Report Id: SNS/ICT/1335 | May 2022 | Region: Global | 130 Pages
Report Scope & Overview:
Artificial Intelligence (AI) In Retail Market size was valued at USD 5.07 Bn in 2022 and is expected to reach USD 44.48 Bn by 2030, and grow at a CAGR of 31.17% over the forecast period 2023-2030.
Artificial intelligence (AI) is the replication of human intellect in machines that can envision themselves as people and emulate their activities. The phrase may also refer to any machine that exhibits human-like characteristics like learning and problem-solving. The usage of algorithms is a common theme in AI. A set of unambiguous directions that a mechanical computer can follow is known as an algorithm. A complex algorithm is frequently developed on top of a foundation of smaller algorithms. More than just associating items lies at the heart of digital change in retail. It's all about turning data into insights, which guide actions that lead to more intangible business results.
The key to producing these penetrations is artificial intelligence in retail, which includes machine learning and deep learning. For retailers, this means incredible customer experiences, income opportunities, rapid innovation, and smart operations, all of which help you stand out from the competition. Retail systems are collaborating with AI to improve consumer experiences, forecasting, inventory management, and more. As a consequence, clients are connected to the appropriate items, at the right time, and in the right location. Machine vision and other AI technologies offer near-real-time intelligence to brick-and-mortar establishments. The same data might yield additional business insights when analyzed on the cloud.
Retail systems are collaborating with AI to improve consumer experiences, forecasting, inventory management, and more. Computer vision and other AI technologies offer near-real-time intelligence to brick-and-mortar establishments. When evaluated on the cloud, the same data might yield additional business insights. Intelligent display advertisements, smart shelves, infinite aisle kiosks, increased inventory control, and smart self-checkout are just a few of the AI possibilities enabled by Intel technology.
The progress in big data is one of the primary factors driving the growth of the artificial intelligence industry in retail.
Artificial intelligence-enabled products and services are being adopted in a variety of areas.
The greater implementation expenses are associated with it.
The importance of internet buying channels has increased as a result of the COVID-19 pandemic.
To take advantage of shifting trend, retailers are turning to e-commerce platforms and online marketplaces.
worries about data security and privacy.
workers lacking in expertise.
IMPACT OF COVID-19:
Since the outbreak of this devastating epidemic, almost every business in the world has suffered a significant setback. While every business seeks strategies to reduce loss, they also need direction to guarantee that they can continue to operate effectively and smoothly in the future. On the other hand, no one knows when the epidemic will stop. To provide a flawless working atmosphere, several things need to be modified in the working pattern, and Artificial Intelligence in Retail Market Analysis is done correctly by the specialists.
Through the most attractive Artificial Intelligence in Retail Market Research Report, industry specialists have been taking care of every organization's demands. The emphasis is on mentoring them in a way that allows them to perform at their best.
The market is divided into three categories based on technology: Natural Language Processing, Machine Learning, Deep Learning, and Others. During the forecast period, the Machine Learning and Deep Learning sector of the worldwide AI in the retail market is predicted to develop at the fastest CAGR. The rising usage of machine learning technology by online merchants to provide tailored services and improve the consumer experience is credited with the segment's rise. In recent years, technology has seen increased use throughout the world, particularly in the United States and China.
Visual Search, Virtual Assistant, Product Recommendation and Planning, Price Optimization, Customer Relationship Management, and Others are the market segments based on solutions. During the forecast period, the worldwide Artificial Intelligence in the Retail market's Product Recommendation and Planning sector is predicted to develop at the fastest CAGR. The continued usage of AI-driven suggestion generators by online retail organizations such as Amazon.com Inc. and eBay Inc. for targeted product marketing based on consumers' previous purchasing is credited with the segment's rise. In addition, as North America and APAC place a greater emphasis on digital marketing, demand for reference engines is likely to expand, propelling the market in this area even further.
The market is segmented by application into In-Store Visual Monitoring and Surveillance, Market Forecasting, Predictive Merchandising, Programmatic Advertising, and Others. During the forecast period, the Predictive Merchandising segment in the global Artificial Intelligence in the Retail market is expected to grow at the highest CAGR. The segment's rise may be ascribed to retailers' increasing demand for useful insights into customers' motivations for purchases and buying patterns, which is prompting them to turn to predictive merchandising solutions.
KEY MARKET SEGMENTS:
On The Basis of Technology:
Natural language processing
On The Basis of Solution:
Product Recommendation and Planning
Customer Relationship Management
On The Basis of components:
On The Basis of Deployment:
North America, Europe, Asia Pacific, Middle East & Africa, and South America are the regions that make up the worldwide artificial intelligence in retail market. Because of the existence of developed economies such as the United States and Canada, North America led the worldwide artificial intelligence in retail industry with the highest share. Because of its early acceptance and deployment of artificial intelligence in retail, the United States is a prominent market in the area. Many businesses in the region have implemented AI-based solutions to improve their supply chain operations and inventories. During the forecast period, the artificial intelligence in retail market in Asia Pacific is expected to grow at a quick rate. This might be due to the region's increasing usage of AI-based products and services.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Amazon.com, Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, SAP SE, Salesforce.com, Inc., and BloomReach, Inc. are among the key participants in this sector, as are other local and regional businesses.
|Market Size in 2022||US$ 5.07 Bn|
|Market Size by 2030||US$ 44.48 Bn|
|CAGR||CAGR of 31.17% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Technology (Neural networks, Deep learning, Facial recognition, Natural language processing, Voice assistance)
• by Solution (Visual Search, Virtual Assistant, Product Recommendation and Planning, Price Optimization, Customer Relationship Management, Others)
• by Components (Solutions and Services), by Deployment (Premise and Cloud)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Amazon.com, Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, SAP SE, Salesforce.com, Inc., and BloomReach, Inc.|
|Key Drivers||• The progress in big data is one of the primary factors driving the growth of the artificial intelligence industry in retail.
• Artificial intelligence-enabled products and services are being adopted in a variety of areas.
|Market Opportunities||• To take advantage of shifting trend, retailers are turning to e-commerce platforms and online marketplaces.|
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Artificial Intelligence (AI) In Retail Market Segmentation, by Technology
8.1 Neural networks
8.2 Deep learning
8.3 Facial recognition
8.4 Natural language processing
8.5 Voice assistance
9. Artificial Intelligence (AI) In Retail Market Segmentation, by Solution
9.1 Visual Search
9.2 Virtual Assistant
9.3 Product Recommendation and Planning
9.4 Price Optimization
9.5 Customer Relationship Management
10. Artificial Intelligence (AI) In Retail Market Segmentation, by components
11. Artificial Intelligence (AI) In Retail Market Segmentation, by Deployment
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Amazon.com, Inc.
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Google LLC
13.3 IBM Corporation
13.4 Intel Corporation
13.5 Microsoft Corporation
13.6 Nvidia Corporation
13.7 Oracle Corporation
13.8 SAP SE
13.9 Salesforce.com, Inc.
13.10 BloomReach, Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.