Artificial Intelligence in Retail Market Forecasts By Major Vendors: AWS, Baidu, CognitiveScale., Google, Inbenta Technologies, Intel, Interactions, Lexalytics., Microsoft, NEXT IT., Nvidia, Oracle, RetailNext, Salesforce, SAP, Sentient Technologies, Vise
The solutions market is estimated to lead the artificial intelligence 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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Natural Language Processing (NLP) leads artificial intelligence 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.
The visual search solution market is assessed to grow at a CAGR of over 45% during the forecast timeline due to the increasing trend of online shopping and mobile commerce. The solution allows customers to search products using images instead of text or speech. It leverages the image recognition technology to analyze the image and recommend relevant products to improve the shopping experience of the customers. The demand for the solutions is estimated to grow significantly in the future due to the increasing popularity among the online retailers and shoppers.
Artificial Intelligence (AI) in Retail Market was estimated to be over USD 650 million in 2017 and is set to exceed USD 8 billion by 2024.
• Growing investment in AI
• Increasingly empowered consumer
• Disruptive technologies
• Advent of new business models
• Advancement in data science
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North America accounts for over 35% share in the artificial intelligence 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 artificial intelligence 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.
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 in detail along with the table of contents:
Some of the prominent vendors of the AI in retail market are AWS, Baidu, BloomReach., CognitiveScale., Google, Inbenta Technologies, Intel, Interactions, Lexalytics., Microsoft, NEXT IT., Nvidia, Oracle, RetailNext, Salesforce.com., SAP, Sentient Technologies, and Visenze.
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The multinational companies, such as Google, Microsoft, AWS, IBM, and Nuance Communication, dominate the market.
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