NEW YORK , June 3, 2022 /PRNewswire/ — The “Artificial Intelligence (AI) Market in Retail Sector Market – Competitive Analysis, Drivers, Trends, Challenges and Five Forces Analysisreport has been added to Technavio’s offering. The Artificial Intelligence (AI) in Retail Market market value is expected to grow by $29.57 billionprogressing to a CAGR of 35.69% from 2021 to 2026. 40% of market growth will come from North America during the forecast period. The United States and Canada are the main markets for artificial intelligence (AI) in the retail sector in North America. The growth of the market in this region will be faster than the growth of the market in South America and AEM. Significant increase in investments in technology and early adoption of AI will facilitate the growth of the artificial intelligence (AI) in retail sector market in North America over the forecast period.
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Market dynamics
The key driver for the growth of the global artificial intelligence (AI) in retail industry market is rising investment and R&D in AI startups. Many governments have developed formal AI frameworks and strategies, such as the US Executive Order on US AI Leadership, China Development plan for next-generation artificial intelligence and AI Made in Germany, all of which aim to stimulate economic and technological growth. Additionally, some large vendors such as SoftBank have invested in many companies, including biotech company Zymergen ($400 million) and Automation Anywhere ($300 million), a robotic process automation (RPA) company. Microsoft has invested approx. $33 million develop an AI & R&D center in Taiwan. Many companies, such as Google, have increased their R&D workforce to expand their AI research. These factors will drive artificial intelligence (AI) in the retail market over the forecast period.
However, the main challenge for the growth of the global market for artificial intelligence in the retail sector lies in the privacy issues associated with the deployment of AI. Using advanced data mining techniques, data is collected on several parameters such as customer’s shopping habits, online behavior and payment information. For example, e-commerce giants like Amazon use ML in a combination of collaborative filtering and next sequence models to make predictions about customer buying behavior and recommend products to the individual based on their previous purchases. . Amazon has access to a huge database of consumer buying behavior to optimize its forecasts. The likely impact of AI on the privacy of individuals is enormous, which is why privacy issues are expected to challenge artificial intelligence in the retail market in years to come.
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Company Profiles
The market for artificial intelligence (AI) in the retail sector is fragmented and sellers are deploying growth strategies such as pricing and marketing strategies and product differentiation to compete in the market. Some of the companies covered in this report are Accenture Plc, Amazon.com Inc., BloomReach Inc., Capgemini SE, Daisy Intelligence Corp., Element AI Inc., Evolv Technology Solutions Inc., Inbenta Technologies Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Mad Street Den Inc., Microsoft Corp., NVIDIA Corp., Oracle Corp., Plexure Group Ltd., Salesforce.com Inc., SAP SE, Symphony Retail Solutions and Trax Technology Solutions Sdt. Ltd., etc.
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Accenture SA – The Company offers retail artificial intelligence solutions for customer profit and revenue, dynamic merchandising and assortment, supply network, analytics and profitability.
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Competitive analysis
The competitive scenario provided in the Artificial Intelligence (AI) in Retail Sector market report analyzes, evaluates and positions the companies based on various performance indicators. Some of the factors taken into consideration for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, market share growth, etc. your business goals with our Artificial Intelligence (AI) Market Forecast Report – Buy now!
Segmentation analysis
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By Application, the market is categorized into sales and marketing, in-store, PPP, and logistics management.
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By Geography, the market is classified as North AmericaACPA, Europethe Middle East and Africaand South America.
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Artificial Intelligence (AI) in the Retail Industry Market |
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Report cover |
Details |
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Page number |
120 |
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Year of reference |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum and CAGR |
Accelerate at a CAGR of 35.69% |
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Market Growth 2022-2026 |
$29.57 billion |
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Market structure |
Fragmented |
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Annual growth (%) |
31.45 |
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Successful market contribution |
North America at 40% |
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Competitive landscape |
Leading companies, competitive strategies, scope of consumer engagement |
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Profiled companies |
Accenture Plc, Amazon.com Inc., BloomReach Inc., Capgemini SE, Daisy Intelligence Corp., Element AI Inc., Evolv Technology Solutions Inc., Inbenta Technologies Inc., Infosys Ltd., Intel Corp., International Business Machines Corp. , Mad Street Den Inc., Microsoft Corp., NVIDIA Corp., Oracle Corp., Plexure Group Ltd., Salesforce.com Inc., SAP SE, Symphony Retail Solutions and Trax Technology Solutions Pte. ltd. |
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Market dynamics |
Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period, |
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Personalization area |
If our report does not include the data you are looking for, you can contact our analysts and customize the segments. |
Contents
1. Summary
2 Market landscape
3 Market sizing
4 Five forces analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic landscape
8 drivers, challenges and trends
9 Supplier Landscape
10 Vendor Analysis
11 Appendix
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