Global Artificial Intelligence in Retail Market
Dublin, 31 May 2022 (GLOBE NEWSWIRE) — “Artificial Intelligence in Retail Market Research Report: By Product, Technology – Global Industry Analysis and Growth Forecast to 2030” report added to ResearchAndMarkets.com’s supply.
E-commerce sales are expected to reach $7.3 trillion by 2025, which will drive the value of artificial intelligence in the retail market from an estimated $1,714.3 million in 2021 to $36,462.5 million in 2030
That’s because retailers are using artificial intelligence to personalize service and product recommendations and predict consumer behavior. E-commerce platforms also leverage AI for accurate demand forecasting, supply chain planning, and real-time customer intelligence gathering.
Of all the AI solutions designed for retailers, recommendation engines are the most popular. Online retailers are using them to study customer activity on the Internet and recommend relevant products and services accordingly. Because selling all products to everyone (such as on TV and newspapers) doesn’t always bring good returns, retailers use recommendation engines only to promote products and services that customers are interested in.
The COVID-19 pandemic has accelerated such activities, thereby positively impacting artificial intelligence in the retail market. In 2020, lockdowns forced people to stay at home, which led to a dramatic increase in the number of online shoppers. According to the United Nations, sales of the top 13 online shopping platforms increased by more than 20% in 2020.
The fallout from the pandemic will drive the AI in retail market to emerge at the highest rate in the Asia Pacific region (APAC) over the next few years. Most of the 13 companies with big sales increases in 2020 are based in the United States and China, according to the United Nations.
In addition, online sales in China, Australia and Singapore in 2020 increased by 24.9%, 9.4% and 11.7% respectively compared to 2019. This is also due to growth in smartphone sales and increased internet penetration.
Key Findings of Artificial Intelligence in Retail Market Report
In the coming years, the demand for related services will grow even faster for retailers that adopt AI solutions. Services provided by AI vendors include data management, software monitoring, training, and system maintenance and support.
Machine learning is the most widely used technology of artificial intelligence among end-users in the retail market, as it allows them to enhance their customers’ shopping experience with accurate purchasing recommendations.
Natural Language Processing (NLP) is another popular AI technology among retailers because it can understand and process human language, allowing users to provide a personalized shopping experience.
Additionally, AI is now being used for marketing across multiple channels, primarily for analyzing in-store consumer behavior as well as for email marketing and campaign management.
Seeing the huge benefits of artificial intelligence, major retailers are increasing their investments in related technologies. For example, IKEA acquired Geomagical Labs, which provides augmented reality and artificial intelligence solutions.
Likewise, in April 2019, Reliance Jio Digital Services Ltd. finalized plans to acquire an 87.0% stake in Haptik Inc., an AI-driven conversation platform.
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 Offer
18.104.22.168.3 Price Optimization
22.214.171.124.4 Recommendation Engine
126.96.36.199.6 Visual Search
4.1.2 By Technology
188.8.131.52 Machine Learning
184.108.40.206 Computer Vision
4.2 Value Chain Analysis
4.3 Market Dynamics
220.127.116.11 Multi-channel marketing with artificial intelligence
18.104.22.168 Growing Electronic Retail Industry
22.214.171.124 Retail companies increase investment in artificial intelligence
126.96.36.199 Lack of qualified AI professionals
188.8.131.52 AI-based solutions are costly
184.108.40.206 Rising demand for AI-based chatbots
220.127.116.11 Increasing adoption of AI-based image recognition technology
4.4 Impact of Covid-19 on Artificial Intelligence in Retail Market
4.5 Porter’s Five Forces Analysis
Chapter 5 Global Market Size and Forecast
5.1 By Offer
5.1.1 Solutions Market, by Type
5.1.2 Services Market, by Type
5.2 By Technology
5.3 By Region
Chapter 6 North America Market Size and Forecast
6.1 By Offer
6.1.1 Solutions Market, by Type
6.1.2 Services Market, by Type
6.2 By Technology
6.3 By Country
Chapter 7 Europe Market Size and Forecast
Chapter 8 Asia Pacific Market Size and Forecast
Chapter 9 Latin America Market Size and Forecast
Chapter 10 MEA Market Size and Forecast
Chapter 11 Competitive Landscape
11.1 Ranking of Key Players
11.2 Competitive Benchmarks of Key Players
11.3 Key Players and Their Products
11.4 Strategic Development of Key Players
11.4.1 Partnerships and collaborations
11.4.2 Mergers and acquisitions
Chapter 12 Company Profile
12.1 Business Overview
12.2 Products and service offerings
12.3 Key Financial Highlights
For more information on this report, please visit https://www.researchandmarkets.com/r/jez5va
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