Global Artificial Intelligence In Retail Market by Offering (Services, Software); by Deployment (On-Premise, Cloud); by Technology (NLP, Machine learning, Predictive Maintenance/Self Diagnostics, Predictive Analytics, Deep learning, Computer Vision, Others); by Application (Payment and Pricing Analytics, Product Optimization, Customer Relationship Management (CRM), Supply chain & logistics, In-Store Navigation, Inventory Management); and by Region (North America, Europe, Asia Pacific, Latin America, MEA), - Global Forecasts 2021 to 2027

The Global Artificial Intelligence In Retail Market was valued at USD 1.98 Bn in 2020 and is expected to reach USD 12.5 Bn by 2027, with a growing CAGR of 29.60% during the forecast period.

The Global Artificial Intelligence In Retail Market Definition:

With the advent of Artificial Intelligence in retail market ecosystems, advanced data and predictive analytics systems have been introduced to assist companies in making business decisions using databases. Most retailers have realized the potential to leverage new technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) to innovate retail operations and customer experiences. Small businesses in this industry have not yet applied these technologies due to their high cost. But macroscale online and offline stores such as Zola, Sephora, Walgreens, Taco Bell, Amazon, Walmart, and Lowes have begun investing heavily in these technologies. For instance, in the IBM report 2021, IBM Corporation suggested that AI adoption in the retail consumer goods industry is expected to jump to over 80% within three years, from 40% of companies today. The growth is accounted to the shift of market to online shopping owing to the covid-19 outbreak, and increasing benefits of shopping online methods such as discounts, offers an effortless shopping experience.

The Global Artificial Intelligence In Retail Market Snapshot:

The Global Artificial Intelligence In Retail Market Dynamics:

The artificial intelligence in retail market is accounted to boost the market growth at a significant pace. The dominance is expected to continue throughout the forecast period owing to the increasing adoption of technological advancements in the artificial intelligence in retail market. The technological advancements include the adoption of IoT, e-commerce, and big data analytics, among others. Some of the key companies are initiating these developments in their region. For instance, in SAS, a Europe based software company announced its plan to enhance its intelligent planning suite with the help of cloud agility and artificial intelligence. The enhancement is expected to benefit companies with automated forecasting, inventory optimization, profit maximizations and assortment localizations.

Moreover, the increasing need for good monitoring and superior surveillance in physically existing retail stores is attributed to propel the global artificial intelligence in retail market. This growing need is encouraging companies to extensively increase the usage of AI in retail industry. For instance, SAP SE, a garment-based multinational software company, announced the expansion of its portfolio of cloud solutions, initially launched in June 2020, for the retail industry. The company is building and running portfolio applications on an open cloud platform, using AI and advanced analytics to enhance the user experience and help digitize and automate operations. SAP and its partners provide solutions for retailers' core businesses, including machine learning algorithms, to articulate undiscovered customer needs and create highly relevant personalized offers.

The Global Artificial Intelligence In Retail Market Segmentation:

• By Offering
  • Services
  • Software
• By Deployment
  • On-Premise
  • Cloud
• By Technology
  • NLP
  • Machine learning
  • Predictive Maintenance/Self Diagnostics
  • Predictive Analytics
  • Deep learning
  • Computer Vision
  • Others
• By Application
  • Payment and Pricing Analytics
  • Product Optimization
  • Customer Relationship Management (CRM)
  • Supply chain & logistics
  • In-Store Navigation
  • Inventory Management 
• By Region
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Company Profiles and Competitive Intelligence

The key players operating in artificial intelligence in retail market are:

1. Intel Corporation
2. Microsoft Corporation
3. International Business Machines Corporation (IBM)
4. Facebook, Inc.
5. Baidu, Inc.
6. Cisco
7. SAS Institute
8. SAP SE
9. Alibaba Cloud
10. Samsung Electronics
11. salesforce.com, Inc.
12. Iflytek Co. Ltd.
13.  Aibrain
14.  AI chipmaker Graphcore
15. Oracle Systems Corporation
16. Siemens Aktiengesellschaft
17. Hewlett Packard Enterprise
18. NVIDIA Corporation
19. Amazon Web Services
20. Mellanox Technologies
21.  Sentient Technologies
22. General Vision Inc.
23.  Mythic
24. Descartes Labs
25. Face++ Corporation
26. Zephyr Health
27. Darktrace
28. Cylance Inc.
29. Atomwise
30. Didi Chuxing Technology Co.
31. Inbenta
32. Koniku Inc.
33. Vicarious
34. Butterfly Network
35. Wave Computing Inc.
36. Adapteva

Based on the application, the payment and pricing analytics accounted for the largest market share in the overall artificial intelligence in retail market size owing to the increasing need for easy payment process in retail sector, followed by the in-store navigation segment

The payment and pricing analytics segment is accounted to hold the largest market share throughout the forecast period. The dominance is majorly attributed to the necessity to make the payment and prising process easy, convenient, and transparent. The payment processes are made effortless with growing technological advancements in the market. For instance, in August 2020, MasterCard has announced a launch of a new suite of frictionless solutions for retailers to shop. The solution is expected to be easily applicable to any distribution environment, from restaurants to pharmacies. MasterCard’s AI-powered solutions provide retailers and end-users with a high engaging experience without even need to get out of the vehicle.

Based on regions, the AI in retail market in North America accounted for the largest share in 2020 owing to early technological adoption and presence of key market players, followed by Asia Pacific and Europe

Geographically, the North American region was accounted to hold the largest market share in the year 2020. The dominance is expected to continue during the forecast period owing to the extensive presence of key market players in the region such as Intel, Sentient Technologies, NVIDIA, and Google among others. These key players emerge as a potential market to adopt the emerging technological advancements. For instance, in February 2020, Baker Hughes and C3.ai together launched BH3 Production Optimization, an AI-powered application. It is expected to help oil well operators display real-time production data, better predict future production and optimize operations to speed up the production of oil and gas. Moreover, the regional growth is also accounted to the early adoption of technology in this region.

The report also provides an in-depth analysis of artificial intelligence in retail market dynamics such as drivers, restraints opportunities and challenges

Drivers

• The growing number of start-ups in retail space
• Increasing awareness about AI in retail
• The rapid adoption of technological advancements in technology across the retail chain
• Rising need for superior surveillance and monitoring at physically present retail stores

Restraints

• Lack of skilled workforce
• Concerns regarding incompatibility among players

Opportunities

• Increase in AI-based data analytics applications
• Increasing adoption of cloud-based  technology

Note: Challenges along with in-depth market dynamics analysis are mentioned in the report. .

COVID-19 Impact on the Artificial Intelligence In Retail Market Analysis

The impact of COVID-19 has positively affected the artificial intelligence in retail market of the artificial intelligence in retail market. The covid-19 has forcefully imposed a lockdown situation on both humans and industries. Thus, the importance and pace for online shopping channels have accelerated during the outbreak of COVID 19 as consumers consider online platforms as major shopping channels to avoid covid-19 infections. According to the United Nations Conference on Trade and Development (UNCTAD), October 2020, the covid-19 outbreak has fuelled the e-commerce and online shopping sector significantly. This gives retailers and consumer goods organizations a good opportunity to adopt sustainability initiatives that are integrated with digital beings. Therefore, retailers are using e-commerce platforms and online marketplaces to take advantage of these changing trends. Artificial Intelligence and Machine Learning are some of the emerging market trends during the covid-19 pandemic.

The report also provides an in-depth analysis of key trends in artificial intelligence in retail market

The report also provides an in-depth analysis of recent news developments and investments

1. In January 2021, in California, Google cloud announced the launch of its product discovery solution for Retail, a fully integrated suite of solutions. The product discovery solution was built to assist retailers to enhance their e-commerce capabilities and deliver good personalized customer experience in the overall shopping experience. Google's product discovery solution is equipped with artificial intelligence and machine learning technologies to provide a smarter and more customizable shopping experience.
2. In September 2021, Symphony RetailAI signed an agreement for strategic collaboration with Intermarché, a France based retail group, and Netto, a Germany-based supermarket company. The agreement was aimed to increase the performance throughout their supply chain.

The unique insight provided by this report also includes the following:

1. In-Depth Value Chain Analysis
2. Sector Snapshot
3. Opportunity Mapping
4. Key Players Positioning Matrix
5. Strategies Adopted-Benchmarking Heat Map
6. Market Trends
7. Regulatory Scenario
8. Covid-19 Impact Analysis
9. Product Comparison
10. Pre & Post Covid 19 Impact On Artificial Intelligence In Retail Market
11. Competitive Landscape

Frequently Asked Questions (FAQs)

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