Global Artificial Intelligence in Retail Market Projected to Reach USD 20.05 Billion by 2026

16-Mar-2021 | Facts and Factors

As per the report published by Facts & Factors, Global Artificial Intelligence Retail Market was estimated at USD 2.7 billion in 2019 and is expected to hit USD 20.05 billion by the end of 2026, expanding at CAGR by 39% between 2020 and 2026.

In the latest era of company tracking to expand corporate strategy, deliver better results, and connect with digital clients, artificial intelligence is being introduced to the retail sector. Development in the global retail market for artificial intelligence is powered by factors such as constantly rising internet users and mobile devices, increasing understanding of AI and Big Data & Analytics, and government policies for digitalization Additional factors leading to the development of artificial global intelligence in the retail markets are the introduction of a multi-channel or OM retailing strategies, untapped opportunities to improve sales productivity, the consumer needs of businesses, and the need for enhancing end-user engagement and industry dynamism.

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Growing awareness about AI and big data & analytics across the globe is driving the market

Different well-known retailers across the globe face rising costs, unhappy buyers, revenue declines, and rivalry. In order to increase organizational performance and consumer interactions, retailers have adopted technical tools. Various retail industries such as stock management, supply chain management, promotions, and branding, as well as customer relations, have considerable technical processing capacity and allow retailers to increase overall efficiency and profitability.

The way companies have been operating for the last few decades is the artificial intelligence within the retail sector. The secret to the modern enterprise is artificial intelligence (AI) and big data and analysis; everything from the process to consumer service can be turned into. The overall understanding and acceptance of AI and large data analytics have grown in retail industries as a result of the increasing penetration of Mobile Devices and Apps, the emergence of IoT, the adoption of club services, and advances in technology. According to a leading research group, investment in artificial intelligence applications led by the banking and retail sectors is estimated to be more than $5 billion over the near future, with the bulk targeting digital customer support agents and product recommender systems. In addition, about 20% of American organizations expect to hire company-wide artificial intelligence systems for personalization of service and improved comfort for consumers, according to with a study published by PwC.

Asia Pacific Region Projected To Be Fastest Growing in Artificial Intelligence in Retail Market Growth

Asia Pacific is expected to dominate the market with the largest market share mainly because of the presence of several developed economies, such as China and Canada, focusing on enhancing the existing solutions in the retail space. North America hosts the primary AI solution providers and is an early adopter of AI technology.

Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventory. AI is helping the retailers in managing and maintaining their customers and understanding the buying patterns of the consumers. To engage customers and improve sales turnover, AI technologies are being adopted by both online and offline retail businesses

Browse the full Artificial Intelligence in Retail Market By Type (Offline, and Online), By Technology (Natural Language Processing, Machine Learning and Deep Learning, and Others), By Solution (Customer Relationship Management, Payment Services management, Price Optimization, Product Recommendation, and Planning, Supply chain management and Demand Planning, Virtual Assistant, Visual Search, Others ) By Service (Managed Services, and Professional Services), By Deployment Model (On-Premises, and Cloud), and By Application (In-Store Visual Monitoring and Surveillance, Location-Based Marketing, Market Forecasting, Predictive Merchandising, Programmatic Advertising, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/artificial-intelligence-in-retail-market

Report Scope

Report Attribute

Details

Market Size in 2019

USD 2.7 Billion

Projected Market Size in 2026

USD 20.05 Billion

CAGR Growth Rate

39% CAGR

Base Year 2020

Forecast Years

2020-2026

Key Market Players

Amazon Web Services Inc., BloomReach Inc., Conversica Inc., Daisy Intelligence, Findmine Inc., Focal Systems Inc., Google LLC, IBM Corporation, Microsoft Corporation, Plexure Ltd, Salesforce.com Inc., SAP SE, Sentient Technologies Holdings Limited, Style.ai, Versium Analytics Inc., ViSenze Pte Ltd, and Others.

Key Segment

By Type, By Technology, By Solution, By Service, By Deployment Model, By Application, By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Global Artificial Intelligence in Retail Market: Competitive Players

Some of the key players in the Artificial Intelligence in Retail market are Amazon Web Services Inc., BloomReach Inc., Conversica Inc., Daisy Intelligence, Findmine Inc., Focal Systems Inc., Google LLC, IBM Corporation, Microsoft Corporation, Plexure Ltd, Salesforce.com Inc., SAP  SE, Sentient Technologies Holdings Limited, Style.ai, Versium Analytics Inc., ViSenze Pte Ltd,  and Others.

The global Artificial Intelligence in Retail market is segmented as follows:

By Type:

  • Offline
  • Online

By Technology:

  • Natural Language Processing
  • Machine Learning and Deep Learning
  • Others

By Solution:

  • Customer Relationship Management
  • Payment Services management
  • Price Optimization
  • Product Recommendation and Planning
  • Supply chain management and Demand Planning
  • Virtual Assistant
  • Visual Search
  • Others

By Service:

  • Managed Services
  • Professional Services

By Deployment Model:

  • On-Premises
  • Cloud

By Application:

  • In-Store Visual Monitoring and Surveillance
  • Location-Based Marketing
  • Market Forecasting
  • Predictive Merchandising
  • Programmatic Advertising
  • Others

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them inappropriate decision-making and guidance for strategies to expand their business.

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