Press release
Artificial Intelligence in Retail Market Professional Survey Report 2018-2025 | Manthan Software Services Pvt. Ltd, Focal Systems, Microsoft Corporation, ViSenze, Tata Consultancy Services Limited, Salesforce.com, Plexure Ltd, Google, IBM Watson Group
Artificial Intelligence in Retail Market - Premium Market Insights
The growth in market revenue is attributed to proliferating adoption of game-changing technologies, growth in the mobile market and the emergence of various AI-based start-ups catering to the retail industry. The proliferation of enhanced technological awareness and varied product choices among the consumers have resulted in a noteworthy shift in the global retail industry landscape. This has further foisted pressure on traditional retailers to reimagine the strategies for creating and capturing value in order to explore the optimal usage of their assets. Public policy liberalization is also one of the key factors supporting the flow of knowledge, information, and resources, further generating pressure on the brick ‘n’ mortar retailers to tackle with the lowered entry barriers to the online retailers in the market.
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Key trend which will predominantly effect the market in the coming year is rising adoption of multi-channel or omnichannel retailing. In forthcoming years, the retail industry is anticipated to witness higher growth in the trend of Omnichannel retailing. Artificial intelligence will be having a key role as this technology would be bridging the gap between online and offline retailing in the coming future. Companies like Amazon have already enrooted its focus towards the development of an AI-enabled offline retail store that would enable the shoppers to move out of the store without waiting in the long queues of billing.
Artificial intelligence in retail market by application is segmented into Sales & Marketing, Supply-chain & Logistics, Shelf Analytics, Pricing, In-Store Navigation, Auto-checkout and others (staffing and product mix optimization). Customer experience and management are projected to acquire a majority share in the market. Digital convergence in retail is considered to bring glowing opportunity for retailers to retail the customer and set themselves apart. In the coming few years, interaction with a variety of technologies such as bots is expected to reinvent the customer experience.
The overall market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the artificial intelligence and retail industry.
The List of companies:
1. Sentient Technologies Holdings Limited
2. Manthan Software Services Pvt. Ltd
3. Focal Systems Inc
4. Microsoft Corporation
5. ViSenze
6. Tata Consultancy Services Limited
7. Salesforce.com, Inc
8. Plexure Ltd.
9. Google, Inc
10. IBM Watson Group
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