A new market study,“Artificial Intelligence in Retail Market” has been featured on Market Research Future.
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The contribution of artificial intelligence to provide better customer experience is anticipated to boost the artificial intelligence market in retail market growth.
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Additionally, incorporation of artificial intelligence in retail is prompting the health of customer intelligence, which is expected to escalate the market growth. The growth curve of the artificial intelligence market in retail market is expected to shoot up as artificial intelligence helps in forecasting demand scope. Moreover, artificial intelligence is observed to play a strong role in marketing, pricing, promotion, and advertising of products, which, in turn, is anticipated to bolster the growth of artificial intelligence market in retail market. The emerging popularity of artificial intelligence in retail is also promoting mergers and acquisitions among existing giant companies, which is likely to rise the profit margin of the artificial intelligence market in retail market. The integration of artificial intelligence is also promoting automation. However, customers growing wary of automation can act as a set-back for the fast-paced growth of the artificial intelligence market in retail market.
The latest report published by Market Research Future (MRFR) asserts that the global artificial intelligence (AI) chipsets market is slated to acquire a significant market valuation of more than USD 16.65 billion by 2023, expanding at a substantial CAGR of 31.03% over the review period (2018-2023).The powerful penetration of artificial intelligence across several business verticals of which, retail is strongly absorbing it, is expected to amplify the artificial intelligence market in retail market expansion. Artificial intelligence is assisting in improving both online and in-store shopping experience. This factor is also expected to cast a positive impact on the global artificial intelligence market in retail market growth. A rise in the adoption of artificial intelligence by retail is observed in supply chain. Hence, ability of artificial intelligence in simplifying the supply chain process is expected to garner the artificial intelligence market in retail market a sizable revenue over the assessment period.
Artificial intelligence chipsets are adopted in various industrial verticals such as automotive, consumer electronics, retail, IT & Telecommunication, medical & entertainment, media & telecommunication, healthcare, and banking, financial services and insurance (BFSI). The consumer electronics segment is estimated to remain highly lucrative over the foreseeable future. The segment was acquired USD 901.80 million in 2017 and is likely to expand at a robust CAGR 28.36% over the review period.
The segmentation of the global market for artificial intelligence (AI) chipsets has been done on the basis of components, technology, application, and vertical. Based on the components, the market has been bifurcated into hardware and software. The hardware segment consists of processors, ASIC, CPU, FPGA, GPU, and memory and network. The hardware segment dominated the market in 2017, with a value of USD 2.92 billion. This trend is anticipated to continue over the review period, influenced by the growing demand for hardware components such as memory chips and processors. On the basis of the technology, the market has been segmented into machine learning, natural language processing (NLP), and others (including deep learning and computer vision).
The machine learning segment acquired up to 60% of the market share in 2017 and is predicted to record a significant CAGR of 30.95% over the forecast period. This is attributed to the growing deployment of AI chipsets to develop machine learning tools. The applications of AI chipsets are found in smartphones, robotics, smart wearables, automobiles, security systems, and medical imaging. The smartphone segment dominated the market with near 30% of the market share in 2017 and is expected to sustain its lead with a 29.33% CAGR over the review period.
The key market players acknowledged by MRFR in the global market are Xilinx, NVIDIA, Intel Corporation, Samsung Electronics, IBM Corporation, Micron Technology, Advanced Micro Devices, Qualcomm Technologies, Fujitsu Ltd, and Huawei Technologies Co Ltd., among others. Industry News December 2019: Samsung, a leading South Korean global technology conglomerate, joined hands with Chinese-language Internet search corporation Baidu, to develop its new Cloud-to-edge artificial intelligence (AI) chipset – Kunlun. It is pertinent to observe that this was the first such partnership between the South Korean tech giant and the Chinese search giant. The chipset provided 512 gigabytes per second (GBps) memory bandwidth and offered up to 260 Tera operations per second (TOPS) at 150 watts.
MRFR enlisted certain eminent companies which are functional in the global market artificial intelligence market in retail market. They are; Sentient Technologies (U.S.), Salesforce (U.S.), Microsoft Corporation (U.S.), Google Inc (U.S.), NVIDIA Corporation (U.S.), Amazon Web Services (U.S.), IBM Corporation (U.S.), Oracle corporation (U.S.), Intel Corporation (U.S.), SAP SE (Germany) among others.
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