NEW YORK, Aug. 08, 2019 (GLOBE NEWSWIRE) -- The global AI in retail market is expected to grow at a CAGR of 35.5% during the forecast period with its market size predicted to reach USD 4.4 billion by 2024. The Increasing e-retail industry, growing investments by retail companies in AI technology, and growing mobile internet penetration are the major factors leading to the high demand of AI in retail market.
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Solution category accounted for the largest revenue share in the AI in retail market
Based on offering, the global AI in retail market is categorized into solution and service, wherein solution category accounted for larger share in 2018. The category is expected to lead throughout the forecast period owing to the mounting adoption of AI technology by e-commerce companies.
Solution category is further sub-segmented into chatbot, CRM, price optimization, recommendation engine, SCM, visual search, and others.
Service category is further sub-categorized into managed and professional.
Explore key industry insights in 66 tables and 40 figures from the 181 pages of report, “Global AI in Retail Market Analysis and Forecast (2019-2024) – Industry Insights by Offering (Solution [Chatbot, CRM, SCM, Price Optimization, Recommendation Engine, Visual Search, Others], Service [Managed, Professional]), by Technology (Machine Learning, NLP, Computer Vision, Others)”
On the basis of technology, the global AI in retail market is segmented into machine learning, NLP, computer vision, and others. Among these categories, the machine learning category accounted for largest share in 2018, and also it is expected to witness fastest growth in the market during the forecast period. Companies in the retail business are utilizing machine learning solution to offer an increasingly customized involvement to the end clients just as to give an intelligent domain to them. Besides, the developing pattern of rising technology adoption can be related with the requirement for streamlining retail tasks, limiting endeavors, and expanding income for the most part for web-based business retailers.
Geography Insight
Geographically, North America is the largest AI in retail market owing to the presence of several developed economies, such as the United States and Canada, concentrating on improving the current arrangements in the retail space. North America has the essential AI solution suppliers and is an early adopter of AI solution. Numerous US-based organizations like IBM Corporation, Amazon Web Services, Microsoft Corporation, Google Inc., NVIDIA Corporation, Intel Corporation, Salesforce, Sentient Technologies are widely including themselves in the product advancement and enhancement.
Competitive Insight
The increasing adoption of IoT, Big Data analytics, and online business promoting give rewarding chances to AI in the retail market. AI in retail market is fragmented in nature. In general, the focused competition among existing players is high. Market players in the global AI in retail industry are majorly focusing on mergers & acquisitions, product launches, and partnerships to expand their market share.
Some of the key players operating in the global AI in retail market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.
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Key Takeaway from the Report:
- Solution category hold the largest share in the market
- Of all the solution type, the highest growth in the demand for the recommendation engine category has been observed over the last five years which is anticipated to remain the highest among all solution types during the forecast period.
- The machine learning category accounted for largest share in 2018, and also it is expected to witness fastest growth in the market during the forecast period, owing to the increasing adoption of machine learning solution by e-commerce companies
- Major players are actively focusing on mergers & acquisitions, product launches, and partnerships to expand their market share
- Some of the major companies involved in the above stated activities in the market are Microsoft Corporation, The Kroger Co., and Oracle Corporation.
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global AI in retail market on the basis of offering, technology, and region.
Global AI in Retail Market Coverage
Offering Insight and Forecast 2014-2024
- Solution
• Chatbot
• Customer Relationship Management (CRM)
• Supply Chain Management (SCM)
• Price Optimization
• Recommendation Engine
• Visual Search
• Others - Service
• Managed
• Professional
Technology Insight and Forecast 2014-2024
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
- Others
Geographical Segmentation
AI in Retail Market by Region
North America
- By Offering
- By Technology
- By Country – U.S., Canada, and Mexico
Europe
- By Offering
- By Technology
- By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
Asia-Pacific (APAC)
- By Offering
- By Technology
- By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Offering
- By Technology
- By Country – Brazil, Saudi Arabia, South Africa, Turkey, and Other Countries
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