Pune, Sept. 29, 2020 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) in retail market size is expected to reach USD 23.32 billion by 2027, exhibiting a CAGR of 29.6% during the forecast period. The growing transformation in businesses owing to acceptance of integrated automation systems will have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Artificial Intelligence (AI) in Retail Market Size, Share & COVID-19 Impact Analysis, By Offerings (Solution, Services), By Function (Operation-Focused, Customer-Facing), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3.01 billion in 2019.
The whole world is battling with the novel coronavirus, leaving numerous industries in distraught. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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The report on AI in Retail Market highlights:
- Grand analysis of the market
- Vital insights into the industry
- All-inclusive data about dominant regions
- Important information about competitors
- COVID-19 effect on the market
Market Driver:
Trending AI-Driven Chatbots in Retail Industry to Drive Market
The growing focus towards enriched loyal customer base in the retail industry will spur opportunities for the market. Companies are constantly implementing strategies to offer personalized experiences and in turn, attain loyalty and customer engagement. The rising use of AI-powered chatbots for enhanced user experience will effectively enable expansion of the market. The escalating popularity of online and in-store chatbots is expected to contribute positively to the AI in retail market. The chatbots can resolve shopping-related queries of customers using AI-configured algorithms for quick and easy responses. The advantages of chatbots such as personalized and, on-demand support and suggestions for enhanced user experience will subsequently favor the industry.
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Elevated AI Demand to Facilitate Business During COVID-19
The rising application of AI due to its convivence and user-friendliness will aid the development of the market amid coronavirus. The major shift in the retail shopping patterns of customers has led to substantial use of e-commerce and online shopping websites. This has resulted in the popularity of AI in retail shopping among companies. The surging online sales will consequently promote the market during the pandemic. Besides, the growing proclivity of customers towards AI-based shopping experience will uplift the market potential.
Regional Analysis:
Rising Investment in AI Research to Augment Growth in Europe
The market in Europe is expected to witness a growth rate during the forecast period owing to the presence of a large retail supply chain. The rising use of artificial intelligence and AR/VR solutions in the apparel industry will further drive the market in the region. Moreover, the growing investments in artificial intelligence research by major companies will create numerous opportunities for the market in Europe. The market in Asia Pacific is predicted to rise tremendously during the forecast period due to the emerging e-commerce companies in countries such as India and China.
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Key Development:
April 2019: Warby Parker, an American online retailer of prescription glasses and sunglasses announced that it will provide virtual try-on features to its customers. The technology allows them to try-on virtual frames by using augmented reality (AR) which overlays computer-generated images (frames) into real-world images.
List Of Key Companies in the Artificial Intelligence (AI) in Retail Market:
- Amazon.com, Inc. (Seattle, Washington, United States)
- Google LLC (Mountain View, California, United States)
- IBM Corporation (Armonk, New York, United States)
- Intel Corporation (Santa Clara, California, United States)
- Microsoft Corporation (Redmond, Washington, United States)
- Nvidia Corporation (Santa Clara, California, United States)
- Oracle Corporation (Redwood City, California, United States)
- SAP SE (Walldorf, Germany)
- Salesforce.com, Inc. (San Francisco, California, United States)
- BloomReach, Inc. (Mountain View, United States)
- Sentient Technologies (San Francisco, California, United States)
- Conversica Inc. (Foster City, California, United States)
- Sentient Technologies Holdings Limited (San Francisco, California, United States)
- ViSenze Pte Ltd (Singapore)
- Baidu Inc. (Beijing, China)
- CognitiveScale Inc (Austin, Texas, United States)
- Inbenta Technologies (Foster City, California, United States)
- NEXT IT Corp. (Redwood City, California, United States)
- RetailNext Inc. (San Jose, California, United States)
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Table of Content –
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Artificial Intelligence (AI) in Retail Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Offering (Value)
- Solution
- Services
- By Function (Value)
- Operations-Focused
- Customer-Facing
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Offering (Value)
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