New York, NY -- (SBWIRE) -- 03/11/2021 -- Increasing need to monitor at a physical store, improve productivity, and enhanced customer experience are driving the market for Artificial Intelligence in Retail.

Market Size – USD 1.43 Billion in 2018, Market Growth - CAGR of 37.8%, Market Trends –Rapid expansion of the retail industry.

The global Artificial Intelligence in the Retail market is forecast to reach USD 18.74 Billion by 2027, according to a new report by Reports and Data. The retail industry has witnessed a surge in technological advances over the past decade. The sector has been influenced by the eCommerce revolution, and the industry has adopted and innovated new technologies into the market.

With the emergence of innovative technologies such as mobile, internet of things (IoT), and artificial intelligence (AI), retail giants have realized the potential of these technologies for transforming their customer experience and retail operation. AI has proved to be a potential game-changer with AI-enabled retail solutions. The complex processes such as temperature, and product weight can be comprehended with a set of algorithms to transform customer experience and interaction seamlessly. AI manages approximately 85% of the retail companies, and now with AI + IoT, retailers can focus on omnichannel customer experience.

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Further key findings from the report suggest

- The online retail sector includes the transaction of various products. Customers no longer have to stand in queues to buy their preferred goods. They are able to purchase it from the comfort of their home or office. The online platform mainly targets customers who are too busy to visit the stores or want to shop from their comfort zone.
- Retail giants are using a combination of machine and deep learning, computer vision, and facial recognition to compete in online business. The same technology is used to drive self-driving cars. Amazon is using it in its Amazon Go grocery stores. It is currently deployed in Seattle, but its expansion is expected. The machine and Deep Learning segment are forecasted to grow with a CAGR of 38.0% during the forecast period.
- Google cloud is partnering with the retailers on a global scale to address seamless experience between online and in-store for the customers. Brands such as Carrefour, Bed Bath and Beyond, IKEA, Designer Brands, METRO, Kohl's, Loblaw, The Home Depot, Shopify, Ocado, Ulta, Target, and many more are using Google Cloud in areas like eCommerce hosting, machine learning, data analytics, and workforce transformation to serve customers better.
- Key participants Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others.

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For the purpose of this report, Reports and Data have segmented into the global Artificial Intelligence in Retail market on the basis of type, technology, deployment mode, solution, and application, and region:

Type Outlook (Revenue: USD Billion; 2017-2027)

- Online Retail
- Offline Retail

Technology Outlook (Revenue: USD Billion; 2017-2027)

- Machine and Deep learning
- Natural Language Processing
- Others

Deployment Mode Outlook (Revenue: USD Billion; 2017-2027)

- Cloud
- On-Premises

Solution Outlook (Revenue: USD Billion; 2017-2027)

- Product recommendation and planning
- Visual Search
- Price Optimization
- Customer Relationship Management
- Supply Chain Management and Demand Planning
- Payment Service Management
- Virtual Assistant

Application Outlook (Revenue: USD Billion; 2017-2027)

- Programmatic Advertising
- Market Forecasting
- Predictive Merchandising
- Location-based marketing
- In-Store Visual Monitoring and Surveillance
- Others

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Regional Outlook :

(North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Table of Content

Chapter 1. Market Synopsis
    1.1. Market Definition
    1.2. Research Scope & Premise
    1.3. Methodology
    1.4. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Artificial Intelligence in Retail Market Segmentation & Impact Analysis
    4.1. Artificial Intelligence in Retail Market Material Segmentation Analysis
    4.2. Industrial Outlook
          4.2.1. Market indicators analysis
          4.2.2. Market drivers analysis
                  4.2.2.1. Growing awareness of artificial intelligence in retail
                  4.2.2.2. Rising need for superior surveillance
                  4.2.2.3. Increasing demand to enhance end user experience
          4.2.3. Market restraints analysis
                  4.2.3.1. Concerns regarding incompatibility
    4.3. Technological Insights
    4.4. Regulatory Framework
    4.5. ETOP Analysis
    4.6. Porter's Five Forces Analysis
    4.7. Competitive Metric Space Analysis
    4.8. Price trend Analysis

Continue…

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