Dublin, Jan. 06, 2020 (GLOBE NEWSWIRE) -- The "AI in Retail Market Research Report: By Offering, Technology, Regional Insight - Global Industry Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence (AI) in retail market attained $720 million in 2018 and is predicted to witness a CAGR of 35.4% during 2019-2024 (forecast period).
The factors contributing to the growth of the market include the increasing investments in AI by retail companies and expanding e-retail industry. With AI, retailers have been able to automate their work processes, study consumer behavior, and capture relevant data through the adoption of numerous advanced technologies, such as machine learning, natural language processing (NLP), and computer vision.
When technology is considered, the AI in retail market is divided into computer vision, NLP, machine learning, and others (which include gesture recognition and analytics). Machine learning generated the highest revenue during the historical period (2014-2018) and is expected to dominate the market during the forecast period as well. The reason for this is the rising use of this technology by online retailers to enhance the customer experience by offering personalized services. The highest CAGR is also projected to be registered by the machine learning technology during the forecast period.
On the basis of offering, the AI in retail market is bifurcated into solution and service. The category of solutions is projected to contribute higher revenue to the market during the forecast period due to their growing adoption by e-commerce enterprises in North America for providing better shopping experience to customers. This category is further divided into supply chain management, visual search, price optimization, customer relationship management, recommendation engine, chatbot, and others. Among these, the recommendation engine division is expected to register the highest CAGR during the forecast period.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering
4.1.1.1 Solution
4.1.1.1.1 Recommendation engine
4.1.1.1.2 SCM
4.1.1.1.3 CRM
4.1.1.1.4 Chatbot
4.1.1.1.5 Price optimization
4.1.1.1.6 Visual search
4.1.1.1.7 Others
4.1.1.2 Service
4.1.1.2.1 Managed
4.1.1.2.2 Professional
4.1.2 By Technology
4.1.2.1 Machine learning
4.1.2.2 NLP
4.1.2.3 Computer vision
4.1.2.4 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing adoption of AI for multi-channel marketing
4.3.2 Drivers
4.3.2.1 Growing e-retail industry
4.3.2.2 Increasing investments in AI by retail companies
4.3.3 Restraints
4.3.3.1 Lack of qualified AI professionals
4.3.3.2 High cost of AI-based solutions
4.3.4 Opportunities
4.3.4.1 Demand for AI-based chatbots
4.3.4.2 Growing adoption of AI-based image recognition technology
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Offering
5.1.1 AI in Retail Market, by Solution
5.1.2 AI in Retail Market, by Service
5.2 By Technology
5.3 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Ranking of Key Players
11.2 Competitive Benchmarking of Key Players
11.3 Key Players and Their Offerings
11.4 Recent Activities of Major Players
11.5 Strategic Developments of Key Players
11.5.1 Mergers and Acquisitions
11.5.2 Partnerships
11.5.3 Product Launches
11.5.4 Other Developments
Chapter 12. Company Profiles
- IBM Corporation
- Microsoft Corporation
- Google LLC
- Salesforce.com Inc.
- Oracle Corporation
- SAP SE
- Accenture PLC
- Infosys Limited
- Intel Corporation
- Amazon Web Services Inc.
- ViSenze Pte. Ltd.
- Evolv Technologies Inc.
- Numenta Inc.
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