Artificial Intelligence in Retail Market Worth 5,034.0 Million USD by 2022
PUNE, India, October 24, 2017 /PRNewswire/ --
According to a new research report "Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud, On-Premises), Application, Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size 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%. The key factors driving the growth of the AI in retail market include the increasing need to streamline omnichannel retailing and customer turnover.
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The machine learning and deep learning technology is expected to have the largest market share during the forecast period.
Among the technologies, the machine learning and deep learning segment is expected to have the largest market share during the forecast period. Organizations in the retail industry are using the machine learning and deep learning technology to offer a more personalized experience to the end-users as well as to provide an interactive environment to them. Furthermore, the rising technology adoption can be attributed to the need for streamlining retail operations, minimizing efforts, and increasing revenue for retailers.
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The visual search segment is expected to grow at the highest CAGR during the forecast period.
Among the solutions, the need for visual search solutions is expected to grow, due to their increasing popularity among eRetailers as well as shoppers. Customers usually click and save the images of the products they like. Visual search solutions provide users the option to search for the products they wish to buy by simply uploading its image or the URL. Visual search solutions are observing a surge in demand, due to the attractiveness of searching products by simply uploading pictures instead of basic text-based search. Moreover, uploading the product images simplifies the search and also increases the customer turnover for eRetailers, as they can offer more options to the shoppers for similar products.
North America is expected to have the largest market share while Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period.
Among the regions, North America is expected to continue to dominate the market with the highest market share during the forecast period. This is mainly because of the presence of several developed economies, such as the United States (US) and Canada, and the region's focus on enhancing the existing solutions. North America hosts the major AI solution providers and is an early adopter of the 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 increase the sales turnover, AI technologies are being accepted by both online and offline retail businesses, and this is driving the growth of the market in this region. The APAC region is expected to grow at the highest CAGR during the forecast period. The increasing technology spending in countries such as China and India and the demand for cost-effective, advanced AI-based solutions and services among the retail industry are expected to drive the APAC market growth during the forecast period.
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The major vendors providing AI in retail solutions and services include Microsoft (US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US), Sentient Technologies (US), Salesforce (US), Amazon Web Services (US), SAP (Germany), Inbenta Technologies (US), Nuance Communications (US), SAMSUNG (South Korea), Narrative Science (US), Daisy Intelligence (Canada), Infosys (India), Wipro (India), Happiest Minds (India), MicroStrategy (US), Dynamic Yield (US), IPsoft (US), Appier.com (Taiwan), ViSenze (Singapore), Manthan Software Services (India), and Optoro (US).
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