PDF - Artificial Intelligence (AI) in Retail Market

Artificial Intelligence (AI) in Retail Market to grow at
40% CAGR till 2024: Global Market Insights Inc.
Artificial Intelligence (AI) in Retail Market driven by Increasingly empowered consumer in
the world to surpass USD 8 billion by 2024 and will witness 40% CAGR during the forecast
timespan. The AI in retail market is driven by the increasing investments in it across the
globe. The growing investment in the technology is attributed to the wide applications of the
AI technology along with advanced analytics, machine learning. AI is set to unleash the next
phase of the digital disruption and the market participants are preparing themselves for it.
The investment in the technology is growing rapidly, dominated by the tech giants such as
Google, Microsoft, IBM, AWS, and Baidu. In 2016, approximately USD 30 billion investment
in the technology has been witnessed, with more than 90% on the R&D activities and
remaining 10% on the merger & acquisition activities. Furthermore, private equity financing,
seed investment, and venture capital investment also grew significantly amounting to a
cumulative total of over USD 6 billion.
The technological advancement and the development of the advanced machine learning &
deep learning algorithms are also the major driving forces for the AI in retail market. Machine
learning is estimated to grow prominently at over 42% CAGR. The growth is driven by the
increasing adoption of the technology by the retailers to provide enhanced customer
experience and offer a personalized shopping experience to the customers.
The visual search solution market is assessed to grow at a CAGR of over 45% during the
forecast timeline due to the increasing trend of online shopping and mobile commerce. The
solution allows customers to search products using images instead of text or speech. It
leverages the image recognition technology to analyze the image and recommend relevant
products to improve the shopping experience of the customers. The demand for the
solutions is estimated to grow significantly in the future due to the increasing popularity
among the online retailers and shoppers.
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U.S. AI in Retail Market Share, By Technology, 2017 (USD Million)
1,800.00
1,600.00
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
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2017 2024
Machine Learning Natural Language Procssing Computer Vision Others
Programmatic advertising is one of the most prominent applications of AI in retail market. As
the competition among the retailers is increasing rapidly, companies are looking for new
ways to gain customers by implementing advanced advertising strategies. The companies
are focusing on “Precision Targeting” to deliver the right messages to the right audience to
maximize the sales and reduce the advertising spend. Furthermore, the demand for the
programmatic advertising is also driven by the increasing investments by the retailers on
digital marketing.
Browse key industry insights spread across 300 pages with 170 market data tables &
23 figures & charts from the report, “Artificial Intelligence (AI) in Retail Market
Size Size By Component (Solution [Chatbot, Customer Behavior Tracking, Customer
Relationship Management (CRM), Inventory Management, Price Optimization,
Recommendation Engine, Supply Chain Management, Visual Search], Service
[Professional Service, Managed Service]), By Technology (Machine Learning, Natural
Language Processing (NLP), Computer Vision), By Application (Automated
Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location
Optimization, Data Science), Industry Analysis Report, Regional Outlook (U.S.,
Canada, UK, Germany, France, Spain, Sweden, Switzerland, Australia, China, India,
Japan, South Korea, Singapore, Brazil, Mexico, UAE, Israel, South Africa), Growth
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Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the
table of contents: http://bit.ly/2lLJZSI
APAC AI in retail market is anticipated to grow at a CAGR of over 45% during the forecast
period. The growth of the market is attributed to the growing investments in AI technology
and increasing digitalization in the region. China is leading the investments and accounting
for 17% of the global external investments in AI. Increasing investments by Chinese players
also drive the market growth in the region. For instance, Baidu has invested more than USD
1.5 billion in the AI research in the past two years, in addition to the USD 200 million
investment by the company for the development of a new R&D facility.
Some of the prominent vendors of the AI in retail market are AWS, Baidu, BloomReach.,
CognitiveScale., Google, Inbenta Technologies, Intel, Interactions, Lexalytics., Microsoft,
NEXT IT., Nvidia, Oracle, RetailNext, Salesforce.com., SAP, Sentient Technologies, and
Visenze.
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Industry Coverage
AI in Retail Market
Component Technology Application
Solution
Service
Machine
Learning & Deep
Learning
Automated
Merchandising
Chatbots
Professional
Service
NLP
Programmatic
Advertising
Customer
Behavior
Tracking
Managed
Service
Computer Vision
Market
Forecasting
CRM
Others
In Store AI &
Location
Optimization
Inventory
Management
Data Science
Price
Optimization
Others
Recommenda
tion Engine
Supply Chain
Management
Visual Search
Others
North America
Europe Asia Pacific Latin America
MEA
• U.S.
• Canada
• Germany
• UK
• France
• Spain
• Sweden
• Switzerland
• China
• India
• Japan
• South
Korea
• Australia
• Singapore
• Brazil
• Mexico
• UAE
• Israel
• South
Africa
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
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energy and biotechnology.
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