The Global AI in Retail Market is poised for a monumental transformation, with a projected growth rate of approximately 32% during the forecast period. AI in retail, particularly in stores, harnesses the power of artificial intelligence and advanced algorithms to fathom what customers desire, relying on a plethora of data, including demographic information, social media behavior, and shopping habits. This technology not only enriches the shopping experience but also tailors personalized services, both online and in brick-and-mortar establishments.
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Unpacking the Surge in AI Adoption
The proliferation of AI in the retail sector is driven by various compelling factors. The surging number of internet users and the ubiquity of smart devices are opening new vistas for AI integration. Simultaneously, the mushrooming awareness regarding AI, big data, and analytics, coupled with government initiatives toward digitization, is further fueling this expansion.
The adoption of the multi-channel and omnichannel retailing strategy is not only broadening the scope of retail but also unlocking untapped opportunities to enhance sales efficiency. Enterprises are increasingly seeking to streamline their business processes and harness AI's potential to augment the end-user experience, capitalizing on the dynamic retail landscape. Furthermore, the growing investments in AI are significantly influencing the retail market's trajectory. In 2021, global corporate AI investments surged to a staggering 93.5 billion USD, emphasizing the growing importance of AI in the business world.
Key Players Leading the Charge
The AI in retail market is steered by a league of visionary companies dedicated to innovation. Amazon.com Inc, Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc, and BloomReach Inc are among the luminaries driving this dynamic industry. These key players have embraced mergers, acquisitions, and partnerships to deliver cutting-edge, hi-tech products and technologies to customers, revolutionizing the retail landscape.
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Insights Shaping the Future
Online Retail: The E-Commerce Revolution
In terms of type, the market is segmented into online and offline. The online segment is set to experience robust growth during the forecast period, primarily due to the global ascendancy of e-commerce. Online retailing encompasses a plethora of industries, including FMCG, CPG, apparel, electronics, and more. It endows consumers with unparalleled convenience, liberating them from the constraints of physical retail stores and enabling purchases at their leisure.
Machine Learning and Deep Learning: A Revolution in Customer Interaction
In the technology arena, the market is segmented into machine learning & deep learning and natural language processing (NLP). Machine learning and deep learning are projected to exhibit substantial growth during the forecast period, primarily owing to the widespread adoption of chatbots in online retail. Chatbots offer diverse advantages, such as cost savings and contextual, AI-driven support. They empower organizations to glean consumer data with remarkable precision, revolutionizing the understanding of customer behavior.
North America's Pioneering Role
In 2020, North America emerged as a significant player in the Global AI in Retail Market. The presence of tech titans like Google Inc, Microsoft Corporation, IBM Corporation, Salesforce, and Amazon Web Services has been instrumental in propelling the region forward. Moreover, the United States and Canada are early adopters of AI technology, fostering an environment ripe for AI innovation. The proliferation of AI startups in the USA and Canada is significantly shaping the market landscape. Additionally, substantial investments in AI research and development are driving North America's leadership in this transformative industry.
In conclusion, AI is reshaping the retail landscape, enhancing customer experiences, and optimizing business operations. The industry's key players, market insights, and innovative trends are steering this revolution, promising a future where shopping is smarter, more personalized, and more convenient.
According to a research report "Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud, On-Premises), Application, Region - Global Forecast to 2022", published by MarketsandMarkets, the AI in retail market size is expected to grow from USD 994 million in 2017 to USD 5,034 million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%.
The key factors driving the adoption of AI in retail market include increasing need to streamline omni-channel retailing and customer turnover.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36255973The machine learning and deep learning technology is expected to have the largest market share during the forecast periodIn terms of technology, the machine learning and deep learning segment is expected to continue to have the largest market share throughout the forecast period.
Organizations functioning in the retail industry are using machine learning and deep learning technology to offer more personalized experience to end-users as well as provide an interactive environment to them.
Further, the major reason for rising adoption can be attributed to the need for streamlining retail operations and to minimize efforts and to increase revenue for retailers.The visual search solution is expected to grow at a high CAGR in the global AI in Retail market during the forecast periodThe need for visual search solution is expected to grow due to its gaining popularity among e-retailers as well as shoppers.
This visual search solution is observing surge in demand due to its attractiveness of searching products by uploading pictures instead of basic text based search.
Also, searching through uploading images simplifies the search and increases the customer turnover for e-retailers as they can offer more options to shoppers for similar products.North America is expected to constitute the largest market share in the AI in Retail market and APAC is expected to grow the highest CAGR during the forecast period to grow at the highest CAGRIn terms of market share, North America is expected to continue to dominate the market with the highest market share among all regions during the forecast period.
A new market research report on Global Artificial Intelligence (AI) in Retail Market has been recently published by Reports and Data that offers a comprehensive evaluation of market report.
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In addition, the report covers technological developments, market value analysis, volume, micro and macro-economic factors affecting the growth of the market.The research study comprises of vital information focusing on major market trends and estimated revenue growth rate.
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The report also offers key insights about top companies in the market along with their company overview, business expansion plans, financial standing, production and manufacturing capacity, and global position.Key companies operating in the market include: Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others..Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2429The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size.
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