Artificial Intelligence In Retail Market – Growth, Trends, And Forecast (2019 – 2024)
The latest market report on Artificial Intelligence In Retail Market 2019 offers an in-depth analysis of this business vertical involving key information concerning industry deliverables, predominantly market tendencies, market size, market share, present valuation, and profits estimations for the estimate period. The report also presents forecasts for Artificial Intelligence In Retail from 2019 till 2024.
The artificial intelligence in retail market is expected to grow at a CAGR of over 35%, during the forecast period (2019 – 2024).
The Artificial Intelligence In Retail market is highly competitive and consists of a number of major players. Top Companies like Amazon Web Services, Inc., Google LLC, Daisy Intelligence, IBM Corporation, Microsoft Corporation, Plexure Ltd., Versium Analytics Inc., Findmine Inc., SAP SE, Salesforce.com Inc, Conversica Inc., BloomReach Inc., Sentient Technologies Holdings Limited, Focal Systems Inc., ViSenze Pte Ltd among others.
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Scope of the Report
The application of artificial intelligence (AI), big data and analytics will push the business access towards a data-driven model by expanding the types of data that can be analyzed, and raise the level of sophistication of the resulting insight. The Artificial Intelligence in retail market is being divided as software, services with different applications like supply chain & logistics, product optimization, in-store navigation, payment & pricing analytics, inventory management, customer relationship management. All these applications are being deployed either in the cloud or on-premise.
Key Market Trends
Product Optimization Segment is Expected to Hold Significant Share
– Product recommendation and planning will be the growing area for AI in the retail sector. The advancement in big data analytics will drive the growing adoption of artificial enabled devices and services across different industrial domains and verticals.
– There is a range of different technologies involved in AI and Big Data including Machine Learning, Natural Language Processing, Deep Learning, and more for the automated machine-driven decisions.
– According to Consumer Technology Association, AI has different benefits in the retail industry like cost saving, increased productivity, faster resolution of business problems, faster delivery of new products and services, increase in innovation which is rapidly making its way into many advanced solutions including autonomous vehicles, smart bots, advanced predictive analytics, in the retail space. This factor is expected to improve customer analytics and behavior experience raising significance of product optimization.
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North America Accounts for the Largest Share
– North America is expected to dominate the market with the largest market share mainly because of the presence of several developed economies, such as the United States and Canada, focusing on enhancing the existing solutions in the retail space. North America hosts the primary AI solution providers and is an early adopter of AI technology.
– Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventory. AI is helping the retailers in managing and maintaining their customers, and understanding the buying patterns of the consumers. To engage customers and improve sales turnover, AI technologies are being adopted by both online and offline retail businesses.
– Many US-based companies like NVIDIA Corporation, Intel Corporation, Salesforce, Sentient Technologies, Microsoft Corporation, Google Inc., IBM Corporation, Amazon Web Services, are extensively involving themselves in the product innovation and optimization.
– For instance, in April 2019, Warby Parker, an US-based company practices an innovative way. By the use of Artificial intelligence, it’s providing its customer to try the virtual Try-On that allows them to try on virtual frames through augmented reality, a technology that overlays computer-generated images (frames) onto real-world images (your face).
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Artificial Intelligence In Retail Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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