Press release
Global Artificial Intelligence (AI) in Retail Market 2021 Reach Valued At $ 31.18 billion And Grow At A 30.5% CAGR Forecast To 2028 |
Artificial Intelligence (AI) in Retail Market 2021-2028
New study report " Artificial Intelligence (AI) in Retail Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview:
The global artificial intelligence (AI) in retail market size is expected to reach USD 31.18 billion by 2028, exhibiting a CAGR of 30.5% during the forecast period. The increasing implementation of AI technology in the optimization of smart automation in retail stores can have an excellent impact on the AI in retail market, states Fortune Business Insights, in a report titled, “Artificial Intelligence (AI) in Retail Market, 2021-2028.” The market size stood at USD 3.75 billion in 2020.
Top Key Players in this market are:
Amazon com, Inc. (Washington, U.S.)
Google LLC (California, U.S.)
IBM Corporation (New York, U.S.)
Intel Corporation (California, U.S.)
Microsoft Corporation (Washington, U.S.)
Nvidia Corporation (California, U.S.)
Oracle Corporation (California, U.S.)
SAP SE (Walldorf, Germany)
com, Inc. (California, U.S.)
Talkdesk, Inc. (California, U.S.)
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COVID-19 Impact-
The COVID-19 epidemic has badly damaged the global retail business. The epidemic and the ensuing lockdown have profoundly impacted consumer behavior, product demand, and in-store operations. According to the Tata Communication study, US expenditure would fall by 7.5 percent in March 2020. As a result of the steep decline, retailers prioritize using artificial intelligence technologies to boost online sales and improve consumer experiences. Artificial intelligence is assisting retailers in realigning supply chains, recognizing dynamic demand, and understanding new market patterns, among other things, which, in turn, can spur opportunities for the market.
Competitive Landscape-
Mergers and Acquisitions of Prominent Companies to Consolidate Business
The market's major players are always investing in novel solutions. These cutting-edge solutions assist merchants in swiftly implementing new services into their operations. The retail industry's increasing data is accelerating the use of artificial intelligence. As a result, industry participants are developing customized and customer-targeted solutions. In addition, prominent competitors are implementing partnerships, mergers, and acquisition tactics to increase market share. Talkdesk, Inc. announced an AI-based Talkdesk Retail Smart Service in June 2021, which provides automated self-service to customers and allows support workers to focus on other revenue-generating tasks. The services provide increased consumer interaction and tailored recommendations.
Segmentation-
Based on offering, the market is segmented into solutions and services. The solution segment is dominating the market.
Based on function, the market is classified into operations-focused and customer-facing. Operation-focused captures maximum market revenue share.
Based on application, the market is categorized into predictive analytics, in-store visual monitoring and surveillance, customer relationship management (CRM), market forecasting, inventory management, others. The market is divided into online and offline segments based on type. The offline sector accounts for the majority of revenue and is projected to continue to do so during the forecast period.
Regional Insights-
Heavy Investments in AI Technology to Intensify Market in North America
North America controls the majority of global revenue, and the region generated USD 1.45 billion in 2020. To improve customer service efficiency, merchants in the region are focused on gathering data on client preferences, thus boosting. The United States was an early user of AI technology and is now investing heavily in the field. Due to increasing digitization, Asia Pacific is expected to expand rapidly throughout the projection period. The region's retail business is undergoing a fast transformation. As a result, innovative technologies are in high demand to improve operations and the customer experience.
Europe is expected to account for the second position of market share dominance. Big shops in the region are aggressively investing in sophisticated technology to improve the consumer experience in the cosmetics, fashion, and clothing industries. Due to the rising trend toward deploying new solutions to improve consumer interaction, the Middle East and Africa will present significant prospects in the future year.
Driving Factor:
Prevalence of AI-powered Chatbot to Accelerate Market Growth
Due to its very efficient customer service, artificial intelligence-powered chatbot help is gaining a lot of traction in the retail business. To improve the client experience, the chatbot provides devoted and tailored replies. According to 91 percent of customers preferred to buy for businesses that provide tailored suggestions in 2018. Natural Language Processing (NLP) and machine learning technologies are used to power the AI chatbots. These technologies provide real-time information on client preferences. It also aids the chatbot in comprehending the consumers' feelings and behavior patterns, which aids in responding to customer queries and establishing relationships. The bot asks for basic information like size, fit, material, and even favorite brands to make rapid recommendations. As a result, the AI-powered chatbot is projected to drive the artificial intelligence (AI) in retail market share.
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Table Of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Artificial Intelligence (AI) in Retail Key Players Market Share Insights and Analysis, 2020
Continue….
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