AI in Retail Market Overview, Scope, Trends and Industry Research Report 2019-20
Posted by Ashish on April 1st, 2021
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.
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The machine learning and deep learning technology is expected to have the largest market share during the forecast period
In 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 period
The need for visual search solution is expected to grow due to its gaining popularity among e-retailers as well as shoppers. Customers usually click and save images of what they like. Visual search solution gives them an option to search for the products they wish to buy by simply uploading its image or the URL. 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 CAGR
In 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. This is mainly because of the presence of various developed economies like Canada and the US, and focus over innovating the existing solutions. North America hosts the major AI solution providers as well as the early adopter for this technology. Many retailers in this region have deployed AI based solutions to optimize their supply chain operations and inventory. AI is helping the retailers to manage and maintain customer base as well as understand their customers well. To engage customers well and to increase sales turnover, AI technologies are being accepted among both online and offline retail businesses and this is driving the growth of this market in this region. Whereas, Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Increasing technology spend in countries such as China and India and the demand for cost-effective advanced solution and services among retail industry are expected to drive the market growth during the forecast period.
The major vendors providing AI in retail are Microsoft (US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US), Sentient Technologies (US), Salesforce (US), Amazon Web Services (US), SAP (Germany), Inbenta Technologies (US), Nuance Communications (US), SAMSUNG (South Korea), Narrative Science (US), Daisy Intelligence (Canada), Infosys (India), Wipro (India), Happiest Minds (India), MicroStrategy (US), Dynamic Yield (US), IPsoft (US), Appier.com (Taiwan), ViSenze (Singapore), Manthan Software Services (India), and Optoro (US).
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About the AuthorAshish
Joined: September 20th, 2019
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