The Artificial Intelligence (AI) in retail market is growing significantly, owing to the increasing awareness and applications of AI in the retail industry. The global AI in retail market size is estimated to be USD 993.6 Million in 2017 and is projected to reach USD 5,034.0 Million by 2022, growing at a Compound Annual Growth Rate (CAGR) of 38.3% during the forecast period.
The major vendors providing AI in retail solutions and services include Microsoft (US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US), Sentient Technologies (US), Salesforce (US), Amazon Web Services (US), SAP (Germany), Inbenta Technologies (US), Nuance Communications (US), SAMSUNG (South Korea), Narrative Science (US), Daisy Intelligence (Canada), Infosys (India), Wipro (India), Happiest Minds (India), MicroStrategy (US), Dynamic Yield (US), IPsoft (US), Appier.com (Taiwan), ViSenze (Singapore), Manthan Software Services (India), and Optoro (US).
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The players in the AI in retail market have adopted various strategies to expand their global presence and enhance their market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the significant strategies adopted by the market players in the recent years. Top players such as SAP, IBM, and Microsoft have adopted these strategies to expand their product portfolios.
IBM has followed the product development strategy to create a leading market edge. For instance, the IBM Watson Tone Analyzer service provides the textual emotion detection capability to understand users’ emotional state and improve interaction. In July 2017, Tone Analyzer for customer engagement was added as a feature to the IBM Watson Tone Analyzer service. This feature enables the detection of communication tones in chat bot and customer service conversations to understand 7 emotions of the users. These emotions are politeness, satisfaction, sadness, frustration, excitement, impoliteness, and sympathy.
Microsoft has also introduced various product enhancements to maintain a competitive position in the AI in retail market. In May 2017, Microsoft launched new Azure data and cloud services that help developers update the existing apps and design new intelligent apps with the inherent power of AI services.
Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud, On-Premises), Application, Region - Global Forecast to 2022
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