Accordingto a new market research report "Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning,NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud,On-Premises), Application, Region - Global Forecast to 2022", published byMarketsandMarkets™, The AI in retail market size is expected to grow from USD993.6 Million in 2017 to USD 5,034.0 Million by 2022, at a Compound AnnualGrowth Rate (CAGR) of 38.3%. The key factors driving the growth of the AI inretail market include the increasing need to streamline omnichannel retailingand customer turnover.
Browse61 Market Data Tables and 32 Figures spread through 138 Pages and in-depth TOCon "ArtificialIntelligence in Retail Market by Type (Online,Offline), Technology (Machine Learning and Deep Learning, NLP), Solution,Service (Professional, Managed), Deployment Mode (Cloud, On-Premises),Application, Region - Global Forecast to 2022"
Major Key Companies:
Themajor vendors providing AI in retail solutions and services include Microsoft(US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US), SentientTechnologies (US), Salesforce (US), Amazon Web Services (US), SAP (Germany),Inbenta Technologies (US), Nuance Communications (US), SAMSUNG (South Korea),Narrative Science (US), Daisy Intelligence (Canada), Infosys (India), Wipro(India), Happiest Minds (India), MicroStrategy (US), Dynamic Yield (US), IPsoft(US), Appier.com (Taiwan), ViSenze (Singapore), Manthan Software Services(India), and Optoro (US).
Thesignificant need to understand the customers well and improve the end-userexperience for shoppers has increased the adoption and acceptance of AI-basedsolutions and services among retail businesses. Retailers are implementingAI-based solutions to streamline their retail operations and increaseproductivity. AI is assisting them in generating more revenue, analyzing andidentifying future risks, and deriving strategic insights for improveddecision-making. These factors are driving the demand for AI technologies inthe retail industry.
Growingawareness about the benefits of AI-supporting business models and thecapabilities of machine learning, deep learning, and natural languageprocessing technologies are offering major opportunities for retail businesses.To differentiate themselves and offer the best customer experience, retailersare utilizing the capabilities of the AI technology. This is a major driver forthe increased adoption of AI in the retail industry.
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