Redding, California, May 25, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “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”, published by Meticulous Research®, the artificial intelligence in retail market is expected to grow at a CAGR of 34.4% from 2020 to reach $19.9 billion by 2027.
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Artificial intelligence in retail can be defined as the process of gathering and analyzing massive amounts of data that help companies to create personalized shopping experiences for customers via recommendation engines, highly structured web shops, intelligent in-store bots and chatbots. These solutions also assist retailers in supply chain optimization, price optimization, and market forecasting, among others. Implementation of artificial intelligence in retail industry is completely transforming the traditional retail experience and taking it to the next level with automation, personalization, and increased productivity of retail operations.
The growth in this market is driven by factors such as growing awareness about AI and big data & analytics, adoption of multichannel or omnichannel retailing strategy, and need to enhance end-user experience and improve productivity. However, the high cost of procurement, lack of infrastructure and impact of COVID-19 may hinder the growth of this market to a certain extent.
Artificial intelligence in retail market is the in-depth market analysis of artificial intelligence along with its components, product offerings, applications, and deployments across different geographies.
Based on product offering, AI solutions or platforms commanded the largest share of the overall artificial intelligence in retail market in 2020. The large share is attributed to rapid adoption of AI-powered solutions by retailers as it enables them to identify personalized customer needs, provide product recommendations, enhance customer experience, reduce shrinkage by improving loss prevention at point-of-sale, and reduce shoplifting in retail industry. Chatbots commanded the largest share of the overall artificial intelligence solutions market for retail in 2020, and it is expected to grow at a CAGR of 31% during the forecast period of 2020 to 2027.
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Based on application, predictive merchandising commanded the largest share of the overall artificial intelligence in retail market in 2020. The large share has attributed to the growing demand for better inventory management, need to enhance customer experience, improve customer engagement, and enable data-driven insights about customers.
Based on learning technology, machine learning commanded 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 use of machine learning technology in customer experience management, customer behavior tracking, predictive merchandising to engage customers, and increasing productivity.
Based on the type, online retail commanded the largest share of the overall artificial intelligence in retail market in 2020. This is mainly driven by the increasing investments in online platforms, growing consumer preference towards online shopping, and need for technological transformation to boost revenue and profitability.
Based on end user, food & groceries commanded the largest share of the overall artificial intelligence in retail market in 2020. This is mainly due to the increasing consumer spending, incorporation of advanced technologies, and need to address consumer demands & enhance consumer experience.
Based on the deployment type, cloud-based AI solutions commanded the largest share of the overall artificial intelligence in retail market in 2020. The large share of this segment is attributed to the decrease in cost of cloud-enabling technology, growing usage of learning analytics, and increasing inclination toward cloud computing to enable cost-cutting.
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Geographically, the global AI in retail market is segmented into North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America dominated the global artificial intelligence in retail market, followed by Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. Factors such as the presence of high growth economies, growing adoption of AI-based solutions and services among retailers, increasing digitalization in the region, and improving connectivity infrastructure are playing a significant role in the growth of this market in the region. In addition, growing accessibility to IoT-enabled gadgets, growing disposable income, and favourable government initiatives in the region are also supporting the growth of this market in the APAC region.
The global artificial intelligence in retail market is fragmented in nature and is characterized by the presence of several low, mid, and high-level companies competing for the market share. Some of the leading companies operating in the global artificial intelligence in retail market are from the core technology background. These include Amazon.com, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), and Microsoft Corporation (U.S.). The leading position of these companies is mainly attributed to their strong brand recognition, diverse product portfolio, strong distribution and sales network, and strong organic and inorganic growth strategies.
The other key players in the global artificial intelligence in retail are 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.), BloomReach, Inc. (U.S.), and many other local & regional players.
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Scope of the Report:
AI in Retail Market, by Product
- Solutions
- Chatbot
- Customer Behavior Tracking
- Customer Relationship Management (CRM)
- Inventory Management
- Price Optimization
- Recommendation Engines
- Supply Chain Management
- Visual Search
- Services
- Managed services
- Professional services
AI in Retail Market, by Application
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-Store Visual Monitoring and Surveillance
- Location-Based Marketing
AI in Retail Market, by Technology
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
Artificial Intelligence in Retail Market, by Type
- Online Retail
- Offline Retail
- Brick & Mortar Stores
- Supermarkets& Hypermarkets
- Specialty Stores
Artificial Intelligence in Retail Market, by End-User
- Food &Groceries
- Health & Wellness
- Automotive
- Electronics & White Goods
- Fashion& Clothing
- Others
AI in Retail Market, by Deployment Mode
- Cloud
- On-Premises
AI in Retail Market, by Geography:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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