London, Nov. 19, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Artificial Intelligence (AI) in Retail Market by Product (Solution and Services), Application (Predictive Merchandizing, Programmatic Advertising, Market Forecasting, In-store Visual Monitoring and Surveillance, Location-based Marketing), Technology (Machine Learning, Natural Language Processing), Deployment (Cloud, On-premises) and Geography - Global Forecasts to 2025”, published by Meticulous Research®, the global AI in retail market is expected to grow at a CAGR of 35.9% from 2019 to reach $15.3 billion by 2025.
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Over the past few years, digital technologies are being embedded into core value-generation processes in society and businesses by creating innovation. The growing number of millennials with their inclination towards digital-first approaches is putting organizations under constant pressure to innovate; thus, making artificial intelligence (AI) a top priority for retail businesses. Various well-established retailers are struggling with increasing cost, dissatisfied customers, declining sales and upstart competition. Implementing artificial intelligence in retail creates new opportunities and capabilities for retailers by leveraging new possibilities, fastening processes, and making organizations adaptable to changes in the future. Realizing the fact, retail companies are investing in billions to reap benefits of AI technology and improve profitability of their businesses. Strong participation of industry players in leveraging AI technology is reshaping the technology landscape of the retail industry.
The overall artificial intelligence in the retail market is witnessing a consistent penetration of smartphones & connected devices, advancements in big data for retail sector, rapid adoption of advancement in technology across the retail chain, and increasing adoption of the multi-channel or omnichannel retailing strategy. Furthermore, the efforts from retailers to gain access to more customers, enhance business visibility, and build customer loyalty are also playing a vital role in driving adoption of AI technology in the retail industry. The increasing adoption of AI-powered voice enabled devices owing to their benefits in the form of enhanced user experience and improved productivity are also contributing to the market growth.
The global artificial intelligence market in retail is majorly segmented by product offering, application, learning technology, type, deployment type, and geography. Based on product offering, the global AI in retail market is majorly segmented into solutions and services. The solution segment is categorized into chatbot, customer behavior tracking, customer relationship management (CRM), inventory management, price optimization, recommendation engines, supply chain management, and visual search. The service segment is further segmented into managed services and professional services. Recommendation engine dominates the AI solutions market for the retail industry and it is expected to register a strong growth over the forecast period. The features in terms of enhanced user experiences, better customer engagement, precise recommendations of products, and personalized recommendation is helping recommendation engines to maintain their growth in the global artificial intelligence in retail market.
Based on application, the overall AI in retail market is majorly segmented into predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring & surveillance, and location-based marketing. In-store visual monitoring and surveillance applications are spearheading the growth of the AI market in the retail industry. This segment is expected to register a steady growth over the coming years and continue its dominance during the forecast period. Its benefits in the form of better inventory tracking, customer traffic monitoring, enhanced safety protocols, prevention against shoplifting, outpacing shrink caused by employee theft, vendor fraud, and administrative errors are contributing to the growth of this segment.
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Geographically, the global artificial intelligence in retail market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The global AI in retail market is analyzed methodically with respect to major countries in each of the regions with the help of bottom-up approach to arrive at the most precise market estimation. At present, North America holds a dominating position in the global AI in retail market. The region has high technology adoption rate, presence of key players & start-ups, and high penetration of internet. Consequently, North America is expected to retain its dominance throughout the forecast period. However, factors such as rapid growth in consumer spending, presence of young population, government initiatives towards digitization, developing internet and connectivity infrastructure, and growing adoption of AI-based solutions and services among retailers are helping Asia Pacific region to register the fastest growth in the global artificial intelligence in retail market.
The global artificial intelligence (AI) in retail market is consolidated and dominated by few major players namely, Amazon.com, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), and BloomReach, Inc. (U.S.) along with several local and regional players.
Browse key industry insights spread across 216 pages with 205 market data tables & 25 figures & charts from the report: https://www.meticulousresearch.com/product/artificial-intelligence-in-retail-market-4979/
Scope of the AI in Retail Market Report:
AI in Retail Market by Product:
- Solutions
- Chatbot
- Customer Behavior Tracking
- Customer Relationship Management (CRM)
- Inventory Management
- Price Optimization
- Recommendation Engines
- Supply Chain Management
- Visual Search
- Services
- Managed services
- Professional services
AI in Retail Market by Application:
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-Store Visual Monitoring and Surveillance
- Location-Based Marketing
AI in Retail Market by Technology:
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
AI in Retail Market by End User:
- E-commerce
- Online Market Place
- Fashion & Clothing
- Food & Groceries
- Electronics & White Goods
- Health & Wellness
- Direct Retail
- Brick & Mortar Stores
- Supermarkets & Hypermarkets
- Specialty Stores
AI in Retail Market by Deployment Mode:
- Cloud
- On-Premises
AI in Retail Market by Geography:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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