The Artificial Intelligence (AI) in retail market is growing significantly, owing to the increasing awareness and applications of AI in theretail industry. The global AI in retail market size is estimated to be USD993.6 Million in 2017 and is projected to reach USD 5,034.0 Million by 2022,growing at a Compound Annual Growth Rate (CAGR) of 38.3% during the forecastperiod.
Browse 61 Market Data Tables and 32 Figures spread through 138Pages and in-depth TOC on "ArtificialIntelligence in Retail Market byType (Online, Offline), Technology (Machine Learning and Deep Learning, NLP),Solution, Service (Professional, Managed), Deployment Mode (Cloud,On-Premises), Application, Region - Global Forecast to 2022"
The major vendors providing AI in retail solutions and services includeMicrosoft (US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US),Sentient Technologies (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), DynamicYield (US), IPsoft (US), Appier.com (Taiwan), ViSenze (Singapore), ManthanSoftware Services (India), and Optoro (US).
The players in the AI in retail market have adopted variousstrategies to expand their global presence and enhance their market shares.Partnerships, collaborations, new product launches, and acquisitions are someof the significant strategies adopted by the market players in the recentyears. Top players such as SAP, IBM, and Microsoft have adopted thesestrategies to expand their product portfolios.
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IBM has followed the product development strategy to create aleading market edge. For instance, the IBM Watson Tone Analyzer serviceprovides the textual emotion detection capability to understand users’emotional state and improve interaction. In July 2017, Tone Analyzer forcustomer engagement was added as a feature to the IBM Watson Tone Analyzerservice. This feature enables the detection of communication tones in chatbotand customer service conversations to understand 7 emotions of the users. Theseemotions are politeness, satisfaction, sadness, frustration, excitement,impoliteness, and sympathy.
Microsoft has also introduced various product enhancements tomaintain a competitive position in the AI in retail market. In May 2017,Microsoft launched new Azure data and cloud services that help developersupdate the existing apps and design new intelligent apps with the inherentpower of AI services.
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