The global Artificial Intelligence in the Retail market is forecast to reach USD 18.74 Billion by 2026, according to a new report by Reports and Data. The retail industry has witnessed a surge in technological advances over the past decade. The sector has been influenced by the eCommerce revolution, and the industry has adopted and innovated new technologies into the market.
With the emergence of innovative technologies such as mobile, internet of things (IoT), and artificial intelligence (AI), retail giants have realized the potential of these technologies for transforming their customer experience and retail operation. AI has proved to be a potential game-changer with AI-enabled retail solutions. The complex processes such as temperature, and product weight can be comprehended with a set of algorithms to transform customer experience and interaction seamlessly. AI manages approximately 85% of the retail companies, and now with AI + IoT, retailers can focus on omnichannel customer experience.
Key Players Profiled in the Report are:
Key participants Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others.
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AI-based systems possess the ability to eliminate manual guesswork for activities such as conducting inventory assortments, product promotions, and identifying supply chain complexities, among others. Retailers are already experimenting with the application of AI in retail, and some of them are experimenting with customers’ orders to be shipped without the actual purchase confirmation.
Niemen Marcus is using visual search in its app Snap.Find.Shop., which allows customers to input pictures of their product and then search inventory to match similar items.
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Type Outlook (Revenue: USD Billion; 2016-2026)
- Online Retail
- Offline Retail
Technology Outlook (Revenue: USD Billion; 2016-2026)
- Machine and Deep learning
- Natural Language Processing
- Others
Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)
- Cloud
- On-Premises
Solution Outlook (Revenue: USD Billion; 2016-2026)
- Product recommendation and planning
- Visual Search
- Price Optimization
- Customer Relationship Management
- Supply Chain Management and Demand Planning
- Payment Service Management
- Virtual Assistant
Application Outlook (Revenue: USD Billion; 2016-2026)
- Programmatic Advertising
- Market Forecasting
- Predictive Merchandising
- Location-based marketing
- In-Store Visual Monitoring and Surveillance
- Others
The research study also provides crucial insights into the new ventures and collaborative endeavors the key players are undertaking to gain a robust footing in the market. It focuses on the recent mergers and acquisitions, joint ventures, product launches and brand promotions, corporate deals, agreements, and partnerships. The competitive landscape section offers crucial insights into key companies with regards to their market position, manufacturing and production capacity, product portfolio, investment strategies, business expansion plans, and gross profit margins.
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The key questions answered in the report:
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the Artificial Intelligence (AI) in Retail Market?
- What are the risks and challenges in front of the market?
- Who are the key vendors in the Artificial Intelligence (AI) in Retail Market?
- What are the trending factors influencing the market shares?
- What are the key outcomes of Porter’s five forces model?
- Which are the global opportunities for expanding the Artificial Intelligence (AI) in Retail Market?
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