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Artificial Intelligence (AI) in Retail Market to grow at a CAGR of about 40% over the forecast timespan.

Artificial Intelligence (AI) in Retail Market to grow at a CAGR

AI in Retail Market is estimated to cross the USD 8 billion mark by the year 2024. The growth of the market is driven by the disruption of the technology in the retail sector. Enterprises are rapidly deploying new technologies to get an edge over competitors and provide a personalized shopping experience to the customers. The growing demand for the enhanced customer experience is also one of the major forces propelling the market growth. As the competition among the enterprises is increasing, companies have started focusing more on providing improved shopping experience to gain customers’ loyalty.
Furthermore, rising investments in the AI and the development of new business models along with the advances in the data science are some of the major factors that foster the market growth. However, the data privacy and the lack of public private partnership are hindering the growth of the AI in Retail market.

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:

https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-retail-market

Chapter 4. Competitive Landscape

4.1. Introduction

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

4.2.5. Salesforce

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. Solution

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.2.3. Chatbot

5.2.3.1. Market estimates and forecast, 2013 - 2024

5.2.3.2. Market estimates and forecast, by region, 2013 – 2024

5.2.4. Customer behavior tracking

5.2.4.1. Market estimates and forecast, 2013 - 2024

5.2.4.2. Market estimates and forecast, by region, 2013 – 2024

5.2.5. Customer relationship management (CRM)

5.2.5.1. Market estimates and forecast, 2013 - 2024

5.2.5.2. Market estimates and forecast, by region, 2013 – 2024

5.2.6. Inventory management

5.2.6.1. Market estimates and forecast, 2013 - 2024

5.2.6.2. Market estimates and forecast, by region, 2013 – 2024

5.2.7. Price optimization

5.2.7.1. Market estimates and forecast, 2013 - 2024

5.2.7.2. Market estimates and forecast, by region, 2013 – 2024

5.2.8. Recommendation engines

5.2.8.1. Market estimates and forecast, 2013 - 2024

5.2.8.2. Market estimates and forecast, by region, 2013 – 2024

5.2.9. Supply chain management

5.2.9.1. Market estimates and forecast, 2013 - 2024

5.2.9.2. Market estimates and forecast, by region, 2013 – 2024

5.2.10. Visual search

5.2.10.1. Market estimates and forecast, 2013 - 2024

5.2.10.2. Market estimates and forecast, by region, 2013 – 2024

5.2.11. Others

5.2.11.1. Market estimates and forecast, 2013 - 2024

5.2.11.2. Market estimates and forecast, by region, 2013 – 2024

5.3. Service

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

5.3.3.1. Market estimates and forecast, 2013 - 2024

5.3.3.2. Market estimates and forecast, by region, 2013 – 2024

5.3.4. Managed service

5.3.4.1. Market estimates and forecast, 2013 - 2024

5.3.4.2. Market estimates and forecast, by region, 2013 – 2024

Browse Full TOC @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-retail-market

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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