1. Market Research

Artificial Intelligence: Retail Market Forecast until 2022

  • October 2017
  • 140 pages
  • ID: 5168431
In this report:
The region is expected to contribute USD ##,##.## million by 2022 in the market while growing at a CAGR ##.##% during forecast period on account of being technically advanced region to deploy AI solution in the retail sector.
The global AI in retail market by service is expected to grow from USD ##.## million in 2017 to USD ##.## million in 2022, at a CAGR of ##.##% during the forecast period.

Summary

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"Need to offer seamless user-experience to customer and forecast future outcomes to make better strategic decision is anticipated to propel the AI in retail market increase"

The overall AI in retail market size is forecasted to grow from $993.60M in 2017 to $5034.00M by 2022, at a CAGR of 38.30 percent. Growing necessity for superior surveillance and monitoring at a physical store, increasing awareness and application of AI in the retail market, enhanced user-experience, improved productivity, Return on Investment, mainlining inventory accuracy, and supply chain optimization are some of the top factors fueling the rise of this market. Emergence of machine learning, deep learning, and Natural Language Processing technology are anticipated to develop the AI-based solution for retail and thus, will create possibilities for the increase of this market. Nevertheless, issues with diverse development framework, models, mechanism in AI; concern over privacy and identity of the individual; and lack of skilled staff are few main challenges in the AI in retail market.

"Predictive merchandising application is forecasted to hold the biggest sector size during the estimate period"

The predictive merchandising application has numerous added profits resulting in one of the more important rated application in the retail sector. It is also known as personalized product recommendations or automated merchandising. This application is beneficial for both eCommerce and stores for optimizing purchase, offer allocation, and product assortment. Accordingly, it is the most sought-after application of AI retail solution that will generate the more considerable revenue in the sector as distinguished to other applications.

"North America continent is forecasted to have the biggest industry size during the outlook period"

Among localities, North America (NA) is the more significant contributor in the acceptance and implementation of AI in retail. The territory, containing the USA and Canada (CA), has shown increased investments in the industry, and various vendors have evolved to cater to the quickly increasing market. In the present-day situation, diverse organizations in the retail and eCommerce in North America continent are extensively implementing AI solutions. Furthermore, many retailers in the area are technically advanced and are evolving to growth revenue and sales at the same time to decrease operational expenses. IBM, Google, Microsoft, NVIDIA, Intel, and Amazon Web Services are some of the firms that provide AI in retail products and services in North America (NA), providing to the more important revenue generated by the territory.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with the main people. The break-up of the profiles of the primary participants is presented below:

• By Organization: Tier 1: 18.0 percent, Tier 2: 48.0 percent, and Tier 3: 34.0 percent

• By Description: C-suite: 22.0 percent, D-level: 43.0 percent, and Others: 35.0 percent

• By Area: North America continent: 23.0 percent, EU: 48.0 percent, Asia-Pacific: 16.0 percent, and MEA: 13.0 percent

Segment Research

The market research is mainly split into types, technologies, solutions, services, deployment modes, applications, and area. Futhermore, AI in retail market established on category includes online and offline retail. Technology segment is sub-segmented into machine learning and deep learning, NLP, and others which cover analytics and process automation. Solution segment in the industry report comprises product recommendation and planning, customer relationship management, visual search, virtual assistant, price optimization, payment services management, supply chain management and demand planning, and others which include website and content optimization, space planning, fraud detection, and franchise management. Professional services and managed services are divided under services segment. Futhermore, deployment mode includes cloud and on-premise deployment, because application segment includes predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring and surveillance, location-based marketing, and others (real-time pricing and incentives, and real-time product targeting). The areas are divided into north america, Europe (EU), Asia-Pac, Latin America area, and Middle East (ME) and African continent.

Why acquiring this study can help you

The analysis will facilitate the market top players/new sector entrants in this sector in these ways:

1. The document breaks down the market into different subsegments, therefrom it includes the sector overall. It offers the best approximations of the revenue data for the global market and the sub-segments. The industry numbers are further split across different areas.

2. The market research benefits partners to comprehend the pulse of the sector and offers them with info on the main market drivers, market restraints, opportunities, and alternatives.

3. This industry report will facilitate partners to better find out the players and obtain additional insights to improve their rank in the business sector. The competitive outlook section includes recent product launches/advancements; alliances and collaborations; mergers and acquisitions; and business developments.

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