BANGALORE, India, July 9, 2020 /PRNewswire/ -- The introduction of
digital technology and consumers' ever-changing demands continues
to challenge conventional retailers, pushing them to explore hybrid
operating models. By enhancing performance, as well as prediction,
AI has brought real disruption to the retail sector.
The global Artificial Intelligence (AI) in Retail market size is
projected to reach USD 14.7 Billion
by 2026, from USD 2.7 Billion in
2020, at a CAGR of 32.7% during 2020-2026.
Whether it is aimed at optimizing the supply chain, using
existing data to improve conversion, or customizing shopping
experiences through predictive modeling and micro-targeting, AI can
help address these challenges and increase the ROI (Return on
Investment).
This report focuses on global Artificial Intelligence(AI) in
Retail market size, status, future forecast, growth opportunity,
key market, and key players. The study objectives are to present
the Artificial Intelligence(AI) in Retail development in
North America, Europe, China, Japan,
Southeast Asia, India, and Central & South America.
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TRENDS INFLUENCING THE ARTIFICIAL INTELLIGENCE IN RETAIL
MARKET SIZE
AI offers real-time insights, including demographics, behaviors,
and emotions that help retailers to understand consumer experience,
refine business strategies, and drive sales. These advantages are
expected to increase the Artificial intelligence in retail market
size during the forecast period.
Large retailers are investing extensively in digital
technologies, such as machine learning, Big Data automation, and
predictive analysis, to increase ROI and boost supply chain. This
increasing investment is, in turn, expected to boost the growth of
Artificial intelligence in retail market size.
Changing consumer expectations related to real-time interaction,
personalized automation, specific recommendations, and
value-oriented shopping is expected to drive the AI in retail
market size during the forecast period.
Evolving competitive landscape is forcing retailers to adapt to
the latest technologies to stay ahead of the competition. Thus the
changing business landscape also acts as a catalyst for the
adoption of AI in the retail market.
Increasing adoption of AI technology for multi-channel marketing
by retailers is a key industry trend. When analyzed, the large
volume of data generated based on customer behavior in-store, email
marketing, and campaign management helps to recognize usage trends
and build customized strategies, thereby promoting better decision
making.
Furthermore, advantages such as visual communication and
personalized experience, chatbots, and AI-powered voice recognition
systems are also fuelling the growth of artificial intelligence
market size.
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AI MARKET SHARE ANALYSIS
Due to the early adoption of new and emerging technologies and
the presence of major industry players, North America is expected to dominate the AI
market in terms of market size throughout the forecast period. Many
retailers in this region have deployed AI-based solutions to
optimize their supply chain operations and inventories. AI helps
retailers manage and maintain their customers and understands
consumer buying patterns.
The APAC region is expected to grow at the highest level of CAGR
during the forecast period, due to the growing adoption of AI-based
solutions and services among retailers.
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The key companies covered in this study
- IBM
- Microsoft
- Nvidia
- Amazon Web Services
- Oracle
- SAP
- Intel
- Google
- Sentient Technologies
- Salesforce
- Visenze
- Others.
Market segment by Type, the product can be split into
Market segment by Application, split into
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-Store Visual Monitoring and Surveillance
- Location-Based Marketing
- Other.
Market segment by Regions/Countries, this report
covers
- North America
- Europe
- China
- Japan
- Southeast Asia
- India
- Central & South
America.
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SIMILAR REPORTS
- Global Machine Learning in Retail Market Report
Retailers use Machine Learning to simplify their decision-making
processes and accelerate their transactional sales. In addition,
machine learning algorithms help analyze historical data to speed
up business processes, minimize the time from concept to sale, and
optimize trade decisions. These factors are expected to increase
the Global Machine Learning in Retail Market size during the
forecast period.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-30J2447/covid-19-impact-on-global-machine-learning-in-retail
- Global Retail Analytics Software Market Report
Retail analytics has gained major market traction across the
globe due to its ability to analyze the huge data inundating the
retail industry. The retail world of today is more dynamic than it
was earlier.
Due to the growing consumer demands and demand for one-click
solutions, most retailers have started to think of new ways to meet
consumer needs. This changing business landscape and consumer
behavior are expected to increase the Retail Analytics Software
Market size.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-39F2392/covid-19-impact-on-global-retail-analytics-software
- Internet of Things (IoT) in Retail Market Report
Key factors driving market growth include steadily decreasing
IoT sensors and hardware prices, consumer demand for a seamless
shopping experience, and increased adoption of intelligent payment
solutions.
This report presents the worldwide Internet of things (IoT) in
retail market size (value, production, and consumption), splits the
breakdown (data status 2013-2018 and forecast to 2025) by
manufacturers, region, type, and application.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Othe-1H283/iot-in-retail-market
- Smart Retail Market Report
In 2019, the global Smart Retail market size was USD 12.410 Billion, and it is expected to reach
USD 30.730 Billion by the end of
2026, with a CAGR of 13.7% from 2021-2026.
Growth in this Smart Retail Market is driven primarily by
factors such as growing mobile penetration, rising demand for
better customer service and shopping experience, declining
electronic product costs, and evolving digital technologies that
generate new revenue for retailers.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Othe-4D232/smart-retail-market
- Augmented Reality (AR) in Retail Market Report
In 2019, the global Augmented Reality in Retail market size was
USD 970.9 Million, and it is expected
to reach USD 9.453 Billion by the end
of 2026, with a CAGR of 38.2% during 2021-2026.
This report focuses on the global Augmented Reality in Retail
status, future forecast, growth opportunity, key market, and key
players. The study objectives are to present the Augmented Reality
in Retail development in North
America, Europe,
China, Japan, Southeast
Asia, India, and Central
& South America.
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https://reports.valuates.com/market-reports/QYRE-Othe-2Z282/ar-in-retail-market
- Digital Transformation in Retail Market Report
The main drivers for digital transformation in retail market
size are increased usage of smart devices, growing need for
advanced mobile logistics management, and demand for an increase in
yield and efficiency.
The key regions covered in the digital transformation in retail
market reports are North America,
Europe, China, Japan,
Southeast Asia, India, and Central & South America, etc.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Othe-1V249/digital-transformation-in-retail-market
- Blockchain in Retail Market Report
In 2019, the global Blockchain in Retail market size was
USD 123.1 Million, and it is expected
to reach USD 1.644 Billion by the end
of 2026, with a CAGR of 44.5% during 2021-2026.
Blockchain in retail refers to the technology that maintains and
manages a distributed database consisting of transactions among
different parties, including suppliers, manufacturers, or customers
involved or related to the business.
This report focuses on the global Blockchain in Retail status,
future forecast, growth opportunity, key market, and key players.
The study objectives are to present the Blockchain in Retail
development in North America,
Europe, China, Japan,
Southeast Asia, India, and Central & South America.
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https://reports.valuates.com/market-reports/QYRE-Othe-1O282/blockchain-in-retail-market
- Artificial Intelligence Market Report
The global Artificial Intelligence Market Size is expected to
reach USD 169411.8 Million in 2025,
from USD 4065 Million in 2016 growing
at a CAGR of 55.6% from 2018 to 2025.
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