Artificial Intelligence in Retail Market by Offerings (Solution (Chatbot, Customer Behavior Tracking, Customer Relationship Management, Inventory Management, Price Optimization, Recommendation Engines, Supply Chain Management, Visual Search, others) and Services (Professional & managed)), by Application (Predictive Merchandizing, Programmatic Advertising, Market Forecasting, In-store Visual Monitoring & Surveillance, location-based Marketing, Others), by Learning Technology (Machine Learning, Natural Language Processing, others), by Retail type (E-commerce and Direct Retail), by Deployment Type (Cloud, On-premise), and Region - Global Forecast to 2024

  • Report ID:MRICT - 104227
  • Pages: 130
  • Jun 2019
  • Formats*: PDF
  • Category: Information & Communications Technology

1. Introduction
    1.1. Market Definition
    1.2. Scope of Study
    1.3. Market Ecosystem
    1.4. Currency and Limitations
           1.4.1. Currency
           1.4.2. Limitations
    1.5. Key Stakeholders

2. Research Methodology
    2.1. Research Process
           2.1.1. Secondary Research
           2.1.2. Primary Research
           2.1.3. Market Analytics
           2.1.4. Assumptions

3. Executive Summary

4. Market Insights
    4.1. Introduction
    4.2. Market Dynamics
           4.2.1. Drivers
           4.2.2. Restraints
           4.2.3. Opportunities
           4.2.4. Trends
    4.3. Regulatory Analysis

5. Artificial Intelligence in Retail Market, by Offerings
    5.1. Introduction
    5.2. Solutions
           5.2.1. Chatbot
           5.2.2. Customer Behavior Tracking
           5.2.3. Customer Relationship Management (CRM)
           5.2.4. Inventory Management
           5.2.5. Price Optimization
           5.2.6 Recommendation Engines
           5.2.7. Supply Chain Management
           5.2.8. Visual Search
           5.2.9. Others
    5.3. Services
           5.3.1. Professional
           5.3.2. Managed

6. Artificial Intelligence in Retail Market, by Application
    6.1. Introduction 
    6.2. Predictive Merchandising
    6.3. Programmatic Advertising
    6.4. Market Forecasting
    6.5. In-Store Visual Monitoring and Surveillance
    6.6. Location-Based Marketing
    6.7. Others

7. Artificial Intelligence in Retail Market, by Learning Technology
    7.1. Introduction
    7.2. Machine Learning
    7.3. Natural Language Processing (NLP)
    7.4. Others

8. Artificial Intelligence in Retail Market, by Retail Type
    8.1. Introduction
    8.2. E-commerce
           8.2.1. Online Market Place
           8.2.2. Fashion & Clothing
           8.2.3. Food & Groceries
           8.2.4. Electronics & White Goods
           8.2.5. Health & Wellness
           8.2.6. Others
    8.3. Direct Retail
           8.3.1. Brick & Mortar Stores
           8.3.2. Supermarkets & Hypermarkets
           8.3.3. Specialty Stores

9. Artificial Intelligence in Retail Market, by Deployment Type
    9.1. Introduction
    9.2. Cloud
    9.3. On-Premises

10. Artificial Intelligence in Retail Market, by Geography
      10.1. Introduction
      10.2. North America
               10.2.1. U.S.
               10.2.2. Canada
      10.3. Europe
               10.3.1. Germany
               10.3.2. U.K.
               10.3.3. France
               10.3.4. Italy
               10.3.5. Spain
               10.3.6. Rest of Europe
      10.4. Asia-Pacific
               10.4.1. China
               10.4.2. India
               10.4.3. Japan
               10.4.4. Rest of APAC
      10.5. Rest of World
               10.5.1. Latin America
                          10.5.1.1. Brazil
                          10.5.1.2.Mexico
                          10.5.1.3. Rest of Latin America
               10.5.2. Middle East and Africa

11. Competitive Landscape
      11.1. Market Share Analysis
      11.2. New Product Launches & Upgrdations
      11.3. Acquisition, Mergers & Expansions
      11.4. Agreements, Collaborations, and Partnarships
      11.5. Market Share Analysis by Key Players

12. Company Profiles (Business Overview, Financial Overview, Products Portfolio, Strategic Developments)
      12.1. Amazon Web Services 
      12.2. Baidu Inc.
      12.3. BloomReach Inc.
      12.4. CognitiveScale Inc.
      12.5. Google LLC
      12.6. IBM Corporation
      12.7. Inbenta Technologies
      12.8. Intel Corporation
      12.9. Interactions LLC
      12.10. Lexalytics Inc.
      12.11. Microsoft Corporation
      12.12. Manthan Software Services Pvt. Ltd.
      12.13. NEXT IT Corp.
      12.14. Nvidia Corporation
      12.15. Oracle Corporation
      12.16. RetailNext Inc.
      12.17. Salesforce.com Inc. 
      12.18. SAP SE
      12.19. Sentient Technologies 
      12.20. Visenze

13. Appendix
      13.1. Questionnaire

Artificial Intelligence has taken the retail world by storm. Retail sector is applying AI in new ways across the entire product and service cycle from assembly to post-sale customer service interactions. For shoppers, who have dreamed of having a personal shopping assistant, AI simplifies the shopping process and provides personalized experiences that turn shoppers into customers who keep coming back for more. Shoppers aren’t the only ones who benefit from AI. The innovative, always learning technology is contributing to higher sales and better customer experiences that improve the retail brand and bottom line.

The key factors driving the growth of AI in retail market are advancements in big data of the retail sector, increasing adoption of multi-channel or omni channel retailing strategy, rapid adoption of advances in technology across retail chain, and startups are at the forefront, driving the adoption of AI in retail industry. Moreover, rising investments in speech analytics technology and AI to bridge the gap between online and offline retailing offer significant growth opportunities for artificial intelligence in retail market. However, incompatibility concerns, high cost and complicated implementation processes of new technologies such as natural language generation (NLG), virtual agents, and deep learning platforms among others are expected to hinder the growth of this market to some extent. Furthermore, lack of skilled staff and concerns over privacy and identity of individuals are the key challenges of retail AI market. On the other hand, artificial intelligence-enabled virtual mirrors in fashion retail industry is the major trend observed in the retail artificial intelligence market.

The AI in retail market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2024 - by type, technology, solution, service, deployment, and application. The study also evaluates industry competitors and analyzes the market at regional and country level.

Analysis of Market Segments

The global artificial intelligence in retail market is segmented  by Offerings (Solution (Chatbot, Customer Behavior Tracking, Customer Relationship Management, Inventory Management, Price Optimization, Recommendation Engines, Supply Chain Management, Visual Search, others) and Services (Professional & Managed)), by Application (Predictive Merchandizing, Programmatic Advertising, Market Forecasting, In-store Visual Monitoring & Surveillance, location-based Marketing, Others), by Learning Technology (Machine Learning, Natural Language Processing, others), by Retail type (E-commerce and Direct Retail), by Deployment Type (Cloud, On-premise), and Geography.

Machine Learning Segment Dominates the Global Artificial Intelligence in Retail Market, by Learning Technology

Machine learning segment accounted for the largest share in 2018. The large share of this segment is attributed to the increasing need to streamline retail operations and automate processes.

Predictive Merchandising Segment Dominates the Global Artificial Intelligence in Retail Market, by Application

Predictive merchandising segment accounted for the largest share in 2018. The large share of this segment is attributed to the growing demand for the customer behavior tracking solution among the retailers.

Key Players

The major players operating in the global artificial intelligence in retail market are Amazon Web Services (U.S.), Baidu Inc. (China), BloomReach Inc. (U.S.), CognitiveScale Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Inbenta Technologies (U.S.), Intel Corporation (U.S.), Interactions LLC (U.S.), Lexalytics Inc. (U.S.), Microsoft Corporation (U.S.), Manthan Software Services Pvt. Ltd. (India), NEXT IT Corp. (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), RetailNext Inc. (U.S.), Salesforce.com Inc. (U.S.), SAP SE (Germany), Sentient Technologies (U.S.), and ViSenze (U.S.).

Future Outlook

Nowadays, retail industry is far more fragmented and competitive than ever. Multiple store formats and an arsenal of digital tools are making shoppers more educated about choices. Digital channels also continue growing. AI allows retailers and manufacturers to gather customer insights in an automated fashion and predict next actions based on previous patterns or images. AI uses predictive patterns to help understand desires, motivations, and actions across both physical and digital channels. This lets retailers and suppliers enhance many functions, such as executing more targeted and personalized marketing campaigns and improve trade promotion efforts. Thereby, in coming years, adoption of AI is expected to increase in retail industry.

Scope of the Report:

Artificial Intelligence in Retail Market, by Offerings

  • Solution
    • Chatbot
    • Customer Behavior Tracking
    • Customer Relationship Management (CRM)
    • Inventory Management
    • Price Optimization
    • Recommendation Engines
    • Supply Chain Management
    • Visual Search
    • Others
  • Services
    • Professional
    • Managed

Artificial Intelligence in Retail Market, by Application

  • Predictive Merchandising
  • Programmatic Advertising
  • Market Forecasting
  • In-Store Visual Monitoring and Surveillance
  • Location-Based Marketing
  • Others

Artificial Intelligence in Retail Market, by Learning Technology

  • Machine Learning
  • Natural Language Processing (NLP)
  • Others

Artificial Intelligence in Retail Market, by Retail Type

  • E-commerce
    • Online Marketplace
    • Fashion & Clothing
    • Food & Groceries
    • Electronics & White Goods
    • Health & Wellness
    • Others
  • Direct Retail
    • Brick & Mortar Stores
    • Supermarkets & Hypermarkets
    • Specialty Stores

Artificial Intelligence in Retail Market, by Deployment Type

  • Cloud
  • On-Premises

Artificial Intelligence in Retail Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa

Artificial Intelligence in Retail Market Leaders

  • Amazon Web Services 
  • Baidu Inc.
  • BloomReach Inc.
  • CognitiveScale Inc.
  • Google LLC
  • IBM Corporation
  • Inbenta Technologies
  • Intel Corporation
  • Interactions LLC
  • Lexalytics Inc.
  • Microsoft Corporation
  • Manthan Software Services Pvt. Ltd.
  • NEXT IT Corp.
  • Nvidia Corporation
  • Oracle Corporation
  • RetailNext Inc.
  • com Inc. 
  • SAP SE
  • Sentient Technologies 
  • Visenze
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Tags: Artificial Intelligence Retail Retail Analytics
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