Global AI in Retail Market Size to exceed $8bn by 2024

Artificial Intelligence (AI) in Retail Market size is set to exceed USD 8 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

The AI in retail market is estimated to grow substantially over the forecast timeline due to increasing need among retailers to improve productivity, reduce operational cost, and generate more revenue. The rising internet penetration coupled with the proliferation of smart devices and growing digitalization across the retail industry is propelling the deployment of AI. The AI platform uses historical data related to customer buying behavior, pattern, and payment methods to analyze and provide a value-oriented and personalized shopping experience to consumers. It also offers relevant recommendations to consumers, enhancing customer experience on the platform. Additionally, the growing need for superior monitoring and surveillance at physically present retail stores is increasing the deployment of artificial intelligence (AI) in retail market.
 

 

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Rise in the demand for supply chain optimization, improved business decision making, and demand forecasting among retailers is proliferating the use of AI in retail market. AI-supported conversational chatbots are increasingly used by retailers to assist customers to improve real-time customer engagement and offer personalized shopping experience. This enhances the buying experience for customers by troubleshooting several issues and answering FAQs as well as helping retailers to streamline staffing. Retailers are increasingly leveraging technologies to understand customer behavior and the requirement to fulfill their demand. Also, the high intensity of competition among retailers is encouraging them to adopt advanced technologies. However, the lack of integration capabilities with several retailer software and absence of skilled professionals related to AI technology are hindering the market growth.


Artificial Intelligence (AI) in Retail Market

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The computer vision market is projected to grow at a CAGR of more than 37% over the forecast timeline. The market is driven by the increasing adoption of computer vision-based cameras and robots to track & manage store inventory. Retailers are leveraging computer vision for several in-store applications to compete with other players. Computer vision is gaining popularity among offline retailers for shelf scanning, facial recognition, and footfall traffic & interactions analysis.
 

The supply chain management subsegment held more than 14% AI in retail market share in 2017 due to increasing need to improve the speed and efficiency of the entire process. The growing demand for fast product delivery among shoppers is promoting the adoption of supply chain management solutions. The deployment of AI in supply chain management will reduce the bottleneck in the process, reducing the operational cost for retailers.
 

Browse key industry insights spread across 300 pages with 170 market data tables & 23 figures & charts from the report, “Artificial Intelligence (AI) in Retail Market Size By Component (Solution [Chatbot, Customer Behavior Tracking, Customer Relationship Management (CRM), Inventory Management, Price Optimization, Recommendation Engine, Supply Chain Management, Visual Search], Service [Professional Service, Managed Service]), By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), By Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location Optimization, Data Science), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Sweden, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, UAE, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-retail-market

 

Programmatic advertising is projected to exhibit a CAGR of more than 42% over the forecast timeline due to the growing need among retailers to increase the customer base through omnichannel marketing. The competition among retailers is increasing rapidly and companies are looking for new ways to gain customers by implementing advanced advertising strategies. Companies are focusing on “Precision Targeting” to deliver right messages to the right audience, maximize the sale, and reduce advertisement expenditure. Furthermore, the demand for programmatic advertising is also driven by increasing investments by retailers in digital marketing.
 

North America artificial intelligence (AI) in retail market held more than 53% revenue share in 2017 and is estimated to maintain the industry share over the forecast timeline. The market growth is attributed to the growing investment related to AI technology and the presence of prominent market players such as Microsoft, Google, and Intel. For instance, in 2017, the Canadian government announced investments worth USD 35 million in the Canadian Institute for Advanced Research (CIFAR) to promote research & development activities in AI. Besides, the government has also invested about USD 125 million in the Pan Canadian Artificial Intelligence Strategy to attract research and talent in the country.
 

Major vendors of the AI in retail market are AWS, Baidu, BloomReach., CognitiveScale., Google, Inbenta Technologies, Intel, Interactions, Lexalytics., Microsoft, NEXT IT., Nvidia, Oracle, RetailNext, Salesforce.com., SAP, Sentient Technologies, and Visenze. The technology players in the market are partnering with other players to improve features of the AI platform, such as chatbots, for the enterprise retail industry. For instance, in January 2018, Inbenta Technologies, Inc. partnered with HGSs to enhance HGSs CX offerings for customers by providing a more efficient and seamless omnichannel integration of the HGS Bots & Brains approach to deliver a smart two-way conversation that helps consumers get to the right answer.
 

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The artificial intelligence in retail market research report includes in-depth coverage of the industry with estimates & forecast revenue in USD from 2013 to 2024 for the following segments:

By Component

  • Solution
    • Chatbot
    • Customer Behavior Tracking
    • Customer Relationship Management
    • Inventory Management
    • Price Optimization
    • Recommendation Engine
    • Supply Chain Management
    • Visual Search
    • Others
  • Service
    • Professional Service
    • Managed Service

By Technology

  • Machine Learning & Deep Learning
  • Natural Language Processing
  • Computer Vision
  • Others

By Application

  • Automated Merchandising
  • Programmatic Advertising
  • Market Forecasting
  • In Store AI & Location Optimization
  • Data Science
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Sweden
    • Switzerland
  • Asia Pacific
    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • UAE
    • Israel
    • South Africa

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