Market Synopsis
The global Artificial Intelligence in Retail Market 2020, is expected to record substantial growth at a CAGR of 34%, reaching a market value of USD 7 billion by 2023.
Market Highlights
Artificial Intelligence is supposed to affect any industry and organization worldwide. One of the primary factors driving the growth of the retail artificial intelligence market is the advent of big data, and the adoption of artificial intelligence powered devices and services across various domains. In addition , the growth of human-aware artificial intelligence systems and the wide reach of AI innovations are the opportunities currently emerging in the retail industry. Therefore, artificial intelligence technologies are the future for many industries and markets that are determined in their respective market segments for efficient , low-cost operations and high productivity.
The factors driving market growth include a increasing need for tracking and control in a brick and mortar shop, increased responsiveness and retail industry implementation of artificial intelligence for efficient logistics and product distribution, enhanced customer experience, enhanced productivity , and higher investment return (RoI). In addition, the advent of machine learning , deep learning, and natural language processing ( NLP) technology is expected to improve the retail AI-based solution, creating opportunities for this market to expand.
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Competitive Dashboard:
Artificial intelligence is one of the most common innovations in all industrial verticals and its wide-spread applications enable companies in their specific domain to embrace and introduce artificial intelligence services. Some of the leading players in the artificial intelligence in retail market include Intel Corporation (U.S.), NVIDIA Corporation (U.S.), Salesforce (U.S.), Microsoft Corporation (U.S.), Sentient Technologies (U.S.), IBM Corporation (U.S.), Google Inc (U.S.), Oracle corporation (U.S.), Amazon Web Services (U.S.), SAP SE (Germany) among others.
While competition is strong on the market, many startups are also joining the artificial intelligence business to serve the high demand business.
Market Segmentation:
The market is segmented by application into advertisement, merchandising, business forecasting, surveillance, and analytics.
The market is segmented, based on technology, into deep learning, neural networks, natural language processing, facial recognition, and voice support.
The market, depending on the components, is segmented into solution and services,. solution is further bifurcated as customer relationship management, product planning, visual quest, and virtual assistant, supply chain management among others,. Additionally, services are bifurcated as professional, managed, installed and maintained services.
The market based on deployment is segmented into the Cloud and Premium.
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Regional Outlook:
Integrating artificial intelligence in the retail sector marks the beginning of a new age in the advertisement, analytics and customer service area. Despite rising competition from companies to incorporate artificial intelligence in countries such as the U.S. and Canada, North America has the highest share of artificial intelligence in the retail industry. North America is followed by the European region, with technologically mature countries such as the UK, Germany, France , the Netherlands and Italy. Europe has seen major changes in the retail industry , especially in organized retail. Various firms, such as Tesco, lead the retail sector in this region.
Nevertheless, during the forecast period the Asia Pacific region is projected to expand at a rapid rate. For several investors, Asia Pacific has become a gateway area for investing in newer and emerging technologies. The leading countries using artificial intelligence technology in the retail sector are developing countries such as China , Japan and India. In India, there is a major change from conventional retail to organized retail, insisting on businesses embracing modern marketing, advertisement and better customer intelligence innovations by analyzing the consumer's experience and actions.
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