According to the report, published by Fortune Business Insights™ in a report, titled “Artificial Intelligence (AI) in Retail Market Size, Share & Industry Analysis, By Offering (Solutions, Services), By Function (Operations-Focused, Customer-Facing), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), and Regional Forecast, 2019-2026” the AI in retail market size was valued at USD 2,306.8 million in 2018. The report is aimed at delivering a comprehensive view of the AI in retail market dynamics, structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers porter’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases different procedures and strategies of companies currently operating in the market. It further examines the components convincing market expansion, growth patterns, restricting factors and market strategies.

Disposition to AI-powered Chat Bots by Retailers will Encourage Market Expansion

The growing inclination of retail brands for the deployment of AI-powered chatbots for customer engagement will augment the healthy growth of the market in the forthcoming years. Retail brands are able to handle several queries simultaneously with the help of chatbots, without the need to employ a large workforce. The positive impact of artificial intelligence on customer relations and sales will spur demand for AI in retail. Furthermore, close-ended chatbots are configured to answer shopping-related questions, provide quick support and suggestions besides offering a better resolution to their problem. Customers are more likely to engage with AI-powered chatbots, which, in turns enhances customer loyalty. These factors combined will accelerate the AI in retail market share in the foreseeable future.

Emergence of Virtual Trial Rooms to Bolster Healthy Growth

The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period. For instance, virtual trial rooms enable buyers to try different dresses without actually having to wear them with the help of digital mirrors. Further, AI allows shoppers to experiment with their outfit by means of a touch-based interface. In addition, the launch of virtual rooms by major companies to create growth opportunities for the market. For instance, Fitiquette, a fashion Web site uses a ground-breaking technology that allows customers to try on outfits in a virtual 3D world based on the user’s exact body dimensions. The trial room gives a 360-degree view of the fit and drape of a garment on the actual body dimensions of the consumer.

Operations-Focused Retail Function to Exhibit High Growth Rate Due to Higher Profitability

Based on function, the scope includes operations-focused and customer-facing segments. There is a vast potential for AI in operations and are among the most profitable in terms of cost returns. Till now, only a small share of AI use cases focused on operations, and the majority of use cases are for customer-facing functions. For instance, implementing AI for procurement tasks, optimizing supply chain route plans, and using image detection algorithms for detecting minor in-store theft. A resulting transformed retail supply chain will have the potential to offer a substantial operational opportunity.

Introduction of AI Integrated Products and Solutions to Foster Growth in Asia Pacific

North America was valued at USD 1,102.0 million and is expected to remain dominant during the forecast period. The rising deployment of AI-based solutions by retailers to improve the supply chain operations and product portfolio will contribute positively to the AI in retail market revenue. Asia Pacific is expected to grow rapidly during the forecast period owing to the launch of various AI integrated products and solutions. For instance, China is expected to be a world-leading AI center by 2030.

Some of the Major Companies in the Global Artificial Intelligence (AI) in Retail Market include:
Amazon Web Services, Inc.
Baidu, Inc.
CognitiveScale, Inc.
Google LLC
IBM Corporation
Microsoft Corporation
Next IT Corporation
Nvidia Corporation
Oracle Corporation
RetailNext, Inc.
SAP SE
Style.ai
Salesforce.com, Inc.

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]