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Advancements in Big Data of the Retail Sector Provides Significant Growth Opportunity for Artificial Intelligence in Retail Market
Artificial Intelligence (AI) in Retail Market - Global Opportunity Analysis and Industry Forecast (2019-2024)
, August 09, 2019 ) Meticulous Research® in its latest publication on research report titled “
Artificial Intelligence in Retail Market
by Offerings (Solutions (Chatbot, Customer Behavior Tracking, Customer Relationship Management, Inventory Management, Price Optimization, Recommendation Engines, Supply Chain Management, Visual Search, Others) and Services (Professional, Managed)), by Application (Predictive Merchandizing, Programmatic Advertising, Market Forecasting, In-store Visual Monitoring & Surveillance, Location-Based Marketing, Others), by Learning Technology (Machine Learning, Natural Language Processing, Ohers), by Retail type (E-commerce and Direct Retail), by Deployment Type (Cloud, On-premise), and Region - Global Forecast to 2024’’
Big data is the combined collection of traditional and digital data from inside and outside of company. Its purpose is to be used as a source of analysis and continued discovery. The big data allowed retail sector to access significantly larger amounts of data, all combined and packaged for analysis. It has played a pivotal role in retail sector to boost their functional capacity, enhance their reach & connect, and serve the users better. According to Woodhouse Clothing, a men’s online fashion retailer, 44% of shopper are more inclined towards purchasing with AI-based personalization technology. Realizing the fact, retail companies are investing in billions to reap the profit from this dynamic market in coming years. In another report published by Infosys Limited, 62% of retailers are investing in Big Data automation and 43% in predictive analytics in order to boost their sales. With respect to heavy investments and widespread adoption, the artificial intelligence in retail market is all set to cross USD 1 billion mark in 2019 and expected to grow with a hefty growth rate of more than 20% throughout the forecast period.
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Based on learning technology, artificial intelligence in retail market is segmented into machine learning, natural language processing, and others. Machine learning segment accounted for the largest share in 2018. The large share of this segment is mainly attributed to the increasing need to streamline retail operations and automate processes.
Based on application, the artificial intelligence in retail market is segmented into predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring and surveillance, location-based marketing, and others. Predictive merchandising segment accounted for the largest share in 2018. The large share of this segment is attributed to the growing demand for the customer behavior tracking solution among the retailers. However, in-store visual monitoring and surveillance segment is expected to witness a rapid growth during the forecast period, as it helps in curbing the issue of shoplifting which is one of the major reasons to incur financial loss in stores.
Asia-Pacific: Fastest Growing Regional Market
North America is commanding the largest share of the global artificial intelligence in retail market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific region is also promising fastest growth of artificial intelligence in retail market due to the improvements in the retail industry and the growth of e-commerce in countries including China and India; growing adoption of AI-based solutions and services among retailers; increasing digitalization in the region; and growing investments in AI technology. Moreover, the market will grow in the region due to the growing need for surveillance & security, improved productivity, and real-time inventory data.
Key Players in the Artificial Intelligence in Retail Market
The report includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). For instance, in January 2018, Manthan Software Services launched an intuitive and context relevant in-store personalization solution for retailers. The in-store, marketing solution is powered by 'Manthan's TargetOne' personalized marketing engine and is delivered to customers through the retailer's mobile app.
The major players operating in the artificial intelligence in retail market are Amazon Web Services (U.S.), Baidu Inc. (China), BloomReach Inc. (U.S.), CognitiveScale Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Inbenta Technologies (U.S.), Intel Corporation (U.S.), Interactions LLC (U.S.), Lexalytics Inc. (U.S.), Microsoft Corporation (U.S.), Manthan Software Services Pvt. Ltd. (India), NEXT IT Corp. (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), RetailNext Inc. (U.S.), Salesforce.com Inc. (U.S.), SAP SE (Germany), Sentient Technologies (U.S.), and ViSenze (U.S.).
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