MarketsandMarkets forecasts the a new market research report “the global Artificial Intelligence (AI) in retail market size is estimated to be USD 993.6 million in 2017 and is projected to reach USD 5,034.0 million by 2022, growing at a Compound Annual Growth Rate (CAGR) of 38.3%.
The significant need to understand the customers well and improve the end-user experience for shoppers has increased the adoption and acceptance of AI-based solutions and services among retail businesses. Retailers are implementing AI-based solutions to streamline their retail operations and increase productivity. AI is assisting them in generating more revenue, analyzing and identifying future risks, and deriving strategic insights for improved decision-making. These factors are driving the demand for AI technologies in the retail industry.
Browse 61 Market Data Tables and 32 Figures spread through 138 Pages and in-depth TOC on “Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud, On-Premises), Application, Region – Global Forecast to 2022″
Growing awareness about the benefits of AI-supporting business models and the capabilities of machine learning, deep learning, and natural language processing technologies are offering major opportunities for retail businesses. To differentiate themselves and offer the best customer experience, retailers are utilizing the capabilities of the AI technology. This is a major driver for the increased adoption of AI in the retail industry.
Compatibility issues of AI solutions with the existing systems of businesses and the integration of AI technologies with the current legacy systems are matters of concern. For the AI solutions to run successfully, effective integration of AI technologies with customers’ IT infrastructures and systems is significant. This is restraining the growth for AI in retail market.
Among the technologies, the machine learning and deep learning segment is expected to be the highest contributor to the AI in retail market, owing to the surging demand for value-added management and cost-effectiveness. Additionally, the increasing need of organizations to improve productivity while maintaining customer relationships and the brand name is another vital factor influencing the technology adoption. The collective capabilities of these technologies assist retailers in recommending the next action for refining the retail strategy.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The AI in retail market is expected to grow significantly in this region, due to improved awareness and the emergence of sophisticated technologies backed by AI. There is a strong future economic value for businesses, customers, governments, and investors in APAC. Additionally, high market growth is expected, due to technological advancements and mandatory regulations imposed by government regulatory entities in the region for facilitating the adoption of the best-in-class technologies and standards.
Companies offering AI in retail solutions are constantly involved in devising new strategies to maintain a competitive market position. For instance, in May 2017, Google announced a multitude of new elements for Google Assistant, and Google Home. The launch of Google assistant as an AI platform will further help retailers to connect with customers and boost sales. Moreover, in October 2017, Capillary Technologies launched AI based, computer vision and machine learning powered product named as “VisitorMetrix for retail stores. Additionaly, in Nov 2016, Amazon Web services launched 3 AI services namely Amazon Lex, Amazon Ploy, and Amazon Rekognition. . Due to the growing competition, companies are using several AI-capable solutions to personalize product offerings.
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