Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Artificial Intelligence (AI) in Retail Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 10, 2021 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence (AI) In Retail Market is expected to grow at a CAGR of around 34.9% from 2020 to 2027 and reach the market value of over US$ 6,762.3 Mn by 2027.
Based on regional landscape, North America is dominating the AI in retail market growth owing to its surging investments in retail development activities and presence of large pool of tech- startups. Within North America, US is considered as one of the early adopters for innovative technologies involving AI, augmented reality, virtual reality, and robotics. The presence of prominent players is one of the key factors responsible for the growth of North America regional market. On the other hand, Europe holds the second largest market share for artificial intelligence (AI) in retail market. The factors that contribute for the growth of the regional market involves large pool of retail supply chains involved in the development of the apparel industry utilizing artificial intelligence research. This factor acts positively witnessing healthy regional growth resulting in global market growth of AI in retail.
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Furthermore, APAC is projected to record all time high CAGR in the forthcoming years. As retail companies in the emerging Asia-Pacific are taking up the AI-oriented initiatives it is stimulating the growth of AI in retail in APAC regional market. In addition, Latin America and the Middle East & Africa are projected to demonstrate significant growth in the global market in the forecast period. Development of customer engagement and advanced transition platform are witnessing healthy adoption for AI-driven retail solutions across Latin America.
Market Drivers
Advancements in virtual fitting rooms augment the overall market growth of artificial intelligence (AI) in retail market
Through integration of artificial intelligence with digital mirrors it enhances the buyers to try a variety of dresses, goggles, accessories, and other products without actually wearing them. Artificial intelligence along with advanced technologies such as AI, AR, VR, provides real-time simulation for virtual dressings solutions. Such technology enhances the customer experiences as well as engagement in both online and offline medium.
Restraints
Well established retailers are trying every possible way to improve the engagement of their customers; however, certain factors are limiting the AI in retail market growth rate. The prominent suppliers and global level retailers like Wal-Mart have already deployed artificial based systems to their shops as well as to online portals. However, small and medium sized retailers (SMEs) are still far away from the technology owing to a lack of infrastructure and absence of skilled expertise. The high implementation cost associated retail solutions acts as a major barrier for small retailers that is involved in limiting the adoption. These factors refrain the market of artificial intelligence (AI) in retail market to grow worldwide.
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Market Trend
Product optimization
Product optimization and planning will be growing at a faster pace for AI in retail market globally. The advancements in big data analytics drive the growing adoption of artificial enabled devices and services across different industrial domains and verticals. According to the Consumer Technology Association, AI in retail markets have benefits involving cost saving, increasing productivity, faster resolution of business problems, faster delivery of new products and services, rising innovation, and many more. These factors have a positive influence and help to improve customer analytics and behavior experiences raising the significance of product optimization.
Segmental Outlook
Artificial intelligence (AI) in retail markets is segmented based on technology, deployment model, and application. By technology, the AI retail market is segmented as machine learning, natural language processing, and among others. By deployment model, the AI in retail market is bifurcated into cloud and on-premise. Furthermore, by application, the market is segmented as predictive merchandising, programmatic advertising, in-store visual monitoring and surveillance, location-based marketing, and others.
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Competitive Landscape
The prominent players of the data center servers industry involve International Business Machines Corporation(IBM), Microsoft Corporation, Amazon Web Services, Oracle Corporation, SAP SE, Intel Corporation, NVIDIA Corporation, Google LLC, Sentient Technologies, and among others.
Some of the key observations regarding artificial intelligence (AI) in retail industry include:
- In April 2019, SAP SE announced enhancements in the next generation support system. These involve developments to AI driven features such as incident solution matching and real time support resources like "Schedule and Expert" and "Expert Chat” services.
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