The advancements in big data of the retail sector have a positive impact on the adoption of Artificial Intelligence (AI) in the retail industry. Market Research Future (MRFR) has revealed in its latest study that the global artificial intelligence in retail market will thrive saliently striking a CAGR of 34% during the forecast period 2017 to 2023. MRFR has further asserted that the valuation of the market is likely to reach USD 7 Bn by the end of the projection period.
Artificial intelligence has been gaining popularity across different industry verticals over the years. The gaining prominence of AI in retail has led to the adoption of the technology by organizations of all sizes for optimum operational efficiency.
The adoption of AI in retail solves problems related to logistics and product delivery, thus enhancing the user experience. The market participants were quick enough to respond to the market shifts by tapping the strong opportunities offered by AI. The trend is likely to continue over the next few years, which will accelerate revenue creation for industry leaders.
Other factors encouraging the growth and expansion of the Artificial Intelligence in Retail Market include adoption of artificial intelligence enabled devices, expansion of human-aware artificial intelligence systems, low-cost operations coupled with high productivity, need for surveillance and monitoring, higher Returns on Investments (RoI), and, rising responsiveness and application of artificial intelligence in the retail industry among others.
The advent of machine learning, deep learning, and Natural Language Processing (NLP) technologies are projected to resonate immense growth opportunities for artificial intelligence in retail market.
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The key players profiled by MRFR are Intel Corporation (U.S.), Sentient Technologies (U.S.), Microsoft Corporation (U.S.), Salesforce (U.S.), Google Inc (U.S.), Amazon Web Services (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), and NVIDIA Corporation (U.S.) among others. The initiatives undertaken by the market players for gaining a competitive edge over others include technological advancements, product innovations, acquisitions & mergers, strategic alliances, etc.
- By application, the artificial intelligence in retail market is segmented into advertising, merchandizing, market forecast, surveillance, and analytics.
- By technology, the global artificial intelligence in retail market has been segmented into deep learning, neural networks, natural language processing, facial recognition, and voice assistance.
- By component, the artificial intelligence in retail market is segmented into solution, and services.
- By deployment, the global artificial intelligence in retail market has been segmented into cloud and premise.
By region, the global artificial intelligence in retail market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America market will hold the most significant share of the global market and is likely to remain highly lucrative throughout the assessment period. The rate of adoption of artificial intelligence is relatively higher in the U.S. and Canada which will drive the artificial intelligence in retail market expansion. Furthermore, the growth trajectories of the key players consolidated in the region are expected to propel the revenue creation further.
Europe is estimated to trail North America in terms of revenue and market size. The growth in the region is attributable to the technological developments and presence of retail giants like Tesco that are capable of adopting the technology.
Asia Pacific is projected to exhibit a relatively higher growth rate through the review period. The large-scale penetration of technology in the region coupled with lucrative investments is likely to drive the expansion of the artificial intelligence in retail market. The presence of fast-developing economies in Asia Pacific such as China and India are expected to catalyze the growth of the artificial intelligence in retail market.
Rest of the World is poised to demonstrate a slow rise in demand and supply due to limited technological penetration and weak economic conditions in the African countries.
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In July 2018, Chinese retail e-commerce giant, Alibaba, announced the integration of artificial intelligence for reshaping the retail fashion industry with its FashionAI concept store.
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