According toa 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 USD994 million in 2017 to USD 5,034 million by 2022, at a Compound Annual GrowthRate (CAGR) of 38.3%. The key factors driving the adoption of AI in retailmarket include increasing need to streamline omni-channel retailing andcustomer turnover.
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Themachine learning and deep learning technology is expected to have the largestmarket share during the forecast period
In terms oftechnology, the machine learning and deep learning segment is expected tocontinue to have the largest market share throughout the forecast period.Organizations functioning in the retail industry are using machine learning anddeep learning technology to offer more personalized experience to end-users aswell as provide an interactive environment to them. Further, the major reasonfor rising adoption can be attributed to the need for streamlining retailoperations and to minimize efforts and to increase revenue for retailers.
Thevisual search solution is expected to grow at a high CAGR in the global AI inRetail market during the forecast period
The need forvisual search solution is expected to grow due to its gaining popularity amonge-retailers as well as shoppers. Customers usually click and save images of whatthey like. Visual search solution gives them an option to search for theproducts they wish to buy by simply uploading its image or the URL. This visual search solution is observingsurge in demand due to its attractiveness of searching products by uploadingpictures instead of basic text based search. Also, searching through uploadingimages simplifies the search and increases the customer turnover fore-retailers as they can offer more options to shoppers for similar products.
NorthAmerica is expected to constitute the largest market share in the AI in Retailmarket and APAC is expected to grow the highest CAGR during the forecast periodto grow at the highest CAGR
In terms ofmarket share, North America is expected to continue to dominate the market withthe highest market share among all regions during the forecast period. This ismainly because of the presence of various developed economies like Canada andthe US, and focus over innovating the existing solutions. North America hoststhe major AI solution providers as well as the early adopter for thistechnology. Many retailers in this region have deployed AI based solutions tooptimize their supply chain operations and inventory. AI is helping theretailers to manage and maintain customer base as well as understand theircustomers well. To engage customers well and to increase sales turnover, AItechnologies are being accepted among both online and offline retail businessesand this is driving the growth of this market in this region. Whereas, Asia Pacific(APAC) region is expected to grow at the highest CAGR during the forecastperiod. Increasing technology spend in countries such as China and India andthe demand for cost-effective advanced solution and services among retailindustry are expected to drive the market growth during the forecast period.
The majorvendors providing AI in retail are Microsoft (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), Dynamic Yield (US), IPsoft (US), Appier.com (Taiwan),ViSenze (Singapore), Manthan Software Services (India), and Optoro (US).
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