Ocean View, DE -- (SBWIRE) -- 04/20/2020 -- The growth map of AI in retail market is estimated to depict quite an ascent by 2024, driven by the increasing implementation of AI technology in retail stores. Enterprises have started realizing the importance of new technologies which can help them in gaining an edge over their competitors. So, they are rapidly adopting these web solutions in order to expand their customer base and provide a personalized shopping experience to the customers. Increasing demand for the enhanced customer experience is primarily driving the AI in retail market trends.

Prominent players operated in AI in retail market are Amazon Web Services, Baidu Inc., BloomReach, Google, IBM Corporation, Intel Corporation, Microsoft, Next Ltd, Nvidia Corporation, Oracle, Salesforce, SAP SE.

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Escalating competition between the enterprises has become a common scenario in this dynamic AI in retail market. With consistent focus on maintaining customer loyalty, companies have started adopting consumer centric platforms to improve the overall shopping experience. Ongoing digitalization and growing inclinations toward web solutions generates a huge volume of data, further creating the need of data analytics. Enterprises have begun utilizing the power of artificial intelligence which has been helping them to process this huge data and derive pointers for introduction of new business models. Upcoming advancements in data science are anticipated to foster AI in retail market demand.

The computer vision technology is gaining popularity among offline retailers owing to introduction of several technology based in-store applications to help sustaining the narrow competition in the retail sector. The increasing adoption of computer vision-based cameras and robots helping to track & manage store inventory is driving the segmental growth.

Retailers are leveraging computer vision for shelf scanning, facial recognition and analysis of consumers buying patterns. Owing to increasing trend of superior monitoring and surveillance at physically present retail stores, AI in retail market from computer vision technology is estimated to grow at a substantial CAGR of over 37% through 2024.

The escalating competition among retailers will foster implementation of advanced advertising strategies, which would eventually drive programmatic advertising application segment. Retailers are consistently striving to increase their customer base through multi-channel marketing solutions to provide customers with a seamless shopping experience.

Deploying artificial intelligence for programmatic advertising helps targeting the correct audience to deliver right messages about the products and discount offers for maximizing the sales and reducing the advertising expenditure. Owing to the proliferating trends of digital marketing, programmatic advertising segment is predicted to grow at CAGR of over 42% during the forecast timeframe.

In fact, the Chinese AI in retail market having the three most powerful names of the retail and tech space – Alibaba, Baidu, and Tencent (collectively touted as BAT), is betting big in the global AI in retail industry space. The three giants which are claimed to have a cut throat competition with the U.S. in terms of resources and capital are positioning themselves to become the 'future AI platforms'. The trio is also expanding in other Asian countries and investing heavily in U.S. based AI startups to leverage the power of AI. Backed by such powerful initiatives and presence of these conglomerates, APAC AI in retail market is forecast to be the fastest growing region, with an anticipated CAGR of 45% over 2018-2024.

Further elaborating on the geographical trends, North America having procured more than 50% of the global share in 2017, has been leading the regional landscape of AI in retail market. U.S. has a major credit in the phenomenal regional trends with over 65% of investments (including M&As, private equity, and venture capital) in artificial intelligence technology. Add to it, the region is a major hub for startups in tandem with the presence of tech titans such as Google, IBM, and Microsoft.

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Analyzing the aforementioned trends and the penetration of AI in retail industry, it is overt that the traditional retail model is bound to witness a disruption of sorts. The technology penetration will reshape the entire inventory management and operation cycle of the retail stores, thus providing a renewed shopping experience to the customers. Not only the efficiency and sales of the retail space will see an upsurge but through the proliferation of AI in retail market, the worldwide economy will progress massively, opening doors for several hi-tech startups and a plethora of new job opportunities. In terms of profitability scope, the overall AI in retail industry share is anticipated to surpass USD 8 billion by 2024, with untapped economies gaining major traction in terms of investment.

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