Artificial Intelligence (AI) in Retail Market - Top Vendors Analysis, Market Challenges and Geographical Analysis

How will North America Artificial intelligence (AI) in retail market perform over 2018-2024?

The growth map of artificial intelligence (AI) in retail market is estimated to depict quite an ascent by 2024, driven by the increasing implementation of AI technology in retail stores. Enterprises have started realizing the importance of new technologies which can help them in gaining an edge over their competitors. So, they are rapidly adopting these web solutions in order to expand their customer base and provide a personalized shopping experience to the customers. Increasing demand for the enhanced customer experience is primarily driving the artificial intelligence (AI) in retail market trends.

Escalating competition between the enterprises has become a common scenario in this dynamic market. With consistent focus on maintaining customer loyalty, companies have started adopting consumer centric platforms to improve the overall shopping experience. Ongoing digitalization and growing inclinations toward web solutions generates a huge volume of data, further creating the need of data analytics. Enterprises have begun utilizing the power of artificial intelligence which has been helping them to process this huge data and derive pointers for introduction of new business models. Upcoming advancements in data science are anticipated to foster artificial intelligence (AI) in retail market demand.

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Integration of AI in retail market improves productivity, reduces operational cost, and helps generating more revenue. Rapid internet penetration complemented by the proliferation of smart devices across the retail industry is propelling the deployment of AI. The AI platform focuses on utilizing historical data generated from monitoring customer buying behavior such as the buying interest and payment methods used by them. This helps in analyzing the customer interest so that a value-oriented and personalized shopping experience could be provided to gain loyalty.

According to research report by Global Market Insights, Inc., Artificial Intelligence (AI) in Retail Market size will surpass USD 8 billion by 2024.

How will Artificial intelligence (AI) in retail market grow from computer vision application?

The computer vision technology is gaining popularity among offline retailers owing to introduction of several technology based in-store applications to help sustaining the narrow competition in the retail sector. The increasing adoption of computer vision-based cameras and robots helping to track & manage store inventory is driving the segmental growth.

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Retailers are leveraging computer vision for shelf scanning, facial recognition and analysis of consumers buying patterns. Owing to increasing trend of superior monitoring and surveillance at physically present retail stores, artificial intelligence (AI) in retail market from computer vision technology is estimated to grow at a substantial CAGR of over 37% through 2024.

What will drive programmatic advertising demand in the artificial intelligence (AI) in retail market?

The escalating competition among retailers will foster implementation of advanced advertising strategies, which would eventually drive programmatic advertising application segment. Retailers are consistently striving to increase their customer base through multi-channel marketing solutions to provide customers with a seamless shopping experience.

Deploying artificial intelligence for programmatic advertising helps targeting the correct audience to deliver right messages about the products and discount offers for maximizing the sales and reducing the advertising expenditure. Owing to the proliferating trends of digital marketing, programmatic advertising segment is predicted to grow at CAGR of over 42% during the forecast timeframe.

How will North America exhibit its prominence over artificial intelligence (AI) in retail market during 2018-2024?

The North American region accounted for over 53% of AI in retail market share in 2017 and is predicted to maintain its dominance over the global artificial intelligence (AI) in retail market share during the forecast timeline. The regional growth is credited to increasing expenditure on AI technology complemented by existence of prominent players such as Microsoft, Google, and Intel. The proliferating e-commerce industry will further support the North America artificial intelligence (AI) in retail market growth.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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.

This release was published on openPR.