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AI in Retail Market

AI in Retail Market

  • July 2019
  • 154 pages
  • ID: 5815904
  • Format: PDF
  • By Prescient & Strategic Intelligence Private Limited

Summary

Table of Contents

AI in Retail Market Research Report: By Offering (Chatbot, CRM, SCM, Price Optimization, Recommendation Engine, Visual Search), Technology (Machine Learning, NLP, Computer Vision), Regional Insight (U.S., Canada, U.K., Germany, France, Russia, Italy, China, Japan, South Korea, India, Australia, Brazil, Mexico, U.A.E., Saudi Arabia, Turkey, South Africa) - Global Industry Analysis and Growth Forecast to 2024

The global artificial intelligence (AI) in retail market attained $720.0 million in 2018 and is predicted to witness a CAGR of 35.4% during 2019–2024 (forecast period). 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.

When technology is considered, the AI 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.

Market Segmentation by Offering
Solution
Chatbot
Customer Behavior Tracking
Customer Relationship Management (CRM)
Data Analytics & Visualization
Fraud Detection
Others
Service
Professional
Managed

Market Segmentation by Technology
Machine Learning
Natural Language Processing (NLP)
Computer Vision
Others

Market Segmentation by End-Use
Banking
Insurance
Wealth Management

Market Segmentation by Geography
North America AI in BFSI Market
By offering
By technology
By end-use
By country (U.S., Canada)
Europe AI in BFSI Market
By offering
By technology
By end-use
By country (UK, Germany, France, Russia, Italy, Rest of Europe)
Asia-Pacific (APAC) AI in BFSI Market
By offering
By technology
By end-use
By country (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (LATAM) AI in BFSI Market
By offering
By technology
By end-use
By country (Mexico, Brazil, Rest of LATAM)
Middle East and Africa (MEA) AI in BFSI Market
By offering
By technology
By end-use
By country (U.A.E, Saudi Arabia, Turkey, South Africa, Rest of MEA)

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