Artificial Intelligence in Retail Market to hit the 8-billion-dollar frontier by 2024
Asia Pacific Artificial Intelligence in Retail Market to see 45% CAGR up to 2024 owing to the growth of e-commerce and improvements in the retail industry
Sellbyville, United States – July 8, 2019 /MarketersMedia/ —
According to Global Market Insights, Artificial Intelligence in Retail Market size was anticipated to cross USD 650 million with a CAGR of above 40% during the forecast period. The retailers are implementing new technologies such as NLP, deep learning, and machine learning to effectively utilize the digital data for improving system operations, supply chain activities, inventory management, and creating a new business model to increase the revenue and offer a better customer experience. The increasing competition among market players and the rising consumer demand are forcing the retail industry to adopt the AI technology for sustaining in the business.
It is estimated that the use of machine learning algorithms will grow at a CAGR of over 42% in the retail market.
Furthermore, the growth of artificial intelligence in retail market is due to the arrival of a large number of start-ups and the online retail industry. The use of IoT, 3D printing, Augmented Reality (AR), the blockchain, virtual reality, and digital traceability are offering the industry new opportunities to serve its customers. The gap between the online and conventional retailing is reducing due to continuous evolution by both to cater to the growing customer needs.
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The solutions including recommendation engine, chatbot, customer behavior tracking, CRM, and visual search dominated the market with a share greater than 85% share in 2017. The growth is due to the increasing use of the analytical solutions by online retailers to offer a better customer experience and improve the online customer base. The recommendation engine solutions led the market in 2017 with a revenue share of over 30%. The rising use of the e-commerce retailing to offer customized services and improve the shopping experiences of users by adopting AI in retail is the primary factor driving the artificial intelligence in retail market growth.
Artificial intelligence in retail market in visual search solutions are expected to grow at a CAGR of around 45% due to the growing use of mobile commerce facilities and online shopping portals. It enables consumers to search for products using images instead of text or speech offerings, and better browsing experiences. The service market will grow at a CAGR of 45% due to the rising implementation and integration of AI among both online & offline retailers.
The NLP dominates the AI technology market with a share of about 40% of the market revenue.
Automated merchandising was a leading application of artificial intelligence in retail market with more a share of more than 35% in 2017. The market is driven by the growing demand for the customer behavior tracking solutions among the retailers. The automated merchandising solutions assist the companies in analyzing the purchasing behavior and providing relevant suggestions to increase the sales. The solution collects all the relevant information from the user during the online shopping process to provide a personalized shopping experience.
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North America is leading the market and had a market share of more than 50% in 2017. This growth is due to large investments in the AI technology. Currently, many organizations in retail and e-commerce are extensively using AI solutions to increase their revenue and sales and at the same time reduce operational expense. The presence of major market players, such as Microsoft, IBM, and Google also fuels the artificial intelligence in retail market growth.
Asia Pacific artificial intelligence in retail market is the fastest growing region with a CAGR of above 45% over the forecast timeline. The region is growing rapidly due to the growth of e-commerce and improvements in the retail industry in emerging countries such as India and China. It is observed that around 30% of the CIOs have invested in AI and above 20% will be investing in next three years. Moreover, China is leading the APAC region with 17% of the total global external investments in AI.
Browse key industry insights spread across 300 pages with 170 market data tables & 23 figures & charts from the report, “Artificial Intelligence in Retail Market Size By Component, By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), By Application, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Sweden, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, UAE, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-retail-market
Table of Contents (ToC) of the report:
Chapter 3. AI in Retail Industry Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Market news
3.7. Technology & innovation landscape
3.7.1. Gesture recognition
3.7.2. Virtual mirrors
3.7.3. Chatbots
3.7.4. Video analytics
3.7.5. Robots
3.8. Regulatory landscape
3.8.1. Health Insurance Portability and Accountability Act (HIPAA)
3.8.2. Payment Card Industry Data Security Standard (PCI DSS)
3.8.3. North American Electric Reliability Corp. (NERC) Standards
3.8.4. Federal Information Security Management Act (FISMA)
3.8.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.8.6. Sarbanes-Oxley Act of 2002
3.8.7. General Data Protection Regulation (GDPR)
3.9. Use cases
3.9.1. Sales & CRM application
3.9.2. Customer recommendations
3.9.3. Logistics & delivery
3.9.4. Payment service
3.10. Industry impact forces
3.10.1. Growth drivers
3.10.1.1. Growing investment in AI
3.10.1.2. Increasingly empowered consumer
3.10.1.3. Disruptive technologies
3.10.1.4. Advent of new business models
3.10.1.5. Advancement in data science
3.10.2. Industry pitfalls & challenges
3.10.2.1. Limited public-private partnership to address social implications directly
3.10.2.2. Privacy issues associated with the use of AI Growth potential analysis
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-retail-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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