Global Artificial Intelligence in Retail Market Overview:
Artificial Intelligence in Retail is basically use of smart computing power enabled machines and robots in retail which enhances efficiency and productivity, which indirectly help in increase profit margins. The use of artificial intelligence involves use of tools such as Machine learning, big data analytics, etc. along with complex algorithms which are made to aid humans or even work without human supervision. The use of artificial intelligence also enhances customer experience with voice search, virtual trial rooms and cash free counters like mechanisms. Application of A.I. in logistics and transport along with warehouse management would also increase pace of delivery and reduce the wastage which naturally occurs due to human aid. The Market of Artificial Intelligence is currently dominated by North America with Major Players too coming from North America. Though because the industry is still in its early age, it has lot of developments to carry out. Some of the players profiled in the study are IBM (United States), Accenture plc (Ireland), Amazon Web Services (United States), SAP SE (Germany), Oracle (United States), Google (United States), Intel (United States), Apple Inc. (United States), Salesforce (United States) and People.Ai (United States).
On the basis of geography, the market of Artificial Intelligence in Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. Cloud-Based will boost the Artificial Intelligence in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Algorithm Types, the sub-segment i.e. Supervised will boost the Artificial Intelligence in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Software will boost the Artificial Intelligence in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Increased Efficiency and Productivity
- Reduction in Loss due to Better Prediction Mechanism
- Cashless Counters are Gaining Popularity
- Use of Artificial Intelligence Powered Robots in Retail
- High Cost of Deployment or Initial Setup
- Poor Pre IT Infrastructure in Developing Countries
- Increased Incidents of Numerous Cyber Threats
- Countries with Low Working Group Populations such as Japan or South Korea Present Excellent Opportunities
- Increasing Adoption in Less Developed Countries with Increased Democratization of Technology
- Uncertainties or Doubts about Artificial Intelligence among Many Retail Stakeholders
- Difficulty in Adopting with New Technology for Traditional Retail Workers
Key Market Developments:
In 2020, Apple Inc., American Multinational Tech Giant announced the acquisition of Xnor.ai. XNOR is a leading innovator in the Artificial Intelligence space developing artificial intelligence algorithms, with the application of machine learning and image recognition tools. The company is especially known for its AI algorithms quick response time. The acquisition will help Apple enhance its focus on edge computing which strengthens Apple’s privacy-first principles and also speeds up processing.
In 2020, Accenture, Ireland based Multinational Company operating in a variety of businesses such as IT, Consulting, Cloud services, etc. have announced the acquisition of Byte Prophecy Pvt. Ltd. Byte Prophecy specializes in and provides big data analytics solutions. With the acquisition, Accenture aims at meeting the increasing demand for enterprise-scale artificial intelligence and digital data insights. The acquired company will also accelerate the rate of delivery and complement Accenture’s consultancy business.
Artificial Intelligence Solutions Providers in Retail, Analysts and Strategic Business Planners, New Entrants/Investors, Venture Capitalists and Private Equity Firms, End-Use Industries and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Artificial Intelligence in Retail market on the basis of product  , application [Supply Chain and Logistics, Chatbots, Data Analytics, Customer Relationship Management, Price Adjustments and Predictions and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Artificial Intelligence in Retail market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Artificial Intelligence in Retail industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Alibaba Group Holding Ltd. (China), Hitachi Solutions (Japan) and Pervasive Technologies (Spain).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Artificial Intelligence in Retail market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.