AI in Global Retail, 2019-2025 Study - World Market to Experience a CAGR of 35.9%, Driven by the Adoption of Multichannel/Omnichannel Retailing Strategies
DUBLIN, March 18, 2020 /PRNewswire/ -- The "Artificial Intelligence in Retail Market by Product (Chatbot, Customer Relationship Management), Application (Programmatic Advertising), Technology (Machine Learning, Natural Language Processing), Retail (E-commerce and Direct Retail)- Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The artificial intelligence in retail market is expected to grow at a CAGR of 35.9% from 2019 to 2025 to reach $15.3 billion by 2025.
The growth in the artificial intelligence in retail market is driven by several factors such as the rising number of internet users, increasing adoption of smart devices, rapid adoption of advances in technology across retail chain, and increasing adoption of the multi-channel or omnichannel retailing strategy.
Besides, the factors such as increasing awareness about AI and big data & analytics, consistent proliferation of Internet of Things, and enhanced end-user experience is also contributing to the market growth. However, high cost of transformation and lack of infrastructure are the major factors hindering the market growth during the forecast period.
The study offers a comprehensive analysis of the global artificial intelligence in retail market with respect to various types.
The global artificial intelligence in retail market is segmented on the basis of product (chatbot, customer relationship management, inventory management), application (programmatic advertising, market forecasting), technology (machine learning, natural language processing, computer vision), retail (e-commerce and direct retail), and geography
The predictive merchandising segment accounted for the largest share of the overall artificial intelligence in retail market in 2019, mainly due to growing demand for the customer behavior tracking solutions among the retailers. However, the in-store visual monitoring and surveillance segment is expected to witness rapid growth during the forecast period, as it helps in plummeting the issue of shoplifting in retail, which is one of the major reasons to incur financial loss in the stores.
An in-depth analysis of the geographical scenario of the market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America commanded the largest share of the global artificial intelligence in retail market, followed by Europe and Asia Pacific.
The large share of this region is mainly attributed to its open-minded approach towards smart technologies and high technology adoption rate, presence of key players & start-ups, and increased internet access. However, the factors such as speedy growth in spending power, presence of young population, and government initiatives supporting digitalization is helping Asia Pacific to register the fastest growth in the global artificial intelligence in retail market.
Key players operating in the global artificial intelligence in retail market are Amazon.com, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), and BloomReach, Inc. (U.S.) along with several local and regional players.
Key Topics Covered
1. Introduction
2. Research Methodology
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by Product Offering
3.3. Market Analysis, by Application
3.4. Market Analysis, by Learning Technology
3.5. Market Analysis, by Type
3.6. Market Analysis, by End-user
3.7. Market Analysis, by Deployment Type
3.8. Market Analysis, by Geography
3.9. Competitive Analysis
4. Market insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.1.1. Growing Awareness about AI and Big Data & Analytics
4.2.1.2. Adoption of Multichannel or Omnichannel Retailing Strategy
4.2.1.3. Need to Enhance the End-user Experience and Improve Productivity
4.2.2. Restraints
4.2.2.1. High Cost of Procurement
4.2.2.2. Lack of infrastructure
4.2.3. Opportunities
4.2.3.1. Increased Adoption of AI-Powered Voice Enabled Devices
4.2.3.2. Growing Number of Smartphones
4.2.4. Challenges
4.2.4.1. Concerns over Privacy and Identity of individuals
4.2.4.2. Lack of Awareness about AI Technology
4.2.5. Trends
4.2.5.1. Rising Focus on Blockchain
4.2.5.2. Adoption of 5G Technology
5. Artificial Intelligence in Retail Market, by Product Type
5.1. Introduction
5.2. Solutions
5.2.1. Chatbot
5.2.2. Recommendation Engines
5.2.3. Customer Behaviour Tracking
5.2.4. Visual Search
5.2.5. Customer Relationship Management
5.2.6. Price Optimization
5.2.7. Supply Chain Management
5.2.8. inventory Management
5.3. Services
5.3.1. Managed Services
5.3.2. Professional Services
6. Artificial Intelligence in Retail Market, by Application
6.1. Introduction
6.2. Predictive Merchandising
6.3. Programmatic Advertising
6.4. In-Store Visual Monitoring & Surveillance
6.5. Market Forecasting
6.6. Location-Based Marketing
7. Artificial Intelligence in Retail Market, by Learning Technology
7.1. Introduction
7.2. Machine Learning
7.3. Natural Language Processing
7.4. Computer Vision
8. Artificial Intelligence in Retail Market, by Type
8.1. Introduction
8.2. Offline Retail
8.2.1. Brick & Mortar Stores
8.2.2. Supermarkets & Hypermarket
8.2.3. Specialty Stores
8.3. Online Retail
9. Artificial Intelligence in Retail Market, by End-User
9.1. Introduction
9.2. Food & Groceries
9.3. Health & Wellness
9.4. Automotive
9.5. Electronics & White Goods
9.6. Fashion & Clothing
9.7. Other
10. Artificial Intelligence in Retail Market, by Deployment Type
10.1. Introduction
10.2. Cloud
10.3. On-Premise
11. Global Artificial Intelligence in Retail Market, by Geography
11.1. Introduction
11.2. North America
11.2.1. U.S.
11.2.2. Canada
11.3. Europe
11.3.1. Germany
11.3.2. France
11.3.3. U.K.
11.3.4. Italy
11.3.5. Spain
11.3.6. Rest of Europe
11.4. Asia-Pacific
11.4.1. Japan
11.4.2. India
11.4.3. China
11.4.4. Rest of the Asia-Pacific
11.5. Latin America
11.6. Middle East & Africa
12. Competitive Landscape
12.1. Competitive Growth Strategies
12.1.1. New Product Launches
12.1.2. Mergers and Acquisitions
12.1.3. Partnerships, Agreements, & Collaborations
12.1.4. Expansions
12.2. Market Share Analysis
12.3. Competitive Benchmarking
13. Company Profiles
(Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
13.1. Amazon
13.2. Google LLC
13.3. IBM Corporation
13.4. Intel Corporation
13.5. Microsoft Corporation
13.6. Nvidia Corporation
13.7. Oracle Corporation
13.8. SAP SE
13.9. Bloomreach, Inc.
13.10. Salesforce.com, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/63883o
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