What’s driving the AI in Retail Market trends? | CognitiveScale, Lexalytics, Inbenta Technologies, NEXT IT, RetailNext, Sentient Technologies, Visenze, BloomReach, Interactions
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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.
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.
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Chapter 3. AI in Retail Industry Insights
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Market news
3.7. Technology & innovation landscape
3.7.1. Gesture recognition
3.7.2. Virtual mirrors
3.7.4. Video analytics
3.8. Regulatory landscape
3.8.1. Health Insurance Portability and Accountability Act (HIPAA)
3.8.2. Payment Card Industry Data Security Standard (PCI DSS)
3.8.3. North American Electric Reliability Corp. (NERC) Standards
3.8.4. Federal Information Security Management Act (FISMA)
3.8.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.8.6. Sarbanes-Oxley Act of 2002
3.8.7. General Data Protection Regulation (GDPR)
3.9. Use cases
3.9.1. Sales & CRM application
3.9.2. Customer recommendations
3.9.3. Logistics & delivery
3.9.4. Payment service
3.10. Industry impact forces
3.10.1. Growth drivers
184.108.40.206. Growing investment in AI
220.127.116.11. Increasingly empowered consumer
18.104.22.168. Disruptive technologies
22.214.171.124. Advent of new business models
126.96.36.199. Advancement in data science
3.10.2. Industry pitfalls & challenges
188.8.131.52. Limited public-private partnership to address social implications directly
184.108.40.206. Privacy issues associated with the use of AI Growth potential analysis
3.11. Growth potential analysis
3.12. Porter's analysis
3.13. PESTEL analysis
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.
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The companies that serve AI-powered solutions in the AI in Retail Market 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.
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