DUBLIN, July 30, 2020 /PRNewswire/ -- The "Artificial Intelligence in Retail Market by Product, Application (Predictive Merchandizing, Programmatic Advertising), Technology (Machine Learning, Natural Language Processing), Deployment (Cloud, On-Premises), and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence in retail market is expected to grow at a CAGR of 34.4% from 2020 to reach $19.9 billion by 2027.
The growth in the artificial intelligence in retail market is driven by several factors such as the rising number of internet users, increasing adoption of smart devices, rapid adoption of advances in technology across retail chain, and increasing adoption of the multi-channel or omnichannel retailing strategy.
Besides, the factors such as increasing awareness about AI and big data & analytics, consistent proliferation of Internet of Things, and enhanced end-user experience is also contributing to the market growth. However, the high cost of transformation and lack of infrastructure are some of the major factors hindering the market growth during the forecast period.
The study offers a comprehensive analysis of the global artificial intelligence in retail market with respect to various types. The global artificial intelligence in retail market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of product, application, technology, retail, end-user, and geography.
Based on product offering, the solutions segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020. This is attributed to the growing adoption of AI-powered solutions and applications by retailers across the globe to identify personalized customer needs, reduce shrinkage by improving loss prevention at point-of-sale, and enhance customer engagement experience. However, the services segment is estimated to witness rapid growth during the forecast period.
In AI solutions segment, based on product type, the chatbots segment is estimated to command the largest share of the artificial intelligence in retail solutions market in 2020. The large share of this segment is mainly attributed to the growing need to improve customer relationship management (CRM) and an increase in awareness about the advantages offered by chatbots over other customer support options. However, customer behavior tracking is poised to post the fastest growth during the forecast period.
Based on learning technology, the machine learning segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020. The large share of this segment is mainly attributed to the increasing demand from retailers to track dynamic consumer behavior in order to ensure competitive edge in the retail industry, which has also proved as a key to success of stakeholders in many cases. Moreover, ability of machine learning technology to provide better prediction of sales and customer services, better segmentation of customers, and high personalized product recommendations for advertising and promotions is expected to drive the adoption of machine learning technology during the forecast period.
An in-depth analysis of the geographic scenario of the market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America region is estimated to command the largest share of the global artificial intelligence in retail market, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to its open-minded approach towards smart technologies and high technology adoption rate, presence of key players & start-ups, and increased internet access. However, the factors such as speedy growth in spending power, presence of young population, and government initiatives supporting digitalization is helping Asia Pacific to register the fastest growth in the global artificial intelligence in retail market.
Key players operating in the global artificial intelligence in retail market are Amazon.com, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), and BloomReach, Inc. (U.S.) along with several local and regional players.
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Market Insights
4.2. Market Dynamics
126.96.36.199. Growing Awareness about AI and Big Data & Analytics
188.8.131.52. Adoption of Multichannel or Omni channel Retailing Strategy
184.108.40.206. Need to Enhance the End-User Experience and Improve Productivity
220.127.116.11. High Cost of Procurement
18.104.22.168. Lack of infrastructure
22.214.171.124. Increased Adoption of AI-Powered Voice Enabled Devices
126.96.36.199. Growing Number of Smartphones
188.8.131.52. Concerns over Privacy and Identity of individuals
184.108.40.206. Lack of Awareness about AI Technology
220.127.116.11. Rising Focus on Blockchain
18.104.22.168. Adoption of 5G Technology
4.3. Impact of COVID-19 on the AI in Retail Market
5. Artificial Intelligence in Retail Market, by Product Type
5.2.2. Recommendation Engines
5.2.3. Customer Behavior Tracking
5.2.4. Visual Search
5.2.5. Customer Relationship Management
5.2.6. Price Optimization
5.2.7. Supply Chain Management
5.2.8. inventory Management
5.3.1. Managed Services
5.3.2. Professional Services
6. Artificial Intelligence in Retail Market, by Application
6.2. Predictive Merchandising
6.3. Programmatic Advertising
6.4. In-Store Visual Monitoring & Surveillance
6.5. Market forecasting
6.6. Location-Based Marketing
7. Artificial Intelligence in Retail Market, by Learning Technology
7.2. Machine Learning
7.3. Natural Language Processing
7.4. Computer Vision
8. Artificial Intelligence in Retail Market, by Type
8.2. Online Retail
8.3. Offline Retail
8.3.1. Brick & Mortar Stores
8.3.2. Supermarkets& Hypermarkets
8.3.3. Speciality Stores
9. Artificial Intelligence in Retail Market, by End-User
9.2. Food &Groceries
9.3. Health & Wellness
9.5. Electronics & White Goods
9.6. Fashion & Clothing
10. Artificial Intelligence in Retail Market, by Deployment Type
11. Global Artificial Intelligence in Retail Market, by Geography
11.2. North America
11.3.6. Rest of Europe
11.4.4. Rest of the Asia-Pacific
11.5. Latin America
11.6. Middle East & Africa
12. Competitive Landscape
12.1. Competitive Growth Strategies
12.1.1. New Product Launches
12.1.2. Mergers and Acquisitions
12.1.3. Partnerships, Agreements, and Collaborations
12.2. Market Share Analysis
12.3. Competitive Benchmarking
13. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
13.2. Google LLC
13.3. IBM Corporation
13.4. Intel Corporation
13.5. Microsoft Corporation
13.6. Nvidia Corporation
13.7. Oracle Corporation
13.8. SAP SE
13.9. Bloomreach, Inc.
13.10. Salesforce.com, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3cmz4u
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets