AI in Retail Market


The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on AI in Retail Market. The growth sectors of the AI in Retail Market are identified with precision for a better growth perspective.

The brilliancy with which, incorporation of artificial intelligence in retail has curbed down human error is expected to surge the artificial intelligence market in retail market, asserts Market Research Future (MRFR). According to latest report published by MRFR on the artificial intelligence market in retail market, it is likely to register an impressive CAGR of 34% over the forecast period (2016-2023). MRFR, in the report has revealed that the artificial intelligence market in retail market can touch a substantial valuation of approximately 7 billion by 2023.

Market Highlights

The contribution of artificial intelligence to provide better customer experience is anticipated to boost the artificial intelligence market in retail market growth. The powerful penetration of artificial intelligence across several business verticals of which, retail is strongly absorbing it, is expected to amplify the artificial intelligence market in retail market expansion. Artificial intelligence is assisting in improving both online and in-store shopping experience. This factor is also expected to cast a positive impact on the global artificial intelligence market in retail market growth. A rise in the adoption of artificial intelligence by retail is observed in supply chain. Hence, ability of artificial intelligence in simplifying the supply chain process is expected to garner the artificial intelligence market in retail market a sizable revenue over the assessment period.

Additionally, incorporation of artificial intelligence in retail is prompting the health of customer intelligence, which is expected to escalate the market growth. The growth curve of the artificial intelligence market in retail market is expected to shoot up as artificial intelligence helps in forecasting demand scope. Moreover, artificial intelligence is observed to play a strong role in marketing, pricing, promotion, and advertising of products, which, in turn, is anticipated to bolster the growth of artificial intelligence market in retail market. The emerging popularity of artificial intelligence in retail is also promoting mergers and acquisitions among existing giant companies, which is likely to rise the profit margin of the artificial intelligence market in retail market. The integration of artificial intelligence is also promoting automation. However, customers growing wary of automation can act as a set-back for the fast-paced growth of the artificial intelligence market in retail market.

Segmental Outline

The global artificial intelligence market in retail market has been studied based on four key criteria; deployment, application, component, and technology.

Based on the application, the artificial intelligence market in retail market has been segmented into surveillance, advertising, market forecast, merchandizing, and analytics.

Based on the technology, the market artificial intelligence market in retail market has been segmented into neural networks, natural language processing, deep learning, facial recognition, and voice assistance.

Based on the component, the market artificial intelligence market in retail market has been segmented into solution and services. The solution segment has been narrowed down to product planning, virtual assistant, customer relationship management, and supply chain management among others. The services segment has been classified into professional, maintenance services managed, and installation.

Based on the deployment, the market artificial intelligence market in retail market has been segmented into cloud and premise.

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Artificial Intelligence in Retail Market by Type Trends, Size Analysis Forecast to 2023 | MRFR
Artificial Intelligence in Retail Market is estimated to grow at a CAGR of 34 % during the forecast …

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