Global AI in Retail Market
Dublin, May 31, 2022 (GLOBE NEWSWIRE) — The “Artificial Intelligence in Retail Market Research Report: By Offering, Technology – Global Industry Analysis and Growth Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
By 2025, e-commerce sales are expected to reach $7.3 trillion, which will drive the AI in retail market value to $36,462.5 million by 2030 from an estimated $1,714.3 million in 2021
This is because retailers are using AI to offer personalized services and product recommendations and predict consumer behavior. AI is also being leveraged by e-commerce platforms for accurate demand forecasting, supply chain planning, and real-time customer intelligence gathering.
Among all the AI solutions designed for retailers, recommendation engines are the most popular. Online retailers are using them to study customers’ activity on the internet and recommend related products and services based on it. Since marketing everything to everyone, like in TVs and newspapers, doesn’t always give the desired returns, retailers are marketing only the products and services that customers are interested in, using recommendation engines.
The COVID-19 pandemic has accelerated such activities, thus affecting the AI in retail market positively. In 2020, lockdowns forced people inside their homes, which led to a sharp surge in the number of online shoppers. As per the United Nations, the top 13 online shopping platforms witnessed an over 20% increase in sales in 2020.
In the coming years, the aftereffects of the pandemic will drive the AI in retail market at the highest rate in Asia-Pacific (APAC). As per the UN, most of the 13 companies that witnessed the massive jump in sales in 2020 were based in the US and China.
Moreover, online sales in China, Australia, and Singapore in 2020 grew by 24.9%, 9.4%, and 11.7%, respectively, faster than in 2019. This is also credited to the increasing sale of smartphones and rising penetration of the internet here.
Key Findings of AI in Retail Market Report
In the coming years, the demand for related services will rise faster among retailers adopting AI solutions. Services offered by AI vendors include data management, software monitoring, training, and system maintenance and support.
Machine learning is the most-widely used technology among AI in retail market end users as it allows them to enhance customers’ shopping experience by making accurate purchase recommendations.
Natural language processing (NLP) is another popular AI technology among retailers because it understands and processes human language, thereby allowing users to offer personalized shopping experiences.
Moreover, AI is now being utilized for marketing via multiple channels, primarily to analyze in-store consumer behavior and for e-mail marketing and campaign management.
Seeing the vast benefit AI offers, major retailers are increasing their investments in allied technologies. For instance, IKEA has acquired Geomagical Labs, which offers augmented reality and AI solutions.
Similarly, in April 2019, Reliance Jio Digital Services Ltd. finalized plans for the acquisition of an 87.0% stake in AI-driven conversational platform Haptik Inc.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 by Offering
22.214.171.124.3 Price Optimization
126.96.36.199.4 Recommendation Engine
188.8.131.52.6 Visual Search
4.1.2 by Technology
184.108.40.206 Machine Learning
220.127.116.11 Computer Vision
4.2 Value Chain Analysis
4.3 Market Dynamics
18.104.22.168 Adoption of AI for Multi-Channel Marketing
22.214.171.124 Growing E-Retail Industry
126.96.36.199 Increasing Investments in AI by Retail Companies
188.8.131.52 Lack of Qualified AI Professionals
184.108.40.206 High Cost of Ai-Based Solutions
220.127.116.11 Rising Demand for Ai-Based Chatbots
18.104.22.168 Growing Adoption of Ai-Based Image Recognition Technology
4.4 Impact of Covid-19 on AI in Retail Market
4.5 Porter’s Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 by Offering
5.1.1 Solution Market, by Type
5.1.2 Service Market, by Type
5.2 by Technology
5.3 by Region
Chapter 6. North America Market Size and Forecast
6.1 by Offering
6.1.1 Solution Market, by Type
6.1.2 Service Market, by Type
6.2 by Technology
6.3 by Country
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Ranking of Key Players
11.2 Competitive Benchmarking of Key Players
11.3 Key Players and Their Offerings
11.4 Strategic Developments of Key Players
11.4.1 Partnerships and Collaborations
11.4.2 Mergers and Acquisitions
Chapter 12. Company Profiles
12.1 Business Overview
12.2 Product and Service Offerings
12.3 Key Financial Summary
For more information about this report visit https://www.researchandmarkets.com/r/jez5va
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