The global Artificial Intelligence in the Retail Market is forecast to reach USD 18.74 Billion by 2026, according to a new report by Reports and Data. The retail industry has witnessed a surge in technological advances over the past decade. The sector has been influenced by the eCommerce revolution, and the industry has adopted and innovated new technologies into the market.
With the emergence of innovative technologies such as mobile, internet of things (IoT), and artificial intelligence (AI), retail giants have realized the potential of these technologies for transforming their customer experience and retail operation. AI has proved to be a potential game-changer with AI-enabled retail solutions. The complex processes such as temperature, and product weight can be comprehended with a set of algorithms to transform customer experience and interaction seamlessly. AI manages approximately 85% of the retail companies, and now with AI + IoT, retailers can focus on omnichannel customer experience.
AI-based systems possess the ability to eliminate manual guesswork for activities such as conducting inventory assortments, product promotions, and identifying supply chain complexities, among others. Retailers are already experimenting with the application of AI in retail, and some of them are experimenting with customers’ orders to be shipped without the actual purchase confirmation.
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Key participants include
Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others.
Further key findings from the report suggest
The online retail sector includes the transaction of various products. Customers no longer have to stand in queues to buy their preferred goods. They are able to purchase it from the comfort of their home or office. The online platform mainly targets customers who are too busy to visit the stores or want to shop from their comfort zone.
Retail giants are using a combination of machine and deep learning, computer vision, and facial recognition to compete in online business. The same technology is used to drive self-driving cars. Amazon is using it in its Amazon Go grocery stores. It is currently deployed in Seattle, but its expansion is expected. The machine and Deep Learning segment are forecasted to grow with a CAGR of 38.0% during the forecast period.
Google cloud is partnering with the retailers on a global scale to address seamless experience between online and in-store for the customers. Brands such as Carrefour, Bed Bath and Beyond, IKEA, Designer Brands, METRO, Kohl’s, Loblaw, The Home Depot, Shopify, Ocado, Ulta, Target, and many more are using Google Cloud in areas like eCommerce hosting, machine learning, data analytics, and workforce transformation to serve customers better.
One of the most prominent example of visual search is ‘Pinterest Lens.’ It was launched in the year 2016 to allow consumers to point their mobile phone cameras at any product and then conduct an online visual search. It also includes multitude images from the real world.
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For this report, Reports and Data have segmented into the global Artificial Intelligence (AI) in Retail market on the basis of resin type, composite phases, industry vertical, and region:
Type Outlook (Revenue: USD Billion; 2016-2026)
Technology Outlook (Revenue: USD Billion; 2016-2026)
Machine and Deep learning
Natural Language Processing
Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)
Solution Outlook (Revenue: USD Billion; 2016-2026)
Product recommendation and planning
Customer Relationship Management
Supply Chain Management and Demand Planning
Payment Service Management
Application Outlook (Revenue: USD Billion; 2016-2026)
In-Store Visual Monitoring and Surveillance
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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