Selbyville, Delaware, Feb. 04, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the artificial intelligence in retail market which estimates the market valuation for AI in retail will cross US$ 20 billion by 2027. The widespread functional benefits of AI along with advanced analytics and machine learning are expected to significantly contribute to market growth.
The extensive digitization and rising demand from retailers to facilitate personalized store experience are anticipated to support the AI in retail market growth. Retailers across geographies are emphasizing on advanced technologies to differentiate service offerings in the industrial environment. Companies are driving demand for virtual assistants and enterprise applications. These virtual solutions can be integrated with cognitive technologies, such as AI and ML, for enhanced operational capabilities. Growing technological investments for workflow optimization across the retail sector will increase the uptake of AI technology, supporting market growth.
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The managed service segment is expected to witness a growth rate of over 30% from 2021 to 2027. The majority of the managed service providers are adopting intelligent algorithms and AI technology. This enables MSPs to manage a wide array of applications, ranging from controlling network traffic to fixing machine issues without human assistance. The cost-effectiveness of AI solutions is the major factor promoting the adoption of AI among MSPs.
The computer vision technology segment is anticipated to witness considerable gains from 2021 to 2027. Rising penetration of computer vision-based cameras and robots to track & manage store inventory is likely to boost the segment demand. Retailers are leveraging on computer vision for several in-store applications to compete with their online competitors. Enterprises are also adopting computer vision technology for diverse applications including facial recognition, footfall traffic, interaction analysis, and shelf scanning.
The AI in retail industry revenue from market forecasting application segment is expected to grow significantly from 2021 to 2027. Companies use AI-powered solutions to predict the demand for a product and meet the customer requirements. It assists companies in decision-making and planning process to conduct marketing activities, resource scheduling, and financial planning activities. The growing demand to analyze historical data and consumer behavior is expected to drive the adoption of AI technology solutions.
Europe AI in retail market is projected to expand at more than 35% CAGR through 2027 driven by significant rise in the retail sector and government investments in AI technology. For instance, in March 2018, the France government launched the AI Strategy and planned to invest USD 1.76 billion by 2022 for AI technology development. Similar investments from enterprises across the EU region and the growing retail industry will fuel the market growth.
Companies operating in the market are focusing on the development of integrated solutions through strategic partnerships. For instance, in March 2019, BloomReach partnered with BigCommerce, a SaaS platform enterprise. The companies integrated their AI-powered search & merchandising and open-source CMS with a SaaS e-commerce engine. This aided the companies to offer a personalized brand experience with commerce management functions. This also helped BloomReach to expand its customer base across unserved geographies.
Some major findings of the AI in retail market report include:
- The consistently evolving demand and establishment of new business models in the retail industry are contributing to the market growth.
- Expansive investments in AI technology from both public and private enterprises are expected to support technological development in the market.
- North America is expected to hold a major share in the global AI in retail industry owing to the widespread presence of enterprises, engaging in AI technology development and investments.
- Major players operating in the AI in retail market are Amazon Web Services, Inc., Baidu, Inc., Google Inc., IBM Corporation, Microsoft Corporation, and Oracle Corporation
- Companies operating in the market are focusing on the development of integrated software-based virtual solutions powered by AI technology.
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Partial chapters of report table of contents (TOC):
Chapter 3 AI in Retail Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Impact by region
3.3.1.1 North America
3.3.1.2 Europe
3.3.1.3 Asia Pacific
3.3.1.4 Latin America
3.3.1.5 Middle East & Africa
3.3.2 Impact by value chain
3.3.3 Impact by competitive landscape
3.4 Technological evolution
3.5 Industry ecosystem analysis
3.6 Technology & innovation landscape
3.6.1 Gesture recognition
3.6.2 Virtual mirrors
3.6.3 Video analytics
3.6.4 Robots
3.7 Regulatory landscape
3.7.1 Health Insurance Portability and Accountability Act (HIPAA)
3.7.2 Payment Card Industry Data Security Standard (PCI DSS)
3.7.3 North American Electric Reliability Corp (NERC) Standards
3.7.4 Federal Information Security Management Act (FISMA)
3.7.5 The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.7.6 Sarbanes-Oxley Act of 2002
3.7.7. General Data Protection Regulation (GDPR)
3.8 Use cases
3.8.1 Sales & CRM application
3.8.2 Customer recommendations
3.8.3 Logistics & delivery
3.8.4 Payment service
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Growing investment in AI
3.9.1.2 Increasingly empowered consumer
3.9.1.3 Rising disruptive technologies
3.9.1.4 Advent of new business models
3.9.1.5 Advancement in data science
3.9.2 Industry pitfalls & challenges
3.9.2.1 Limited public-private partnership to address social implications directly
3.9.2.2 Privacy issues associated with the use of AI Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 Growth potential analysis
Browse complete reports table of content @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-retail-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.