Selbyville, Delaware, Sept. 04, 2019 (GLOBE NEWSWIRE) --
Global AI in retail market is set to witness momentous growth over the forthcoming years. A considerable percentage of this growth can be attributed to the surging investment across the technology sector, particularly due to the widening application avenues of artificial intelligence technologies like machine learning and advanced analytics.
It is anticipated that AI would be kicking off the next phase of digital revolution, which is currently gripping numerous industrial sectors. Several market players are preparing themselves to capitalize on this trend, enabling investments in the technology to grow rapidly.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2568
In 2016, AI technology recorded an overall investment of $30 billion, with a predominant majority, approximately 90%, going into research & development activities and the remainder of 10% into acquisition and merger related activities.
When looking at the market landscape through the perspective of technology, the segment of machine learning is projected to record a highly favorable growth rate. Significant developments and technological advancements in advanced machine learning as well as deep learning algorithms would emerge as distinguished forces fueling growth of artificial intelligence (AI) in retail sector.
AI in retail market size from the machine learning technology segment is anticipated to register a CAGR of 42% over 2018-2024.
This progress would also be driven by growing adoption of machine learning technology by retailers to deliver an enhanced customer experience and facilitate customers with a unique and personalized shopping experience.
Another technology segment that is projected to showcase a distinguished growth graph is that of Natural Language Processing.
Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/2568
The Natural Language Processing segment accounts for more than 40% of AI in retail market share.
Increasing demand to facilitate an enhanced customer experience has been playing a prominent role in promoting market outlook.
When it comes to the regional landscape of AI in retail industry, North America has established itself as a market leading geography. The region’s prominence has been attributed to the presence of a number of tech giants like Microsoft, IBM, Google and AWS. These global technology giants wield the power to influence industry growth in a substantial manner.
North America accounted for more than 35% of the overall artificial intelligence (AI) in retail market in 2017.
North America is leading the AI in retail market, accounting for more than 50% share in 2017. The growth of the market is attributed to high investments in the AI technology in the region. The presence of major players, such as Microsoft, Google, and IBM, also fosters the growth. Furthermore, the region is the biggest hub for the start-ups. Silicon Valley and New York are homes for over 15,000 active start-ups with more than two million tech workers.
Browse key industry insights spread across 300 pages with 170 market data tables & 23 figures & charts from the report, “Artificial Intelligence (AI) in Retail Market Size By Component (Solution [Chatbot, Customer Behavior Tracking, Customer Relationship Management (CRM), Inventory Management, Price Optimization, Recommendation Engine, Supply Chain Management, Visual Search], Service), Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location Optimization, Data Science), Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-retail-market
APAC AI in retail market share is slated to grow at an impressive CAGR of more than 45% over the forecast timeframe.
APAC AI in retail market trends are expected to proliferate majorly in the years to come, attributed to increasing investments in Artificial Intelligence and the growing digitalization trend throughout the region. Currently, China is establishing itself as a prominent AI in retail player across the APAC and, by extension, the world. The country is leading in terms of investments, accounting for approximately 17% of the overall external investments across AI technology.
In terms of the component segment, recommendation engine solutions have been leading providers of growth for the artificial intelligence (AI) in retail market landscape, commanding more than 30% revenue share in 2017.
Growing popularity of ecommerce platforms is a major factor driving growth into the segment. Ecommerce companies leverage the capabilities of AI-driven engines to further personalize their customers’ shopping experience.
Browse Related Reports:
Artificial Intelligence (AI) in Manufacturing Market Size By Component (Hardware [Processor {Central Processing Unit (CPU), Graphics Processing Unit (GPU), Field Programmable Gate Array (FPGA), Application Specific Integrated Circuit (ASIC)}, Memory], Solution [Software, AI Platform, Application Program Interface(API)], Services [Managed Services, Professional Services), Technology (Machine Learning (ML), Computer Vision, Context Awareness, Natural Language Processing (NLP)), Application (Quality Management, Predictive Maintenance & Machinery Inspection, Material Movement, Production Planning, Cybersecurity, Field Services), End-use (Semiconductor & Electronics, Energy & Power, Pharmaceutical & Chemical, Automobile, Heavy Metals & Machine Manufacturing, Food & Beverages), Regional Outlook, Competitive Market Share & Forecast 2025
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-manufacturing-market
Artificial Intelligence (AI) in BFSI Market Size By Component (Solution [Chatbot, Customer Behavior Analytics, Customer Relationship Management (CRM), Data Analytics & Visualization, Fraud Detection], Service [Professional Service, Managed Service]), Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), Application (Back Office/Operation, Customer Service, Financial Advisory, Risk Management, Compliance & Security), End-Use (Bank, Insurance, Wealth Management), Regional Outlook, Competitive Market Share & Forecast 2024
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-bfsi-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.