Artificial Intelligence (AI) in Retail Market to grow at a CAGR of about 40% over the forecast timespan.
The solutions market is estimated to lead the AI in Retail market with over 85% share in the revenue. The growing demand for the advanced analytics solutions among the retailers to extract the consumer data is propelling the growth. Services market is anticipated to grow at a CAGR of over 45% during the forecast timeline. The increasing demand among the retailers for the third-party services is the driving the growth.
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Recommendation engine is the most used solution among the retailers accounting for more than 35% share in the revenue. The growth of the recommendation engine market is credited to the rising demand for the personalized shopping experience among the customers. Furthermore, the demand for the visual search solutions is estimated to grow at a CAGR of more than 45% during 2018-2024.
Natural Language Processing (NLP) leads AI in Retail market with over 40% share in the revenue. The growing demand to provide the enhanced customer experience is the major force augmenting the market growth. Machine learning and deep learning technology are anticipated to surpass the NLP technology during the forecast period with a CAGR of over 42%. The market is driven by the increasing investments in machine learning and deep learning technology.
North America accounts for over 35% share in the AI in Retail market. The increasing investments in the AI technology, the early adoption, and the presence of tech giants, such as AWS, Microsoft, Google and IBM, in the country also foster the market growth. Asia Pacific AI in Retail market is anticipated to grow significantly with a CAGR of more than 45%. The growth of the market is driven by e-commerce industry in the region. Furthermore, the investment in the AI by the Chinese technology giants Alibaba and Baidu also fuel the market growth.
The companies that serve AI-powered solutions in the retail sector are Google, Microsoft, IBM, AWS, Baidu, Intel, Oracle, SAP, Salesforce.com, Nvidia, Interactions, CognitiveScale, Lexalytics, Inbenta Technologies, NEXT IT, RetailNext, Sentient Technologies, Visenze, and BloomReach.
Browse key industry insights spread across 300 pages with 170 market data tables & 23 figures & charts from the report, “Artificial Intelligence (AI) in Retail Market Size By Component (Solution [Chatbot, Customer Behavior Tracking, Customer Relationship Management (CRM), Inventory Management, Price Optimization, Recommendation Engine, Supply Chain Management, Visual Search], Service [Professional Service, Managed Service]), By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), By Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location Optimization, Data Science), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Sweden, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, UAE, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
Chapter 4. Competitive Landscape
4.2. Company analysis by major market players, 2017
4.2.1. Google Inc.
4.2.2. Microsoft Corporation
4.2.3. IBM Corporation
4.2.4. Amazon Web Services
4.3. Company analysis by innovation leaders, 2017
4.3.1. Inbenta Technologies Inc.
4.3.2. Lexalytics Inc.
4.3.3. Interactions LLC
4.3.4. RetailNext Inc.
4.3.5. Sentinent Technologies
4.4. Other prominent vendors
Chapter 5. AI in Retail Market, By Component
5.1. Key trends, by component
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
5.2.4. Customer behavior tracking
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
5.2.5. Customer relationship management (CRM)
22.214.171.124. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
5.2.6. Inventory management
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
5.2.7. Price optimization
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
5.2.8. Recommendation engines
22.214.171.124. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
5.2.9. Supply chain management
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
5.2.10. Visual search
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
22.214.171.124. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2015 – 2024
5.3.3. Professional service
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
5.3.4. Managed service
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-retail-market
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