Artificial Intelligence in retail along with machine learning and deep learning is the solution to creating these penetrations. For retailers, which leads to unbelievable customer experiences, possibility to grow revenue, rapid innovation and smart operations all of which help distinguish from the opponents. AI is facilitating retail systems to work together to optimize customer experiences, inventory management, predicting and many more. As a result, customers integrate with the right products, in the right place, at the right time. The artificial intelligence in the retail market is significantly propelled by the rising investments in AI technology to develop innovative applications for enhancing retail customer experience. Machine learning and deep learning technologies are projected to have the most remarkable market share over the forecast period. Retail sector companies are using machine learning and deep learning technology to provide a more customized experience to the end-users as well as to provide an interactive environment to them. Furthermore, the rising trend of increasing technology adoption can be associated with the requirement for streamlining retail operations, reducing efforts and increasing revenue mostly for e-commerce retailers. Furthermore, with the advent of innovative technologies such as mobile, internet of things (IoT) and artificial intelligence (AI), retail giants have known the capabilities of these technologies for improving their customer experience and retail operation. AI has proved to be a possible game-changer with AI-powered retail solutions. The intricate procedures such as temperature and product weight can be understood with a set of algorithms to improve customer experience and interaction seamlessly. AI manages around 85% of the retail companies, and now with AI and IoT, retailers can emphasize on omnichannel customer experience which further augments the market growth. However, the dearth of infrastructure and huge implementation costs will impede the market growth.

In addition, the growing application of AI owing to its convenience and user-friendliness will support the development of the market amidst coronavirus. The significant shift in the retail shopping patterns of customers has resulted in increased use of e-commerce and online shopping websites. This has resulted in the increased adoption of AI in retail shopping across companies. The rising online sales will eventually promote the market during the pandemic. In addition, the rising proclivity of customers towards AI-based shopping experience will enhance the market potential.

The global Artificial Intelligence (AI) in Retail Market is segregated on the basis of Channel as Omnichannel, Brick and Mortar and Pure-play Online Retailers. Based on Component the global Artificial Intelligence (AI) in Retail Market is segmented in Software and Service. Based on Deployment the global Artificial Intelligence (AI) in Retail Market is segmented in Cloud and On-Premise. Based on Application the global Artificial Intelligence (AI) in Retail Market is segmented in Supply Chain and Logistics, Product Optimization, In-Store Navigation, Payment and Pricing Analytics, Inventory Management and Customer Relationship Management (CRM). Based on Technology the global Artificial Intelligence (AI) in Retail Market is segmented in Machine Learning, Natural Language Processing, Chatbots, Image and Video Analytics and Swarm Intelligence.

The global Artificial Intelligence (AI) in Retail Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Artificial Intelligence (AI) in Retail Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Intel Corporation, Microsoft Corporation, Facebook, Inc., Baidu, Inc., Cisco and others are among the major players in the global Artificial Intelligence (AI) in Retail Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In October 2020, SAP SE declared that it is extending its cloud solutions portfolio, initially launched in June 2020, to the retail industry. The company builds and runs portfolio applications on its open cloud platform, utilizing AI and advanced analytics to help in improving user experiences and digitalization and automation of operations. SAP and its partners would provide solutions for the key business of retailers, such as machine learning algorithms, to unleash previously undiscovered customer requirements and create more relevant customized offers.
• In January 2020, European company SAS improved its intelligent planning suite with AI and cloud agility to assist companies comprise assortments, automate forecasting, optimize inventory and increase profits.
• IBM Corporation partnered with Nielsen Holdings plc to introduce Watson Advertising Weather Targeting, an advanced tool to provide insights on weather and product sales.

The global Artificial Intelligence (AI) in Retail Market has been segmented as below:

Artificial Intelligence (AI) in Retail Market, By Channel

• Omnichannel
• Brick and Mortar
• Pure-play Online Retailers

Artificial Intelligence (AI) in Retail Market, By Component

• Software
• Service

Artificial Intelligence (AI) in Retail Market, By Deployment

• Cloud
• On-Premise

Artificial Intelligence (AI) in Retail Market, By Application

• Supply Chain and Logistics
• Product Optimization
• In-Store Navigation
• Payment and Pricing Analytics
• Inventory Management
• Customer Relationship Management (CRM)

Artificial Intelligence (AI) in Retail Market, By Technology

• Machine Learning
• Natural Language Processing
• Chatbots
• Image and Video Analytics
• Swarm Intelligence

Artificial Intelligence (AI) in Retail Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Artificial Intelligence (AI) in Retail Market, By Company

• Intel Corporation
• Microsoft Corporation
• Facebook, Inc.
• Baidu, Inc.
• Cisco
• International Business Machines Corporation (IBM)
• SAS Institute
• SAP SE
• Alibaba Cloud
• Samsung Electronics
• salesforce.com, Inc.
• Iflytek Co. Ltd.
• Aibrain
• AI chipmaker Graphcore
• Oracle Systems Corporation
• Siemens Aktiengesellschaft
• Hewlett Packard Enterprise
• NVIDIA Corporation

The report covers the below scope:

• Global Artificial Intelligence (AI) in Retail Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Artificial Intelligence (AI) in Retail Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Artificial Intelligence (AI) in Retail Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global Artificial Intelligence (AI) in Retail Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Artificial Intelligence (AI) in Retail Market share. Major industry players with significant revenue share include Intel Corporation, Microsoft Corporation, Facebook, Inc., Baidu, Inc., Cisco and others.

Why to Buy this Report:

• Gain detailed insights on the Artificial Intelligence (AI) in Retail industry trends
• Find complete analysis on the market status
• Identify the Artificial Intelligence (AI) in Retail Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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