Artificial Intelligence (AI) in Retail Market latest Trends and New Technologies Research Forecast to 2024

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A detailed overview of Artificial Intelligence (AI) in Retail market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Artificial Intelligence (AI) in Retail market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

The solutions market is estimated to lead the AI in Retail market with over 85% share in the revenue. The growing demand for the advanced analytics solutions among the retailers to extract the consumer data is propelling the growth. Services market is anticipated to grow at a CAGR of over 45% during the forecast timeline. The increasing demand among the retailers for the third-party services is the driving the growth.

Recommendation engine is the most used solution among the retailers accounting for more than 35% share in the revenue. The growth of the recommendation engine market is credited to the rising demand for the personalized shopping experience among the customers. Furthermore, the demand for the visual search solutions is estimated to grow at a CAGR of more than 45% during 2018-2024.

AI in Retail Market is estimated to cross the USD 8 billion mark by the year 2024. The growth of the market is driven by the disruption of the technology in the retail sector. Enterprises are rapidly deploying new technologies to get an edge over competitors and provide a personalized shopping experience to the customers. The growing demand for the enhanced customer experience is also one of the major forces propelling the market growth. As the competition among the enterprises is increasing, companies have started focusing more on providing improved shopping experience to gain customers? loyalty. Furthermore, rising investments in the AI and the development of new business models along with the advances in the data science are some of the major factors that foster the market growth. However, the data privacy and the lack of public private partnership are hindering the growth of the AI in Retail market.

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North America accounts for over 35% share in the AI in Retail market. The increasing investments in the AI technology, the early adoption, and the presence of tech giants, such as AWS, Microsoft, Google and IBM, in the country also foster the market growth. Asia Pacific AI in Retail market is anticipated to grow significantly with a CAGR of more than 45%. The growth of the market is driven by e-commerce industry in the region. Furthermore, the investment in the AI by the Chinese technology giants Alibaba and Baidu also fuel the market growth.

The companies that serve AI-powered solutions in the retail sector are Google, Microsoft, IBM, AWS, Baidu, Intel, Oracle, SAP, Salesforce.com, Nvidia, Interactions, CognitiveScale, Lexalytics, Inbenta Technologies, NEXT IT, RetailNext, Sentient Technologies, Visenze, and BloomReach.

Natural Language Processing (NLP) leads AI in Retail market with over 40% share in the revenue. The growing demand to provide the enhanced customer experience is the major force augmenting the market growth. Machine learning and deep learning technology are anticipated to surpass the NLP technology during the forecast period with a CAGR of over 42%. The market is driven by the increasing investments in machine learning and deep learning technology.

Major Highlights from Table of contents are listed below for quick lookup into Artificial Intelligence (AI) in Retail Market report

Chapter 1. Competitive Landscape

  • Company market share
  • Artificial Intelligence (AI) in Retail Market Competitive analysis of key market players
  • Competitive analysis of other prominent vendors

Chapter 2. Company Profiles

  • Business Overview
  • Financial Data
  • Product portfolio
  • Strategic Outlook
  • SWOT Analysis

Chapter 3. Methodology & Scope

  • Methodology
  • Initial data exploration
  • Artificial Intelligence (AI) in Retail Market Statistical model and forecast
  • Industry insights and validation
  • Artificial Intelligence (AI) in Retail Market Scope
  • Definition
  • Methodology and forecast parameters
  • Data Sources

Chapter 4. Executive Summary

  • Artificial Intelligence (AI) in Retail industry 360º synopsis - 2025
  • Artificial Intelligence (AI) in Retail Business trends
  • Region trends

Chapter 5. Artificial Intelligence (AI) in Retail industry Insights

  • Artificial Intelligence (AI) in Retail Industry segmentation
  • Industry landscape 2025
  • Industry Pitfalls and Challenges
  • Threat of new entrants
  • Threat of substitutes
  • Artificial Intelligence (AI) in Retail Market Growth potential analysis

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