DUBLIN, June 1, 2022 /PRNewswire/ — The “Artificial Intelligence in Retail Research Report: By Offering, Technology – Global Industry Analysis and Growth Forecast to 2030” report has been added to from ResearchAndMarkets.com offer.
By 2025, e-commerce sales are expected to reach $7.3 trillionwhich will bring AI in the retail market value to $36,462.5 million by 2030 based on an estimate $1,714.3 million in 2021
Indeed, retailers are using AI to offer personalized services and product recommendations and to predict consumer behavior. Artificial intelligence is also being leveraged by e-commerce platforms for accurate demand forecasting, supply chain planning, and real-time customer intelligence gathering.
Of all the AI solutions designed for retailers, recommendation engines are the most popular. Online retailers use them to study customer activity on the Internet and recommend related products and services based on it. Since selling everything to everyone, such as in televisions and newspapers, does not always yield the desired returns, retailers market only the products and services that customers are interested in, using recommendation engines.
The COVID-19 pandemic has accelerated these activities, thus positively affecting AI in the retail market. In 2020, lockdowns forced people back home, leading to a surge in online shoppers. According to the United Nations, the top 13 online shopping platforms saw an increase of more than 20% in sales in 2020.
In the coming years, the aftermath of the pandemic will drive AI into the retail market at the highest rate of Asia Pacific (APAC). According to the UN, most of the 13 companies that witnessed the massive increase in sales in 2020 were based in the United States and China.
Additionally, online sales in China, Australiaand Singapore in 2020 grew by 24.9%, 9.4% and 11.7%, respectively, faster than in 2019. This is also attributed to the growing sale of smartphones and increasing internet penetration here.
Key Findings of the AI in Retail Market Report
- In the coming years, the demand for related services will grow faster among retailers adopting AI solutions. Services offered by AI vendors include data management, software monitoring, training, maintenance and system support.
- Machine learning is the most widely used AI technology among end-users in the retail market, as it enables them to improve the shopping experience of customers by making accurate purchase recommendations.
- Natural language processing (NLP) is another popular AI technology among retailers because it understands and processes human language, enabling users to deliver personalized shopping experiences.
- Additionally, AI is now being used for cross-channel marketing, primarily to analyze consumer behavior in-store and for email marketing and campaign management.
- Seeing the vast benefits offered by AI, major retailers are increasing their investments in related technologies. For example, IKEA acquired Geomagical Labs, which offers augmented reality and AI solutions.
- Likewise, in April 2019Reliance Jio Digital Services Ltd. finalized plans to acquire an 87.0% stake in AI-based conversational platform Haptik Inc.
Main topics covered:
Chapter 1. Research Context
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Overview
4.1 Definition of market segments
4.1.1 per offer
4.1.1.1 Solution
4.1.1.1.1 Chatbot
4.1.1.1.2 RCMP
4.1.1.1.3 Price optimization
4.1.1.1.4 Recommendation engine
4.1.1.1.5 Scm
4.1.1.1.6 Visual search
4.1.1.1.7 Others
4.1.1.2 Maintenance
4.1.1.2.1 Professional
4.1.1.2.2 Managed
4.1.2 by Technology
4.1.2.1 Automatic learning
4.1.2.2 NLP
4.1.2.3 Computer Vision
4.1.2.4 Others
4.2 Value chain analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Adoption of AI for multi-channel marketing
4.3.2 Drivers
4.3.2.1 Growth of the online retail sector
4.3.2.2 Rising Investment in Ai by Retail Companies
4.3.3 Constraints
4.3.3.1 Lack of qualified professionals in artificial intelligence
4.3.3.2 High cost of AI-based solutions
4.3.4 Opportunities
4.3.4.1 Growing demand for AI-based chatbots
4.3.4.2 Growing Adoption of AI-Based Image Recognition Technology
4.4 Impact of Covid-19 on Ai in Retail Market
4.5 Porter’s Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 per offer
5.1.1 Solutions Market, by Type
5.1.2 Services Market, by Type
5.2 by technology
5.3 by Region
Chapter 6. North America Market Size and Forecast
6.1 per offer
6.1.1 Solutions Market, by Type
6.1.2 Services Market, by Type
6.2 by technology
6.3 by country
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Ranking of Key Players
11.2 Key Players Competitive Benchmarking
11.3 Key Players and Their Offerings
11.4 Strategic Developments of Key Players
11.4.1 Partnerships and collaborations
11.4.2 Mergers and Acquisitions
11.4.3 Others
Chapter 12. Business Profiles
12.1 Business Overview
12.2 Product and service offerings
12.3 Key Financial Summary
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Google LLC
- Salesforce.Com Inc.
- Oracle Corporation
- Sap Se
- Accenture plc
- infosys limited
- intel company
- Amazon.Com Inc.
- Visenze Pte. ltd.
- Evolv Technological Solutions Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/v0yff
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