe region which will lead artificial intelligence in retail market in this region and is also expected to continue its dominance throughout the forecast period from 2016 to 2025. The report profiles key players such Sentient Technologies Holdings Limited, Manthan Software Services Pvt. Ltd, Focal Systems Inc, Microsoft Corporation, ViSenze, Tata Consultancy Services Limited, Salesforce.com, Inc., Plexure Ltd., Google,Inc., and IBM Watson Group, among others.
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The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the artificial intelligence and retail industry.
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