The retail landscape is reinvented by artificial intelligence (AI). To compete in today’s world of technology, retailers must respond to their customers while eradicating inefficiencies and waste from their operations. The use of AI in retail including machine learning and deep learning helps to convert data into insights thereby leading to actions that can boost better business outcomes.
AI in retail has empowered businesses with high-level information and data that supports improving retail operations and provides innovative business opportunities. The growing use of AI for product optimization and supply chain & logistics is effectively leading to the growth of global artificial intelligence in retail market. Advancement in big data analytics and a significant increase in the online platforms accelerating online shopping channels are also some of the key factors that are propelling the growth of the global market. In addition to this, AI enables the retailer to automate marketing activities and predictive analytics. It also allows faster delivery of new products & services, faster resolution of business problems, increased productivity, and cost-saving. All these factors are ultimately fueling the overall growth of the global market. Furthermore, the growing adoption of IoT and cloud-based solutions will have numerous opportunities for the growth of the global market during the forecast period.
The global artificial intelligence in retail market is classified based on service, solution, technology, type, application, and region. Based on the service, the global market is bifurcated into managed services and professional services. The solution segment comprises product recommendation & planning, supply chain management & demand planning, payment services management, price optimization, virtual assistant, customer relationship management, and others. The technology segment consists of natural language processing, machine learning & deep learning, and others. Online and offline are the types of AI in retail market. The application segment is divided into predictive merchandising, location-based marketing, programmatic advertising, in-store visual monitoring & surveillance, market forecasting, and others.
North America is predicted to be the largest revenue-generating region in the global artificial intelligence in retail market over the forecast period. Early adoption of AI in this region and increase in deployment of AI solutions for supply chain management & virtual assistant are spurring the growth of the market in North America. On the other hand, Asia Pacific is estimated to grow at a faster rate over the forecast period owing to remarkable growth in internet infrastructure, increase in the use of online platforms for shopping, and growing trend of digitalization in this region.
SAP, Oracle, Amazon Web Services, Microsoft, IBM, Salesforce, Sentient technologies, Google, NVIDIA, and Intel, among others are some of the key players that are operating in the global artificial intelligence in retail market.
Key Developments: In January 2021, Google LLC announced innovative AI tools for online retail which will allow the retailers to deliver a real-time and personalized experience to their customers.
Having a passion for writing has brought Ralph to the world of writing and is been connected with thefoodbeveragenews.com portal for 5 years now. He holds a Master of Science in Food Safety Regulation Degree and has an overall experience of 7 years in the field of writing. Ralph handles the Packaging domain of the portal with the other 4 team members and deals with writing articles are the updates to the packaging, labels, processes, and so on relating to the food and beverage sector. Ralph also conducts training sessions for the newbies of the team.