According to the new market research report Artificial Intelligence in Retail Market size is expected to grow from USD 736.1 Million in 2016 to USD 5,034.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%. Increasing necessity for superior surveillance and monitoring at a physical store, growing awareness and application of AI in the retail industry, enhanced user-experience, improved productivity, Return on Investment (RoI), mainlining inventory accuracy, and supply chain optimization are some of the key factors fueling the growth of this market.
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Objectives of the Study
The main objective of the report is to define, describe, and forecast the global Artificial Intelligence in retail market on the basis of types (online and offline), technologies, solutions, services, deployment modes, applications, and regions. The report provides detailed information regarding the major factors influencing the growth of the AI in retail market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze micro markets with respect to individual growth trends, future prospects, and contributions to the total market. The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product launches and product developments; and Research and Development (R&D) activities in the market.
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The research methodology used to estimate and forecast the AI in retail market begins with capturing data on key vendor revenues through secondary research, which includes directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global Artificial Intelligence in retail market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub segments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments.
The artificial intelligence in retail market ecosystem comprises vendors such as IBM (US), Microsoft (US), Amazon Web Services (US), Oracle (US), SAP (Germany), Intel (US), NVIDIA (US), Google (US), Sentient technologies (US), Salesforce (US), and ViSenze (Singapore). Other stakeholders of the AI in retail market include vendors, research organizations, network and system integrators, AI in retail managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers.
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