An urge to elevate the retail experience for consumers is expected to boost the growth of artificial intelligence in retail industry at a CAGR of 51.2%Published Date: Feb 2018
Latest market study on “Artificial Intelligence in Retail to 2025 by Retail Format (E-Commerce and, Brick & Mortar), Technology (Chat-Bot, Recommendation Engine and Audio – Visual Analytics, and Others), Application (Sales & Marketing, Supply Chain & Logistics, Shelf Analytics, Pricing, In-Store Navigation, and Auto-Checkout) – Global Analysis and Forecast”, the artificial intelligence in retail market is estimated to reach US$ 27,238.6 million by 2025 from US$ 712.6 million in 2016. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Browse market data tables and in-depth TOC of the Global Artificial Intelligence in Retail Market (2016–2025)
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Artificial intelligence in retail market by application is segmented into Sales & Marketing, Supply Chain & Logistics, Shelf Analytics, Pricing, In-Store Navigation, Auto-Checkouts, and others (staffing and product mix optimization). Customer experience and management segment is projected to acquire majority share in the market. Digital convergence in retail is considered to bring glowing opportunity for retailers to retail the customer and set themselves apart. In the coming few years, interaction with a variety of technologies such as bots is expected to reinvent the customer experience.
The transformation in the retail industry has been accelerated by advent of new competitors and the immense global digital transformation in past few years. In past two year, a large number of start-ups have come up in the artificial intelligence ecosystem that are also catering to the retail industry. This has resulted in dramatic increase in competition and relentless innovation. Some of the key startups disrupting the retail industry includes Focul Systems, DigitalBridge, MapD, Face Media, Maxerience, and Gofind.ai among others.
There has been constant development in retail industry with respect to artificial intelligence. Recently, Manthan launched its new Intelligent In-Store personalization for retailers. With this app the retailers can send personalized offers and notifications to customers during their shopping time to meet their requirements. Also, the company developed a mobile application best suitable for retail industry, Engage247. The application facilitates in increasing day to day access to critical metrics such as sales metrics, purchase trends, and walk in shopper preference. It also helps in better decision making by evaluating daily, weekly and monthly reports, resulting in optimizing customer experience.
Some of the leading artificial intelligence in retail market players are Sentient Technologies Holdings Limited, Manthan Software Services Pvt. Ltd, Focal Systems Inc, Microsoft Corporation, ViSenze, Tata Consultancy Services Limited, Salesforce.com, Inc., Plexure Ltd., Google,Inc, and IBM Watson Group, among others.
Artificial Intelligence in Retail, Global Breakdown by Regions, 2016-2015 (%)
Source: The Insight Partners Analysis, December 2016
The report segments the global Artificial Intelligence in Retail market as follows:
Global Artificial Intelligence in Retail Market – By Retail Format
Brick ‘n’ Mortar
Global Artificial Intelligence in Retail Market – By Technology
Audio – Visual Search Analytics
Global Artificial Intelligence in Retail Market – By Application
Sales & Marketing
Supply Chain & Logistics
Customer Experience & Management
Global Artificial Intelligence in Retail Market – By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Rest of MEA
South America (SA)
Rest of SA