Artificial Intelligence in Retail Market Share to be Worth $ 7 BN by 2023 Due to Efficient and Low-Cost Models
Artificial Intelligence in Retail Market Share
Artificial Intelligence (AI) is used in almost every business around the world or at least in those countries where advanced technology is available. With the rise of the organized retail sector, the use of AI has to increase in this sector. The global artificial intelligence in the retail market, as published in a report by Market Research Future (MRFR), claims that this market could anticipate aggrandizement at 34% CAGR between 2017 and 2023. In terms of money, the market can be worth USD 7 Bn by the end of the forecast period.
One of the major market driving factors for the global artificial intelligence in retail market growth is the advancement in big data due to which adoption of artificial intelligence-enabled devices and services is increasing across different domains. Other important markets driving factors include the expansion of human-aware artificial intelligence systems, effective logistics & product delivery, low-cost operations, growing need for surveillance & monitoring at a brick & mortar store, high productivity, higher return on investment (RoI), improved user experience, and the growing scope of AI technologies. During the forecast period, the emergence of deep learning, machine learning (ML), and Natural Language Processing (NLP) technology are also expected to develop the AI-based solution for retail, resulting in market growth.
Market Segmentation
The global artificial intelligence in retail market in covers application, components, deployment, and technology.
The application-based segmentation of this artificial intelligence in retail market covers advertising, analytics, market forecast, merchandising, and surveillance. In the context of deployment, the artificial intelligence in retail market has been segmented into on-cloud deployment and on-premise deployment. As per the technology-based segmentation, the artificial intelligence in retail market covers deep learning, facial recognition, natural language processing, neural networks, and voice assistance.
Regarding components, the artificial intelligence in retail market has been segmented into services and solution. The services segment has been sub-segmented into managed services, professional services, installation services, and maintenance services. Solution segment has been sub-segmented into customer relationship management, product planning, supply chain management, visual search, virtual assistant, virtual assistant, and others.
Regional Segmentation
A geographical outlining of the global artificial intelligence in retail market encompasses North America, Europe, Asia Pacific, and Rest of the World (RoW).
North America retains the largest market share due to high demand among organizations to integrate artificial intelligence in countries like the USA and Canada. In North America, AI is used a lot in the retail sector, and many major market players are based in the USA. Mexico is the third major country-specific market in this region.
In Europe, the market is strong due to technologically mature countries like France, Germany, Italy, Netherlands, and the UK. In Europe, the retail sector is growing, and organized retail has witnessed significant growth in recent years.
During the forecast period, the Asia Pacific region can witness the fastest market growth due to increasing investment in new technologies as well as trending technologies. In emerging economies like China, India, and Japan, the use of AI is on the rise in the retail sector. In India, organized retail is growing, and retailers are embracing advanced technology for advertising, marketing, and better customer analytics. They are analyzing the experience and behavior of the customer.
The RoW segment covers Latin American countries and the Middle East & Africa (MEA). However, Latin American countries are lagging behind North America. Argentina and Brazil are two strong economies among Latin American countries. In the MEA region, the market growth is limited due to lack of organized retail sector and limited availability of technology.
More Information@
Artificial Intelligence in Retail Market by Type Trends, Size Analysis Forecast to 2023 | MRFR
Artificial Intelligence in Retail Market is estimated to grow at a CAGR of 34 % during the forecast …
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