Artificial Intelligence (AI) in Retail Market Size is Projec
BANGALORE, India, July 9, 2020 /PRNewswire/ -- The introduction of digital technology and consumers' ever-changing demands continues to challenge conventional retailers, pushing them to explore hybrid operating models. By enhancing performance, as well as prediction, AI has brought real disruption to the retail sector.
The global Artificial Intelligence (AI) in Retail market size is projected to reach USD 14.7 Billion by 2026, from USD 2.7 Billion in 2020, at a CAGR of 32.7% during 2020-2026.
Whether it is aimed at optimizing the supply chain, using existing data to improve conversion, or customizing shopping experiences through predictive modeling and micro-targeting, AI can help address these challenges and increase the ROI (Return on Investment).
This report focuses on global Artificial Intelligence(AI) in Retail market size, status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Artificial Intelligence(AI) in Retail development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
TRENDS INFLUENCING THE ARTIFICIAL INTELLIGENCE IN RETAIL MARKET SIZE
AI offers real-time insights, including demographics, behaviors, and emotions that help retailers to understand consumer experience, refine business strategies, and drive sales. These advantages are expected to increase the Artificial intelligence in retail market size during the forecast period.
Large retailers are investing extensively in digital technologies, such as machine learning, Big Data automation, and predictive analysis, to increase ROI and boost supply chain. This increasing investment is, in turn, expected to boost the growth of Artificial intelligence in retail market size.
Changing consumer expectations related to real-time interaction, personalized automation, specific recommendations, and value-oriented shopping is expected to drive the AI in retail market size during the forecast period.
Evolving competitive landscape is forcing retailers to adapt to the latest technologies to stay ahead of the competition. Thus the changing business landscape also acts as a catalyst for the adoption of AI in the retail market.
Increasing adoption of AI technology for multi-channel marketing by retailers is a key industry trend. When analyzed, the large volume of data generated based on customer behavior in-store, email marketing, and campaign management helps to recognize usage trends and build customized strategies, thereby promoting better decision making.
Furthermore, advantages such as visual communication and personalized experience, chatbots, and AI-powered voice recognition systems are also fuelling the growth of artificial intelligence market size.
AI MARKET SHARE ANALYSIS
Due to the early adoption of new and emerging technologies and the presence of major industry players, North America is expected to dominate the AI market in terms of market size throughout the forecast period. Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventories. AI helps retailers manage and maintain their customers and understands consumer buying patterns.
The APAC region is expected to grow at the highest level of CAGR during the forecast period, due to the growing adoption of AI-based solutions and services among retailers.
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The key companies covered in this study
- Amazon Web Services
- Sentient Technologies
Market segment by Type, the product can be split into
Market segment by Application, split into
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-Store Visual Monitoring and Surveillance
- Location-Based Marketing
Market segment by Regions/Countries, this report covers
- North America
- Southeast Asia
- Central & South America.
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