Artificial Intelligence (AI) in Retail Market Size, Share, Recent Developments, and Leading Company Analysis till 2025 | Focal Systems, Microsoft Corporation, ViSenze, Tata Consultancy Services
Artificial intelligence in retail market is expected to grow from US$ 712.6 million in 2016 to US$ 27,238.6 million by 2025 at a CAGR of 51.2% between 2017 and 2025.
The growth in market revenue is attributed to proliferating adoption of game-changing technologies, growth in the mobile market and the emergence of various AI-based start-ups catering to the retail industry. A proliferation of enhanced technological awareness and varied product choices among the consumers has resulted in a noteworthy shift in the global retail industry landscape. This has further foisted pressure on traditional retailers to reimagine the strategies for creating and capturing value in order to explore the optimal use of their assets. Public policy liberalization is also one of the key factors supporting the flow of knowledge, information, and resources, further generating pressure on the brick ‘n’ mortar retailers to tackle the lowered entry barriers to the online retailers in the market.
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A key trend that will predominantly effect the market in the coming year is the rising adoption of multi-channel or Omnichannel retailing. In forthcoming years, the retail industry is anticipated to witness higher growth in the trend of Omnichannel retailing. Artificial intelligence will be having a key role as this technology would be bridging the gap between online and offline retailing in the coming future. Companies like Amazon have already enrooted its focus towards the development of an AI-enabled offline retail store that would enable the shoppers to move out of the store without waiting in the long queues of billing.
The purpose of the report is to describe the state of the Artificial Intelligence in Retail in the major Regions, to present actual and retrospective information about the volumes, dynamics, structure and characteristics of production, imports, exports and consumption and to build a forecast for the market in the next five years. In addition, the report presents an elaborate analysis of the main market participants, price fluctuations, trends, growth and demand drivers of the market and all other factors, influencing its development. The global Artificial Intelligence in the Retail market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Artificial Intelligence in Retail market players and offers key trends and opportunities in the market.
The List of companies covered in this Reports are
1. Sentient Technologies Holdings Limited
2. Manthan Software Services Pvt. Ltd
3. Focal Systems Inc
4. Microsoft Corporation
6. Tata Consultancy Services Limited
7. Salesforce.com, Inc
8. Plexure Ltd.
10. IBM Watson Group
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Artificial intelligence in retail market by application is segmented into Sales & Marketing, Supply-chain & Logistics, Shelf Analytics, Pricing, In-Store Navigation, Auto-checkout and others (staffing and product mix optimization). Customer experience and management is projected to acquire majority share in the market. Digital convergence in retail is considered to bring glowing opportunity for retailers to retail the customer and set themselves apart. In the coming few years, interaction with a variety of technologies such as bots is expected to reinvent the customer experience.
The overall market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, a primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultants such as valuation experts, research analysts and key opinion leaders specializing in the artificial intelligence and retail industry.
TABLE OF CONTENTS
1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 10
2 Introduction 14
2.1 Scope of Study 14
2.2 The Insight Partners Research Report Guidance 14
3 Key Takeaways 16
4 Artificial Intelligence in Retail Market Landscape 18
4.1 Market Overview 18
4.2 Market Segmentation 19
4.2.1 Global Artificial Intelligence in Retail Market By Retail Format 21
4.2.2 Global Artificial Intelligence in Retail Market By Technology 21
4.2.3 Global Artificial Intelligence in Retail Market By Application 21
4.2.4 Global Artificial Intelligence in Retail Market By Geography 21
4.3 PEST Analysis 23
4.3.1 North America PEST Analysis 23
4.3.2 Europe PEST Analysis 26
4.3.3 Asia Pacific PEST Analysis 29
4.3.4 Middle East & Africa PEST Analysis 31
4.3.5 South America PEST Analysis 34
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Name: Sameer Joshi
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Organization: Premium Market Insights