Digital transformation in retail industry and increasing focus on enhancing customer experience are the major factors driving AI in retail market. The market growth is buoyed by increased adoption of AI by retailers to provide enhanced customer experience, and to offer them a personalized shopping experience.
Additionally, growing e-commerce and mobile shopping intensified competition among retailers leading to investments in digital technologies particularly AI. Moreover, the emergence of various start-ups in the retail-space proliferated the demand for AI in retail. AI is quickly gaining adoption among retailers in the market, predominantly due to the seismic shift in shopping patterns of customers and their preferences, as well as growth of e-commerce industry.
APAC is expected to register fastest growth in AI in retail market, during the forecast period. This can be attributed to disrupting e-commerce industry in the region. Moreover, increasing investments by the Chinese technology giants such as Alibaba and Baidu in AI is another factor propelling the market growth in the region.
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The major factor driving the demand for AI in retail has been the rapid emergence of e-commerce worldwide. It has been encouraging companies to offer enhanced customer experience. Retailers are reaching out to their customers at personal level, while engaging with them through deeper interactions and enhancing their brand value. Personalized online shopping, demand for better digital customer experience, optimization of the supply chain, and improvement in inventory management are some of the key driving the global AI in retail market.
AI in retail market poses huge opportunities for market players, with constant leverage of AI by both e-commerce and brick-and-mortar retailers. Start-ups and new entrants in the retail industry leverage AI to compete with large players for market share, and large players adopt the technology profoundly for improving customer experience and strengthen their position in the industry. Moreover, consumers are increasingly becoming comfortable with AI technologies, and demand personalized experiences while shopping. Hence, these factors pose huge opportunity for market players.
Competition in AI in retail market is increasing with the presence of major players and start-ups, where larger players are focusing on merger and acquisition strategies to expand their product portfolio, and the new entrants are adopting product development strategies to gain market share. Gap between the online and offline retailers expected to continue to blur in coming years, with retail organizations constantly evolving to cater to the growing consumer needs.
Some of the key players operating in the Artificial Intelligence in Retail Market include IBM Corporation, Microsoft Corporation, Google Inc., NVIDIA Corporation, Intel Corporation, Sentient Technologies, Salesforce.com Inc., Oracle Corporation, SAP SE, Accenture, Amazon Web Services Inc., Infosys Limited, ViSenze Pte Ltd., and Numenta Inc.