Artificial Intelligence (AI) in Retail Market Worth $19.9 bi
LONDON, July 22, 2020 /PRNewswire/ -- According to a new market research report "Artificial Intelligence in Retail Market by Product, Application (Predictive Merchandizing, Programmatic Advertising), Technology (Machine Learning, Natural Language Processing), Deployment (Cloud, On-Premises), and Geography - Global Forecast to 2027", published by Meticulous Research®, the artificial intelligence in retail market is expected to grow at a CAGR of 34.4% from 2020 to reach $19.9 billion by 2027.
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Over the past few years, digital technologies are being embedded into core value-generation processes in society and businesses by creating innovation. The growing number of millennials with their inclination towards digital-first approaches is putting organizations under constant pressure to innovate; thus, making artificial intelligence a top priority for retail businesses. Various well-established retailers are struggling with increasing cost, dissatisfied customers, declining sales, and upstart competition. Implementing artificial intelligence in retail creates new opportunities and capabilities for retailers by leveraging new possibilities, fastening processes, and making organizations adaptable to changes in the future. Realizing the fact, retail companies are investing in billions to reap benefits of AI technology and improve profitability of their businesses. Strong participation of industry players in leveraging AI technology is reshaping the technology landscape of the retail industry.
Impact of COVID-19 on the Artificial Intelligence in Retail Market
The COVID-19 outbreak has accelerated the significance of online shopping channels, as consumers are considering online platforms as their primary shopping channel. This has given retailers and consumers a great opportunity to adopt sustainability initiatives that integrate with their digital presence. Therefore, retailers are using the e-commerce platform and online marketplaces to capitalize on this changing trend. Owing to the increased customer preference for online retailing, organizations working in the retail segment are progressively adopting AI solutions to improve efficiency and productivity of operations. Retailers are using online platforms for personalized and improved customer engagement, inventory management, supply chain management, programmatic advertising, smart recommendations, and chatbots, among others. The current situation offers an opportunity for organizations to scale up capabilities, such as voice commerce, to strengthen engagement.
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However, amid the COVID-19 outbreak, consumer spending patterns across several categories are shifting dramatically. Many leading retail players are eying this crisis as a new opportunity for restructuring and revisiting their existing strategies along with an advanced product portfolio. The situation has been evolving in unpredictable ways, and companies operating in this market are doing tremendous work by adapting to a new reality, anticipating and planning for various scenarios.
The global artificial intelligence in retail market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of product, application, technology, retail, and geography.
Based on product offering, the solutions segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020. This is mainly attributed to the growing adoption of AI-powered solutions and applications by retailers across the globe to identify personalized customer needs, reduce shrinkage by improving loss prevention at point-of-sale, and enhance customer engagement experience. However, the services segment is estimated to witness rapid growth during the forecast period. The retail industry is becoming fast-paced and more complex from a technology standpoint than ever before. Business owners in the retail industry are looking to outsource their IT services to ease the pressures of managing an increasingly complicated internal network. With managed services and professional services, retailers are improving margins, improve overall security, increase up-time, employee productivity, and delivering better customer experiences, ultimately contributing to the rapid growth in demand for AI services for retail industry.
Based on learning technology, the machine learning segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020, owing to the increasing use of machine learning technology in customer experience management, customer behavior tracking, and predictive merchandising. Moreover, this segment is also poised to register high growth rate during the forecast period, which is attributed to rise in awareness amongst the retailers to make data driven decisions in order to ensure competitive edge in the retail industry.
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Based on deployment type, the cloud deployment segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020, owing to decrease in the cost of cloud-enabled technology deployment and growing usage of learning analytics. In addition, increasing awareness for cloud computing technologies, increasing number of consumers using online platforms for shopping, and growing interest towards cloud-based solutions are contributing to the growth of this segment during the forecast period.
Based on application, the predictive merchandising segment is estimated to command the largest share of the overall artificial intelligence in the retail market in 2020. The large share of this segment is mainly attributed to the growing need of retailers to maintain a competitive edge in a fast-growing marketplace by implementing proactive methods of harnessing new and extensive data sources in unique ways by adopting predictive merchandising. Moreover, predictive merchandising application is also expected to register a strong growth over the coming years as well. It can provide retailers with valuable customer insights including recognizing high-value customers, their motives behind the purchase, their buying pattern behaviors, and which are the best channels to market to them and when. This can help retailers to boost their sales and hence, driving the demand in the market over the coming years.
Based on end user, the food & groceries segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020. This is mainly due to the increasing consumer spending, incorporation of advanced technologies, and need to address consumer demand & enhance consumer experience. This segment is also expected to witness rapid growth during the forecast period in the market.
Geographically, North America is estimated to command the largest share of the global artificial intelligence in retail market in 2020. The large share of this region is primarily attributed to the factors such as high adoption of advanced technologies, such as artificial intelligence (AI), machine learning, and natural learning programming (NLP); existence of major artificial intelligence technology players & start-ups; increasing usage of internet access; growth in confidence by e-commerce enterprises for providing better shopping customer experience; and digitization across the retail industry in this region. However, the Asia Pacific region is expected to witness rapid growth during the forecast period as the region is experiencing notable growth across all fronts including internet infrastructure, economic growth, spending capabilities, and demand for consumer products. Owing to the government initiatives, the growth of e-commerce in countries including China and India, and growing investments in AI technology for improved productivity and real-time inventory management are contributing to the growth of the AI market for retail industry in this region. Furthermore, the factors such as developing internet & connectivity infrastructure, growing adoption of AI-based solutions & services among retailers, and increasing digitalization are also driving the market growth in this region.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4-5 years. The AI in retail market has witnessed number of agreements, collaborations, and partnerships in recent years. The global artificial intelligence in retail market is consolidated and dominated by few major players, namely 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.) along with several local and regional players.
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Scope of the Report:
AI in Retail Market, by Product
- Customer Behavior Tracking
- Customer Relationship Management (CRM)
- Inventory Management
- Price Optimization
- Recommendation Engines
- Supply Chain Management
- Visual Search
- Managed services
- Professional services
AI in Retail Market, by Application
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-Store Visual Monitoring and Surveillance
- Location-Based Marketing
AI in Retail Market, by Technology
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
AI in Retail Market, by Type
- Online Retail
- Offline Retail
- Brick & Mortar Stores
- Supermarkets & Hypermarkets
- Specialty Stores
AI in Retail Market, by End-User
- Food &Groceries
- Health & Wellness
- Electronics & White Goods
- Fashion& Clothing
AI in Retail Market, by Deployment Mode
AI in Retail Market, by Geography:
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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