Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) — The global AI in retail market is expected to gain impetus from the increasing usage of AI to enhance the consumer experience, pace up decision making, and refine the quality and operational agility. Supply-chain planning is anticipated to achieve the maximum benefits in the retail sector owing to the usage of AI-based data analytics. This information is given by Fortune Business Insights™ in a recent report, titled, “Artificial Intelligence (AI) in Retail Market Size, Share & Industry Analysis, By Offering (Solutions, Services), By Function (Operations-Focused, Customer-Facing), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the AI in retail market stood at USD 2,306.8 million in 2018 and is projected to reach USD 23,426.3 million by 2026, thereby exhibiting a CAGR of 33.7% in the forthcoming years.
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This Report Answers the Following Questions:
- What are the global market trends, opportunities, challenges, and dynamics?
- How can the industry giants cope up with the Covid-19 pandemic in the coming years?
- Which vendors are present in the market?
- Which region is expected to hold the largest share in the near future?
Drivers & Restraints-
Increasing Usage of AI-powered Chatbots to Augment Growth
Several retailers are persistently striving to improve their sales and customer relations with the help of artificial intelligence tools. AI-powered chatbots are being used by the retail brands to help in engaging their customers effectively. With the help of these chatbots, brands are able to handle a large number of queries without the need for multiple employees. Often, they are configuring close-ended chatbots to provide quick suggestions and support, as well as answer shopping-related questions. Hence, the blend of AI chatbots and human support is aiding them in successfully handling their surging consumer bases. It is also supporting them to offer better resolutions to their issues. These chatbots are engaging the costumers and increasing their brand loyalty. These factors are expected to boost the AI in retail market growth in the near future.
Natural Language Processing Segment to Grow Steadily Owing to Multiple Applications
In terms of technology, the market is divided into natural language processing, machine learning, computer vision, and others. Out of these, the computer vision segment generated 23.7% AI in retail market share in 2018. The natural language processing segment holds the maximum share at present because of its usage in a wide variety of applications, such as informational retrieval (IR), semantic disambiguation, speech processing, machine translation, and text parsing.
Rising Investments by Reputed Companies to Favor Growth in North America
North America procured USD 1,102.0 million in terms of revenue in 2018. The region is set to dominate throughout the forecast period because of the increasing investments in the development of AI by the industry giants. Many retailers are also rapidly deploying AI-powered solutions for remolding their product offerings and supply chain operations. The members of the European Union (EU), on the other hand, mentioned that they are planning to include AI technology across their borders. It is also set to invest approximately USD 24 billion in conducting AI research by the end of 2020.
Key Players Engage in Product Development to Cater to the Needs of Consumers
The top companies operating in the global market are aiming to conduct extensive research and development projects to create advanced AI-based products to propel decision making and information sharing. They are implementing automated reports, collaboration technology, predictive analytics, and cognitive technology to gain positive results. Below are a couple of the latest industry developments:
- April 2019: Warby Parker declared its plan to offer a virtual Try-On feature to its customers. It will be based completely on artificial intelligence. This system would enable the customers to try out virtual frames by using augmented reality (AR). The computer-generated images will be overlaid onto the real-world images.
- March 2018: Verint introduced its latest enterprise chatbots and intelligent virtual assistants (IVAs) powered by a modular and an open AI engine. The company is aiming to provide video-based customer support agents by 2022 that will be capable of sharing the user interface.
List Of Key Players in AI in Retail Market Are
- CognitiveScale, Inc.
- Amazon Web Services, Inc.
- SAP SE
- Baidu, Inc.
- Microsoft Corporation
- Google LLC
- Nvidia Corporation
- IBM Corporation
- Retail Next, Inc.
- Next IT Corporation
- Oracle Corporation
- Salesforce.com, Inc.
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Artificial Intelligence (AI) in Retail Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Offering (Value)
- By Function (Value)
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Offering (Value)
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