Increasing need to monitor at a physical store, improve productivity, and enhanced customer experience are driving the market for Artificial Intelligence in Retail.
The global Artificial Intelligence in the Retail market is forecast to reach USD 18.74 Billion by 2027, according to a new report by Reports and Data. The retail industry has witnessed a surge in technological advances over the past decade. The sector has been influenced by the eCommerce revolution, and the industry has adopted and innovated new technologies into the market.
With the emergence of innovative technologies such as mobile, internet of things (IoT), and artificial intelligence (AI), retail giants have realized the potential of these technologies for transforming their customer experience and retail operation. AI has proved to be a potential game-changer with AI-enabled retail solutions. The complex processes such as temperature, and product weight can be comprehended with a set of algorithms to transform customer experience and interaction seamlessly. AI manages approximately 85% of the retail companies, and now with AI + IoT, retailers can focus on omnichannel customer experience.
AI-based systems possess the ability to eliminate manual guesswork for activities such as conducting inventory assortments, product promotions, and identifying supply chain complexities, among others. Retailers are already experimenting with the application of AI in retail, and some of them are experimenting with customers’ orders to be shipped without the actual purchase confirmation.
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Further key findings from the report suggest
- The online retail sector includes the transaction of various products. Customers no longer have to stand in queues to buy their preferred goods. They are able to purchase it from the comfort of their home or office. The online platform mainly targets customers who are too busy to visit the stores or want to shop from their comfort zone.
- Retail giants are using a combination of machine and deep learning, computer vision, and facial recognition to compete in online business. The same technology is used to drive self-driving cars. Amazon is using it in its Amazon Go grocery stores. It is currently deployed in Seattle, but its expansion is expected. The machine and Deep Learning segment are forecasted to grow with a CAGR of 38.0% during the forecast period.
- Google cloud is partnering with the retailers on a global scale to address seamless experience between online and in-store for the customers. Brands such as Carrefour, Bed Bath and Beyond, IKEA, Designer Brands, METRO, Kohl’s, Loblaw, The Home Depot, Shopify, Ocado, Ulta, Target, and many more are using Google Cloud in areas like eCommerce hosting, machine learning, data analytics, and workforce transformation to serve customers better.
- Key participants Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others.
Artificial Intelligence (AI) in Retail Market Size, Share And Industry Analysis By Type, By Deployment Mode, By Solution , And Region, Segment Forecasts To 2027, To identify the key trends in the industry, click on the link below: @ https://www.reportsanddata.com/report-detail/artificial-intelligence-ai-in-retail-market
For the purpose of this report, Reports and Data have segmented into the global Artificial Intelligence in Retail market on the basis of type, technology, deployment mode, solution, and application, and region:
Type Outlook (Revenue: USD Billion; 2017-2027)
- Online Retail
- Offline Retail
Technology Outlook (Revenue: USD Billion; 2017-2027)
- Machine and Deep learning
- Natural Language Processing
- Others
Deployment Mode Outlook (Revenue: USD Billion; 2017-2027)
- Cloud
- On-Premises
Solution Outlook (Revenue: USD Billion; 2017-2027)
- Product recommendation and planning
- Visual Search
- Price Optimization
- Customer Relationship Management
- Supply Chain Management and Demand Planning
- Payment Service Management
- Virtual Assistant
Application Outlook (Revenue: USD Billion; 2017-2027)
- Programmatic Advertising
- Market Forecasting
- Predictive Merchandising
- Location-based marketing
- In-Store Visual Monitoring and Surveillance
- Others
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