Artificial Intelligence in Retail Market to show a lucrative CAGR of 38.3% during the forecast period 2017 -2022
The Artificial Intelligence (AI) in retail market is expected to grow from USD 993.6 Million in 2017 to USD 5,034.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%. Factors such as increasing necessity for surveillance and monitoring at a physical store, growing awareness, and application of AI, enhanced user-experience, improved productivity, Return on Investment (RoI), maintaining inventory accuracy, and supply chain optimization are driving the global AI in retail market.
The report provides detailed insights into the global AI in retail market, which is segmented by type, technology, solution, service, deployment mode, application, and region. In the types, the online (eCommerce) retail market will have the largest market share during the forecast period.
The online retailing includes buying and selling of FMCG, CPG, apparels, electronics goods, and other forms of life essentials. It excludes entertainment and travel services offered online.
Contrary to the brick-and-mortar stores, customers no longer have to stand in long queues to buy their preferred goods. They can purchase them easily through mobile applications and websites, sitting comfortably in their homes or offices.
The AI-based solution are majorly adopted by the online retailers to target the customer, who want to shop from the comfort of their homes.
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Among solutions, product recommendation and planning is expected to hold the largest market share and is expected to continue its dominating position during the forecast period. Product recommendation is a very powerful aspect of the overall shopping cycle for any shopper.
eRetailers are using AI to give a personalized experience to their customers and give recommendations on products they would like to purchase by showing relevant products. Moreover, machine learning and deep learning technology will remain the most significant technology contributing highest revenue compared to other technologies.
Whereas, the in-store visual monitoring and surveillance application is expected to have the highest growth rate during the forecast period. AI for video surveillance analyze the images in order to recognize humans, vehicles, or objects by using computer software programs.
This can help in curbing the issue of shoplifting which is one of the major reasons to incur financial loss in stores. The cloud deployment model is expected to exhibit a higher market share, due to the rising demand for 24*7 availability of accessible information and low-cost maintenance services.
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The report covers all the major aspects of the AI in retail market and provides an in-depth analysis for major countries across the regions of North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). North America, owing to the early adoption of new and emerging technologies and the presence of the major industry players, is expected to dominate the market in terms of market size, throughout the forecast period.
The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of AI-based solutions and services among retailers.
The issues related to diverse development framework, models, mechanisms in AI, privacy concern, and lack of skilled staff are some major challenges faced by the retail users deploying AI, which needs to be enhanced to improve the growth of the AI in retail market.
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The AI in retail ecosystem comprises vendors such as IBM (US), Microsoft (US), Amazon Web Services (US), Oracle (US), SAP (Germany), Intel (US), NVIDIA (US), Google (US), Sentient Technologies (US), Salesforce (US), and ViSenze (Singapore). Other stakeholders of the AI in retail market include vendors, research organizations, network and system integrators, AI managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers.
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