Artificial intelligence is the ability of a robot, which is controlled by a computer to do various tasks that are usually done by humans as they require human intelligence & discernment. Artificial intelligence in retail utilizes behavioral analytics and customer intelligence to assemble valuable insights about different market demographics and also improve a lot of different touch-points in the customer service sector of business.
According to study, “Artificial Intelligence in Retail Market: Market Segments: By Technology (Natural Language Processing, Machine Learning and Deep Learning, and Others); By Deployment (Cloud and On-Premise); By Solution (Visual Search, Virtual Assistant, Product Recommendation and Planning, Price Optimization, Customer Relationship Management and Others); By Application (In-Store Visual Monitoring and Surveillance, Market Forecasting, Predictive Merchandising, Programmatic Advertising and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global artificial intelligence in retail market include Sentient Technologies Holdings Limited, Daisy Intelligence, Versium Analytics Inc., Google LLC, Plexure Ltd, ViSenze Pte Ltd, Microsoft Corporation, Daisy Intelligence, Findmine Inc., BloomReach Inc., IBM Corporation, SAP SE, Conversica Inc., Style.ai, Salesforce.com Inc., Focal Systems Inc. and among others.
Based on technology, artificial intelligence in retail market is segmented as machine learning & deep learning, natural language processing and others. The machine learning segment holds the major share in the global market owing to the increase in use of machine learning technology in customer experience management, client behavior tracking, and predictive merchandising. Based on deployment, the market is segregated as on-premise deployment and cloud deployment. The cloud deployment segment is expected to witness a higher growth rate due to an increase in the number of consumers using online platforms for shopping, rise in awareness for cloud computing technologies, and surge in interest towards cloud-based solutions during the forecast period. Based on solution, the market is segmented as price optimization, virtual assistant, virtual search, customer relationship management, product recommendation & planning and others. In addition, based on application, the market is segmented as predictive merchandising, in-store visual monitoring & surveillance, programmatic advertising and market forecasting. The Predictive merchandising segment is also expected to witness a higher growth rate as it can provide retailers with valuable client insights including recognizing high-value customers during the forecast period.
Artificial intelligence in the retail market is driven by an increase in the advent of new business models, followed by growth in investment in AI, rise in disruptive technologies, growth in advancement in data science and an increase in empowered consumers. However, privacy issues associated with the use of AI growth potential analysis and limited public-private partnership to address the social implications directly may impact the market. Moreover, growth in the number of smartphones, increase in AI-based data analysis applications, and surge in adoption of cloud-based technology solutions are key opportunities for the market. Furthermore, lack of skilled staff is a major challenge for the global market.
Based on geography, the North-American region dominates the global artificial intelligence in the retail market owing to the presence of the major industry players and high adoption of advanced technologies such as machine learning, artificial intelligence (AI), and natural learning programming (NLP) across the region. The Asian-Pacific and European regions are anticipated to exhibit a substantial growth rate due to growth in the adoption of AI-based solutions & services over the forecast period. It is estimated that the future of the global market will be brightly caused by growth in confidence by e-commerce enterprises to provide the better shopping customer experience coupled with an increase in digitalization during the forecast period.
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Ankur Gupta, Head Marketing & Communications