The global artificial intelligence in retail market 2020, is expected to record substantial growth at a CAGR of 34%, reaching a market value of USD 7 billion by 2023.
Market Highlights
Artificial Intelligence is supposed to affect any industry and organization worldwide. One of the primary factors driving the growth of the retail artificial intelligence market is the advent of big data, and the adoption of artificial intelligence powered devices and services across various domains. In addition , the growth of human-aware artificial intelligence systems and the wide reach of AI innovations are the opportunities currently emerging in the retail industry. Therefore, artificial intelligence technologies are the future for many industries and markets that are determined in their respective market segments for efficient , low-cost operations and high productivity.
The factors driving market growth include a increasing need for tracking and control in a brick and mortar shop, increased responsiveness and retail industry implementation of artificial intelligence for efficient logistics and product distribution, enhanced customer experience, enhanced productivity , and higher investment return (RoI). In addition, the advent of machine learning , deep learning, and natural language processing ( NLP) technology is expected to improve the retail AI-based solution, creating opportunities for this market to expand.
Market Segmentation:
- The market is segmented by application into advertisement, merchandising, business forecasting, surveillance, and analytics.
- The market is segmented, based on technology, into deep learning, neural networks, natural language processing, facial recognition, and voice support.
- The market, depending on the components, is segmented into solution and services,. solution is further bifurcated as customer relationship management, product planning, visual quest, and virtual assistant, supply chain management among others,. Additionally, services are bifurcated as professional, managed, installed and maintained services.
- The market, based on deployment is segmented into the Cloud and Premium.
Leading Key Players in Artificial Intelligence in Retail Market are:
- NVIDIA Corporation (U.S.)
- Intel Corporation (U.S.)
- Salesforce (U.S.)
- Sentient Technologies (U.S.)
- Microsoft Corporation (U.S.)
- Google Inc (U.S.)
- IBM Corporation (U.S.)
- Amazon Web Services (U.S.)
- Oracle corporation (U.S.)
- SAP SE (Germany)
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