Selbyville, Delaware, Feb. 25, 2021 (GLOBE NEWSWIRE) -- As per reliable estimates, global artificial intelligence in retail market size had reached USD 3 billion in 2019 and is likely to showcase a y-o-y growth rate of 29.7% between 2020 and 2027, subsequently accounting for USD 24 billion by the year 2027. Growing demand for AI technologies in the retail sector in order to improve customer experience is one of the key factors driving the market growth.
Artificial intelligence has lately emerging as a key component to digitize in-store retail establishments since it offers a personalized consumer experience. It also promotes more involved consumer-to-business interaction since it can help bridge the gap between virtual and physical sales channel.
It also offers an advanced comparative evaluation of the past records and current market trends while talking about revenue prospects, further ensuring high-quality decision and high profitability among enterprises looking to acquire a competitive edge in this business domain. The document also elaborates on the several market segmentations while describing the regional scope and competitive outlook of this industry vertical.
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AI technologies are known to offer high operational efficiency as it eliminates human intervention among retails. For instance, PayPal has started using AI technologies to detect fraudulent activities on its platform. Thus, increasing utilization of such solutions is stimulating global artificial intelligence in retail industry outlook.
Increasing number of e-commerce transactions coupled with growing demand for AI-based chatbots are paving the way towards global artificial intelligence in retail industry growth. According to UNCTAD (Unite Nations Conference on Trade & Development), worldwide e-commerce sales accounted for USD 25.6 trillion in the year 2018, an 8% increase since 2017.
On the contrary, lack of adequate infrastructure and high implementation costs could potentially hamper global artificial intelligence in retail industry remuneration in the upcoming years.
Highlighting the regional outlook
Global artificial intelligence in retail market, in terms of geographical reach, is categorized into Latin America, Europe, Asia-Pacific, North America, and the rest of the world.
Analysts cite that North America stands tall in terms of revenue hierarchy and is expected to continue with its dominance in the subsequent years. Factors such as widespread adoption of advanced technologies in the retail sector and high concentration of leading companies are favoring the regional market scenario.
Asia-Pacific, meanwhile, is likely to register the highest compound annual growth rate during the forecast period. Rapid expansion of the e-commerce sector coupled with escalating investments in AI technologies, especially in India and China, are positively swaying the business dynamics in Asia-Pacific.
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Global Artificial Intelligence (AI) in Retail Market by Offering Type (Revenue, USD Billion, 2020-2027)
- Services
- Solution
Global Artificial Intelligence (AI) in Retail Market by Function (Revenue, USD Billion, 2020-2027)
- Customer-Focusing
- Operation-Focused
Global Artificial Intelligence (AI) in Retail Market by Technology Type (Revenue, USD Billion, 2020-2027)
- Natural Language Processing (NLP)
- Machine Learning
- Computer Vision
- Others
Global Artificial Intelligence (AI) in Retail Market Regional Analysis (Revenue, USD Billion, 2020-2027)
North America
- Canada
- United States
Latin America
- Mexico
- Brazil
Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
Europe
- Germany
- France
- Spain
- Italy
- United Kingdom
- Rest of Europe
Rest of the World
Global Artificial Intelligence (AI) in Retail Market Competitive Outlook (Revenue, USD Billion, 2020-2027)
- Baidu Inc.
- Conversica LLC
- SAP SE
- Oracle Corp.
- Nvidia Corp.
- Microsoft Corp.
- Intel Corp.
- IBM Corp.
- Google LLC
- Amazon Web Services LLC
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Artificial Intelligence (AI) in Retail Market, by Region, 2018-2027 (USD Billion)
1.2.2. Artificial Intelligence (AI) in Retail Market, by Offering, 2018-2027 (USD Billion)
1.2.3. Artificial Intelligence (AI) in Retail Market, by Function, 2018-2027 (USD Billion)
1.2.4. Artificial Intelligence (AI) in Retail Market, by Technology, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Artificial Intelligence (AI) in Retail Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Artificial Intelligence (AI) in Retail Market Dynamics
3.1. Artificial Intelligence (AI) in Retail Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Artificial Intelligence (AI) in Retail Market Industry Analysis
4.1. Porter's 5 Force Model
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Artificial Intelligence (AI) in Retail Market, by Offering
5.1. Market Snapshot
5.2. Global Artificial Intelligence (AI) in Retail Market by Offering, Performance - Potential Analysis
5.3. Global Artificial Intelligence (AI) in Retail Market Estimates & Forecasts by Offering 2017-2027 (USD Billion)
5.4. Artificial Intelligence (AI) in Retail Market, Sub Segment Analysis
5.4.1. Solution
5.4.2. Services
Chapter 6. Global Artificial Intelligence (AI) in Retail Market, by Function
6.1. Market Snapshot
6.2. Global Artificial Intelligence (AI) in Retail Market by Function, Performance - Potential Analysis
6.3. Global Artificial Intelligence (AI) in Retail Market Estimates & Forecasts by Function 2017-2027 (USD Billion)
6.4. Artificial Intelligence (AI) in Retail Market, Sub Segment Analysis
6.4.1. Operation-Focused
6.4.2. Customer-Focusing
Chapter 7. Global Artificial Intelligence (AI) in Retail Market, by Technology
7.1. Market Snapshot
7.2. Global Artificial Intelligence (AI) in Retail Market by Technology - Potential Analysis
7.3. Global Artificial Intelligence (AI) in Retail Market Estimates & Forecasts by Technology 2017-2027 (USD Billion)
7.4. Artificial Intelligence (AI) in Retail Market, Sub Segment Analysis
7.4.1. Computer Vision
7.4.2. Machine Learning
7.4.3. Natural Language Processing (NLP)
7.4.4. Others
Chapter 8. Global Artificial Intelligence (AI) in Retail Market, Regional Analysis
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