(I-BusinessNews.Com, January 15, 2020 ) Meticulous ResearchÂ®Â leading global market research company published a research report titled ÂArtificial Intelligence in Retail Market by Product (Solution and Services), Application (Predictive Merchandizing, Programmatic Advertising, Market Forecasting, In-store Visual Monitoring and Surveillance, Location-based Marketing), Technology (Machine Learning, Natural Language Processing), Deployment (Cloud, On-premises) and Geography – Global Forecasts to 2025Â.
According to this latest publication from Meticulous ResearchÂ®, the global artificial intelligence in the retail market is expected to grow at a CAGR of 35.9% from 2019 to reach $15.3 billion by 2025. Substantial growth in the global artificial intelligence in retail market is mainly attributed to the advancements in big data for the retail sector, rapid adoption of advanced technology across retail chains, and increasing adoption of the multi-channel or omnichannel retailing strategy.
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The growing number of smart devices, proliferation of internet, enhanced end-user experience, and rising adoption of AI-powered voice-enabled devices to bridge the gap between online and offline retailing are contributing to the market growth. Furthermore, efforts from retail industry to attract more customers, enhance business visibility, and to build customer loyalty are also encouraging the demand for artificial intelligence; therefore, complimenting the overall growth of artificial intelligence in retail market. However, lack of infrastructure coupled with the high cost of procurement is expected to restrain the consistent growth of the overall artificial intelligence in retail market during the forecast period.
The global artificial intelligence in retail market study presents historical market data in terms of values (2017 & 2018), estimated current data (2019), and forecasts for 2025-by product offering (solutions (chatbot, customer behavior tracking, customer relationship management, inventory management, price optimization, recommendation engines, supply chain management, visual search, others) and services (managed, professional)), application (predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring & surveillance, location-based marketing, others), technology (machine learning, natural language processing, computer vision), end user (e-commerce (online market place, fashion & clothing, food & groceries, electronics & white goods, health & wellness), and direct retail (brick & mortar stores, supermarkets & hypermarkets, specialty stores)), and by deployment mode (cloud, on-premise). The study also evaluates industry competitors and analyzes the market at a country level.
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Scope of the Report:
AI in Retail Market by Product
Customer Behavior Tracking
Customer Relationship Management (CRM)
Supply Chain Management
AI in Retail Market by Application
In-Store Visual Monitoring and Surveillance
AI in Retail Market by Technology
Natural Language Processing (NLP)
AI in Retail Market by End User
Online Market Place
Fashion & Clothing
Food & Groceries
Electronics & White Goods
Health & Wellness
Brick & Mortar Stores
Supermarkets & Hypermarkets
AI in Retail Market by Deployment Mode
AI in Retail Market by Geography:
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
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Based on application, the overall artificial intelligence in the retail market is majorly segmented into predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring & surveillance, and location-based marketing. In-store visual monitoring and surveillance application is spearheading the AI market for the retail industry and is expected to register a strong growth over the coming years as well. Its benefits in the form of better inventory tracking, customer traffic monitoring, enhanced safety protocols, prevention against shoplifting, outpacing shrink caused by employee theft, vendor fraud, and administrative errors are helping to maintain its growth in the global artificial intelligence in retail market.
Based on deployment type, the overall artificial intelligence in retail market is majorly segmented into cloud-based solutions and on-premise solutions. Cloud deployment leads the market in terms of growth rate and is expected to grow even further in the coming years owing to increasing awareness towards cloud computing, reduction in cost of cloud-enabling technologies, and growing usage of analytics platforms; thus, contributing to the growth in the global artificial intelligence in retail market.
Based on geography, the global artificial intelligence in the retail market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. With respect to revenue, North America commands the largest share of the global AI in retail market and this trend is expected to continue over the forecast period as well. The market growth in North America is majorly attributed to the presence of developed economies of the U.S. and Canada, focusing on enhancing the existing solutions in the retail space. However, Asia Pacific region is expected to register the fastest growth in the AI in retail market during the forecast period. Consistent technological improvements in the retail industry and the growth of e-commerce in developing countries including China and India, growing adoption of AI-based solutions and services among retailers, and proliferation of digitalization in the APAC region are offering strong revenue growth opportunities for vendors in the AI market.
The major players operating in the global artificial intelligence in retail market are Amazon.com, Inc. (U.S.), Google LLC (U.S.), 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.), and BloomReach, Inc. (U.S.), among others.
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Key questions answered in the report-
What was the historical market growth for artificial intelligence technologies in retail across the globe?
Which are the high growth market segments in terms of product offering, application type, learning technology, retail type, deployment type, and countries?
What are the market forecasts and estimates for the period 2019-2025?
What are the major drivers, restraints, opportunities, and challenges in the global artificial intelligence in the retail market?
How is the competitive landscape in the global artificial intelligence in retail market?
Who are the major players in the global artificial intelligence in retail market?
What are the recent developments in global artificial intelligence in retail market?
What are the different strategies adopted by the major players in the global artificial intelligence in retail market?
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