The incorporation of Artificial Intelligence (AI) in the retail industry allows businesses to gain access to valuable data and information, enhancing enterprise-wide operations. AI has various advantages for the retail sector, such as saving costs, increasing productivity, boosting customer interaction, and facilitating the seamless delivery of goods and services. The incorporation of AI in the retail sector also helps to captivate customers, create memorable customer experiences, build flexible logistics networks, and synchronise online and offline retail. These lucrative benefits are poised to power technology-driven business opportunities in the Artificial Intelligence (AI) in retail market. In recent times, sophisticated AI technologies have gained momentum, influencing product differentiation in AI in retail solutions. In this favourable business landscape, the demand for AI in retail solutions is set to increase, creating novel prospects for M&A, R&D, and strategic cross-industry collaboration.
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Growing Demand for Predictive Merchandising Augurs Well for Artificial Intelligence (AI) in Retail Market Expansion
On the basis of application, the Artificial Intelligence (AI) in retail market is classified into programmatic advertising, predictive merchandising, in-store visual monitoring and surveillance, market forecasting, and location-based marketing among others. Predictive merchandising is anticipated to be the largest segment of the Artificial Intelligence (AI) in retail market. This is owing to retailers' desire to gain real-time insights into customer purchasing behaviour. As retail businesses strive to stay competitive in the rapidly evolving retail sector, predictive merchandising solutions will become crucial for utilising new data sources. Furthermore, new demand for predictive merchandising is forecasted to emerge from inventory planners as it helps to identify unsold inventory and improve inventory management, enabling significant cost reduction.
Emerging Technologies Fuel Product Differentiation Across AI in Retail Solutions, Thereby Boosting Artificial Intelligence (AI) in Retail industry
Strong focus on planning, production recommendations, and product differentiation is predicted to open fresh revenue streams in the Artificial Intelligence (AI) in retail market. In addition to this, tech advancements, such as big data analytics, machine learning, deep learning, and natural language processing, are poised to foster high-level innovation in AI in retail solutions. These cutting-edge technologies enable automated decision-making which helps improve customer behaviour analysis, giving sound impetus to product optimisation. The introduction of AI-based tools, which support operators in data monitoring and optimising operations, is set to further facilitate growth in the Artificial Intelligence (AI) in retail sector.
North America’s Artificial Intelligence (AI) in Retail Market to Maintain Lead
North America is expected to hold the largest share of the Artificial Intelligence (AI) in retail sector due to the rising adoption of intelligent retail solutions in the US, and Canada. Retailers in North America are primarily using AI to gain profitable outcomes in inventory management, supply chain management, customer retention, and purchasing behaviour analysis. These advantages are set to augment the demand for AI in retail solutions in both online and offline retailers. Moreover, North America is the hub of leading AI solution providers, and this will sustain growth in its Artificial Intelligence (AI) in retail sector.
Major Market Players
Prominent players in the artificial intelligence (AI) in retail market include SAP (Germany), ViSenze (Singapore), Microsoft (US), NVIDIA (US), Oracle (US), IBM (US), Amazon Web Services (US), Sentient Technologies (US), Salesforce (US), Google (US), and Intel (US).
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The artificial intelligence in retail is used for applications like sales and customer relationship management, customer recommendations and experience, manufacturing, logistics, supply chain and delivery, payments and payment services.Key playersThe artificial intelligence is one of the most trending technologies across all industrial verticals and its wide spread applications are making the companies to adopt and implement artificial intelligence services in their particular domain.
Some of the prominent players in the artificial intelligence space in retail market include NVIDIA Corporation (U.S.), Intel Corporation (U.S.), Salesforce (U.S.), Sentient Technologies (U.S.), Microsoft Corporation (U.S.), Google Inc (U.S.), IBM Corporation (U.S.), Amazon Web Services (U.S.), Oracle corporation (U.S.), SAP SE (Germany) among others.While the competition in the market is high, many startups are also getting into the artificial intelligence market to serve the high demand marketRegional AnalysisThe integration of artificial intelligence in retail sector is start of new era in the space of advertising, analytics and customer experience.
Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventory.
Artificial Intelligence (AI) in Retail Market is valued at USD 658.2 Million in 2018 and expected to reach USD 5723.0 Million by 2025 with a CAGR of 36.2% over the forecast period.Global Artificial Intelligence (AI) in Retail Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- The increasing need in retail enterprises to provide enhanced customer experience and maintain their inventory accuracy and also to improve productivity are the major factors driving the market growth.Get Sample Copy of The Activated Alumina Market Report 2020@ https://brandessenceresearch.com/requestSample/PostId/553*The sample pages of this report is immediately accessible on-demand.
** Artificial Intelligence (AI) in Retail Market Top PlayersWSBaiduBloomReachCognitive ScaleGoogleInbenta TechnologiesIntelInteractionsLexalyticsMicrosoftNEXT IT.NVidiaOracleRetailNextSalesforce.com.
Actions like learning, logic, reasoning, perception, creativity, that were once considered unique to humans, is now being replicated by technology and used in every industry.
Approaches like machine learning and neural networks, companies globally are investing in teaching machines to ‘think’ more like humans.
In turn, this helps to build efficient business plans, reduces the time on report compilations, forecasts sales figures, set-up customer profiles, and understand customers’ shopping preferences.Global artificial intelligence (AI) in retail market report is segmented on the basis of component, technology, application and region & country level.
These are some tools that act as the barrier for the growth of the global artificial intelligence (AI) in retail market.Moreover, the growing execution of AI-based chatbots is one of the growth opportunities for the players operating in the market.
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