ICT Media Industry
February 4, 2020

Global AI in Retail Market is Set to Reach USD 4.4 billion by 2024

The Increasing e-retail industry, growing investments by retail companies in AI technology, and growing mobile internet penetration are the major factors leading to the high demand of AI in retail market.

Based on offering, the global AI in retail market is categorized into solution and service, wherein solution category accounted for larger share in 2018. The category is expected to lead throughout the forecast period owing to the mounting adoption of AI technology by e-commerce companies.

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On the basis of technology, the global AI in retail market is segmented into machine learning, NLP, computer vision, and others. Among these categories, the machine learning category accounted for largest share in 2018, and also it is expected to witness fastest growth in the market during the forecast period.

Geographically, North America is the largest AI in retail market owing to the presence of several developed economies, such as the United States and Canada, concentrating on improving the current arrangements in the retail space. North America has the essential AI solution suppliers and is an early adopter of AI solution.

Some of the key players operating in the global AI in retail market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.

Source: VynZ Research