The growth of the artificial intelligence in retail market is attributed to the growth of the mobile commerce industry and the emergence of various start-ups in the retail space. The industry participants are heavily focusing on leveraging the new technologies to enhance the sales and value proposition. The integration of the IoT, augmented reality, virtual reality, 3D printing, blockchain, and digital traceability is disrupting the retail industry by offering unprecedented opportunities. These technologies assist organizations in developing unrivaled efficiencies for businesses and are shaping the online and offline experience that is becoming the benchmark of the consumer journey. This encourages companies to adopt more advanced technologies and high potential models to improve the sales and consumer benefits.
The change in the consumer demand and the development of new business models in the retail industry also fosters the artificial intelligence in retail market growth. The gap between the online and offline retailers continues to blur as organizations constantly evolve to cater to the growing customer needs. As the new business models thrive in the online space, offline retailers are also leveraging from their distribution channels to merchandise products, process purchase, convey information to better serve the consumers, and develop the next frontier of digital retail.
The Global Artificial Intelligence in Retail Market size was estimated to be over USD 650 million in 2017 and is anticipated to grow at a CAGR of about 40% over the forecast timespan.
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Top Leading Companies are: IBM,Microsoft,Nvidia,Amazon Web Services,Oracle,SAP,Intel,Google,Sentient Technologies,Salesforce,Visenze
The report provides a unique tool for evaluating the Market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments, and focuses on markets capacities and on the changing structure of the Artificial Intelligence in Retail.
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The Natural Language Processing (NLP) technology accounts for more than 40% of the global artificial intelligence in retail market revenue. The increasing adoption of the NLP technology among the retail companies is to analyze customers and improve their experience in stores. NLP technology complies with customer information and analyzes the information and uses it to improve the overall shopping experience for customers.
North America is leading the artificial intelligence in retail market, accounting for more than 50% share in 2017. The growth of the market is attributed to high investments in the AI technology in the region. For instance, the U.S. accounts for more than 65% of investments in AI (including venture capital, private equity, and mergers & acquisitions) across the globe. The presence of major players, such as Microsoft, Google, and IBM, also fosters the growth. Furthermore, the region is the biggest hub for the start-ups. Silicon Valley and New York are homes for over 15,000 active start-ups with more than two million tech workers.
The report will make detailed analysis mainly on the development environment, Market size, development trends, operation situation and future development trends of Artificial Intelligence in Retail Market on the basis of current situation of the industry in 2019 so as to make full comprehension and judgment on the competitive situation of Artificial Intelligence in Retail Market Carrier and assist manufacturers and investment organization to better grasp the development course of Artificial Intelligence in Retail Market.
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Artificial Intelligence in Retail Market, by Types:
Cloud
On-Premises
Artificial Intelligence in Retail Market, by Applications:
Predictive Merchandising
Programmatic Advertising
Market Forecasting
In-Store Visual Monitoring and Surveillance
Location-Based Marketing
Others
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What this Research Study Offers:
- Global Artificial Intelligence in Retail Market share assessments for the regional and country level segments.
- Global Artificial Intelligence in Retail Market share analysis of the top industry players.
- Strategic recommendations for the new entrants in Global Artificial Intelligence in Retail market.
- Global Artificial Intelligence in Retail Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional Global Artificial Intelligence in Retail markets.
- Global Artificial Intelligence in Retail Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
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