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Artificial Intelligence in Retail Market Witness the Growth of $5,034 million by 2022

09-29-2020 01:06 PM CET | IT, New Media & Software

Press release from: MarketsandMarkets™

According to a research report "Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud, On-Premises), Application, Region - Global Forecast to 2022", published by MarketsandMarkets, the AI in retail market size is expected to grow from USD 994 million in 2017 to USD 5,034 million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%. The key factors driving the adoption of AI in retail market include increasing need to streamline omni-channel retailing and customer turnover.

Browse 61 Market Data Tables and 32 Figures spread through 138 Pages and in-depth TOC on "Artificial Intelligence in Retail Market - Global Forecast to 2022"

View detailed Table of Content here: https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-ai-retail-market-36255973.html

The machine learning and deep learning technology is expected to have the largest market share during the forecast period

In terms of technology, the machine learning and deep learning segment is expected to continue to have the largest market share throughout the forecast period. Organizations functioning in the retail industry are using machine learning and deep learning technology to offer more personalized experience to end-users as well as provide an interactive environment to them. Further, the major reason for rising adoption can be attributed to the need for streamlining retail operations and to minimize efforts and to increase revenue for retailers.

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The visual search solution is expected to grow at a high CAGR in the global AI in Retail market during the forecast period

The need for visual search solution is expected to grow due to its gaining popularity among e-retailers as well as shoppers. Customers usually click and save images of what they like. Visual search solution gives them an option to search for the products they wish to buy by simply uploading its image or the URL. This visual search solution is observing surge in demand due to its attractiveness of searching products by uploading pictures instead of basic text based search. Also, searching through uploading images simplifies the search and increases the customer turnover for e-retailers as they can offer more options to shoppers for similar products.

North America is expected to constitute the largest market share in the AI in Retail market and APAC is expected to grow the highest CAGR during the forecast period to grow at the highest CAGR

In terms of market share, North America is expected to continue to dominate the market with the highest market share among all regions during the forecast period. This is mainly because of the presence of various developed economies like Canada and the US, and focus over innovating the existing solutions. North America hosts the major AI solution providers as well as the early adopter for this technology. Many retailers in this region have deployed AI based solutions to optimize their supply chain operations and inventory. AI is helping the retailers to manage and maintain customer base as well as understand their customers well. To engage customers well and to increase sales turnover, AI technologies are being accepted among both online and offline retail businesses and this is driving the growth of this market in this region. Whereas, Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Increasing technology spend in countries such as China and India and the demand for cost-effective advanced solution and services among retail industry are expected to drive the market growth during the forecast period.

Speak To Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=36255973

The major vendors providing AI in retail are Microsoft (US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US), Sentient Technologies (US), Salesforce (US), Amazon Web Services (US), SAP (Germany), Inbenta Technologies (US), Nuance Communications (US), SAMSUNG (South Korea), Narrative Science (US), Daisy Intelligence (Canada), Infosys (India), Wipro (India), Happiest Minds (India), MicroStrategy (US), Dynamic Yield (US), IPsoft (US), Appier.com (Taiwan), ViSenze (Singapore), Manthan Software Services (India), and Optoro (US).

Contact:
Mr. Aashish Mehra.
MarketsandMarkets™ INC.
630 Dundee Road, Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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