A new market study, titled “Global Artificial Intelligence in Retail Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.

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Market Synopsis:

Artificial Intelligence is anticipated to disrupt every business and enterprises across the world. One of the major factors that drive the growth of artificial intelligence market in retail is the advancement in big data, and adoption of artificial intelligence enabled devices and services across various different domains. Additionally, the expansion of human-aware artificial intelligence systems and the wide scope of AI technologies are the opportunities in retail market that exist at present. Further, artificial intelligence technologies are the future for many industries that are determined for effective, low-cost operations and high productivity in their respective business segments and markets.

The factors that drive the market growth comprise of growing need for surveillance and monitoring at a brick and mortar store, rising responsiveness and application of artificial intelligence in the retail industry for effective logistics and product delivery, improved user-experience, amended productivity, and higher return on investment (RoI). Further, the emergence of machine learning, deep learning, and Natural Language Processing (NLP) technology are expected to develop the AI-based solution for retail, creating opportunities for the growth of this market.

Segmentation:

On the basis of application, the market is segmented into advertising, merchandizing, market forecast, surveillance and analytics.

On the basis of technology, the market is segmented into deep learning, neural networks, natural language processing, facial recognition and voice assistance.

On the basis of component, the market is segmented into solution and services. Solution is further bifurcated as product planning, customer relationship management, visual search, and virtual assistant, supply chain management among others. Services is further bifurcated as professional, managed, installation and maintenance services.

On the basis of deployment, the market is segmented into cloud and premise.

Regional Analysis:

The integration of artificial intelligence in retail sector is start of new era in the space of advertising, analytics and customer experience. With a higher demand among the companies to integrate the artificial intelligence in countries like the U.S. and Canada, the North America is having the largest share in artificial intelligence in retail market. Following North America is the European region with technologically mature countries like the U.K, Germany, France, the Netherlands and Italy. Europe has seen a major developments in the retail sector, majorly in organized retail. Various companies like Tesco, lead the forefront of retail in this region.

However, the Asia Pacific region is expected to grow at a fast pace during the forecast period. Asia Pacific has become the destination region for many investors to invest in newer and trending technologies. Emerging countries like China, Japan, and India are the leading countries adopting the artificial intelligence technology in retail sector. In India, there is huge shift from traditional retail to organized retail, which insist companies to adopt newer technologies for marketing, advertising and better customer analytics, by analyzing the experience and behavior of the customer.

Key Players:

The artificial intelligence is one of the most trending technologies across all industrial verticals and its wide spread applications are making the companies to adopt and implement artificial intelligence services in their particular domain. Some of the prominent players in the artificial intelligence space in retail market include 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) among others.

While the competition in the market is high, many startups are also getting into the artificial intelligence market to serve the high demand market.

More Information : https://www.marketresearchfuture.com/reports/artificial-intelligence-in-retail-market-5009

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