According to the market research report published by P&S Intelligence, the global AI in retail market attained $720.0 million in 2018 and is predicted to witness a CAGR of 35.4% during forecast period (2019–2024).
The factors contributing to the growth of the market include the increasing investments in AI by retail companies and expanding e-retail industry. With AI, retailers have been able to automate their work processes, study consumer behavior, and capture relevant data through the adoption of numerous advanced technologies, such as machine learning, natural language processing (NLP), and computer vision.
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When technology is considered, the artificial intelligence in retail market is divided into computer vision, NLP, machine learning, and others (which include gesture recognition and analytics). Machine learning generated the highest revenue during the historical period (2014–2018) and is expected to dominate the market during the forecast period as well. The reason for this is the rising use of this technology by online retailers to enhance the customer experience by offering personalized services. The highest CAGR is also projected to be registered by the machine learning technology during the forecast period.
On the basis of offering, the AI in retail market is bifurcated into solution and service. The category of solutions is projected to contribute higher revenue to the market during the forecast period due to their growing adoption by e-commerce enterprises in North America for providing better shopping experience to customers. This category is further divided into supply chain management, visual search, price optimization, customer relationship management, recommendation engine, chatbot, and others. Among these, the recommendation engine division is expected to register the highest CAGR during the forecast period.
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One of the key drivers of the artificial intelligence in retail market is the expanding e-retail industry. It is growing due to the increasing internet penetration, popularity of alternate payment methods, rising adoption of smartphones, and surging investments in logistics. The incorporation of AI in operations has further contributed to the expansion of the e-retail market, as AI services and solutions help in enhancing the customer experience and satisfaction. Retail firms are greatly benefitted through the use of AI technologies, such as real-time customer intelligence, supply chain planning, and accurate demand forecasting.
The application of AI services and solutions in the retail industry, such as natural language processing (NLP), computer vision, and machine learning have enabled retailers to establish consumer behavior patterns, automate work processes, and capture relevant data. The integration of AI in e-commerce has helped businesses to engage customers for longer time and generate high revenue. Different AI technologies such as computer vision, machine learning, natural language processing, and analytics and gesture recognition are used in the retail sector.
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A huge opportunity is being created for the AI in retail market growth by the rapid adoption of AI-based chatbots. In order to provide personalized experience to their customers and gain their loyalty, several companies, including Burberry Group PLC, eBay Inc., and H&M Hennes Mauritz AB, have deployed AI-based chatbots. As the integration of this technology by companies in their work processes is increasing, AI solution providers are also focusing on launching enhanced tools to support such processes in the retail industry.
Some of the key players in the market include International Business Machines Corporation, Microsoft Corporation, Google LLC, Accenture PLC, Infosys Limited, Intel Corporation, ViSenze Pte. Ltd., Evolv Technologies Inc., Numenta Inc., Salesforce.com Inc., Oracle Corporation, SAP SE, and Amazon Web Services Inc.