Meticulous Research®– leading global market research company published a research report titled “Artificial Intelligence in Retail Market by Product, Application (Predictive Merchandizing, Programmatic Advertising), Technology (Machine Learning, Natural Language Processing), Deployment (Cloud, On-Premises), and Geography - Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the artificial intelligence in the retail market is expected to grow at a CAGR of 34.4% from 2020 to reach $19.9 billion by 2027. Substantial growth in the global artificial intelligence in retail market is mainly attributed to the advancements in big data for the retail sector, rapid adoption of advanced technology across retail chains, and increasing adoption of the multi-channel or omnichannel retailing strategy. The factors such as growing number of smart devices, proliferation of internet, enhanced end-user experience, and rising adoption of AI-powered voice-enabled devices to bridge the gap between online and offline retailing are also contributing to the market growth. However, the lack of infrastructure coupled with the high cost of procurement is expected to restrain the consistent growth of the overall artificial intelligence in retail market during the forecast period.
The global artificial intelligence in retail market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of product, application, technology, retail, and geography.
Based on product offering, the overall artificial intelligence in retail market is majorly segmented into solutions and services. The solutions segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020. This is attributed to the growing adoption of AI-powered solutions and applications by retailers across the globe to identify personalized customer needs, reduce shrinkage by improving loss prevention at point-of-sale, and enhance customer engagement experience.
Based on application, the overall artificial intelligence in the retail market is majorly segmented into predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring & surveillance, and location-based marketing. The predictive merchandising segment is estimated to command the largest share of the overall artificial intelligence in the retail market in 2020. The large share of this segment is mainly attributed to the growing need of retailers to maintain a competitive edge in a fast-growing marketplace by implementing proactive methods of harnessing new and extensive data sources in unique ways by adopting predictive merchandising. However, predictive merchandising application is also expected to register a strong growth over the coming years as well.
Based on learning technology, the overall artificial intelligence in retail market is majorly segmented into machine learning, natural language processing, and computer vision technologies. The machine learning segment is estimated to command the largest share of the overall artificial intelligence in retail market in 2020, owing to the increasing use of machine learning technology in customer experience management, customer behavior tracking, and predictive merchandising. Moreover, this segment is also poised to register high growth rate during the forecast period.
Based on deployment type, the overall artificial intelligence in retail market is majorly segmented into cloud-based solutions and on-premise solutions. Cloud deployment leads the market in terms of growth rate and is expected to grow even further in the coming years owing to the increasing awareness towards cloud computing, reduction in cost of cloud-enabling technologies, and growing usage of analytics platforms.
Based on geography, the global artificial intelligence in the retail market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. With respect to revenue, North America is estimated to command the largest share of the global AI in retail market, and this trend is expected to continue over the forecast period as well. The market growth in North America is majorly attributed to the presence of developed economies such as the U.S. and Canada, focusing on enhancing the existing solutions in the retail space. However, Asia Pacific region is expected to register the fastest growth in the AI in retail market during the forecast period.
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The major players operating in the overall artificial intelligence in retail market are 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.), among others.
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