Artificial Intelligence in Retail Market Overview:
As the industry is transformed by automation, artificial intelligence proves to be an essential component that is expected to disrupt major businesses and industry verticals. One of the sector highly impacted by the artificial intelligence is the retail. There is a major shift from traditional retail to organized retail, in most of the developed and developing countries.
One of the major factor that drive the growth of Artificial Intelligence in Retail Market is the advancement in big data analytics, adoption of artificial intelligence in retail analytics, and growing adoption of artificial enabled devices and services across different industrial domains and verticals.
In addition to these, the market is also experiencing growth due to expansion of human-aware artificial intelligence and a wider opportunity of enterprises to capture market integrated with AI technology. Artificial intelligence is a wide scoped technology. In addition of analytics, and customer experience, the market is also fuelled by the need for surveillance and monitoring in the retail store.
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Major Key Players:
The global artificial intelligence in retail market holds some of the major players like NVIDIA Corporation (U.S.), Intel Corporation (U.S.), Salesforce (U.S.), Sentient Technologies (U.S.), Microsoft Corporation (U.S.), Google Inc (U.S.), IBM Corporation (U.S.), Amazon Web Services (U.S.), Oracle corporation (U.S.), SAP SE (Germany) among others are profiled in Market Research Future analysis and are at the forefront of competition in the global artificial intelligence in retail market. The prominent vendors and new entrants are investing huge capital in research and development to innovate and expand their present product portfolio.
Industry News:
April 2018, Ahold Delhaize Partnering To Launch Artificial Intelligence for Retail Lab. The Innovation Center for Artificial Intelligence in the Netherlands has partnered with Ahold Delhaize, with the launch of first retail lab. The center is focussed to serve artificial intelligence related technology to enhance business sector, government, and other research institutes. Ahold, and the ICAI aim to conduct research within AI so as to make a transparent work structure, managing flow of goods, and maintaining stocks among the retail consumers.
April 2018 Walmart has announced its launch of shelf-scanning robots that aim to help in scanning and maintaining the inventory and stocks in a retail store. The robots that scan shelves have sensors and source of light that sends signals to the monitoring system to check the missing stocks. Walmart is focussed to improve the efficiency of its workforce by having assisted with the robots.
April 2018, a start-up based in the U.S. is more focussed towards offering grab-and-go artificial intelligence solutions for retail automation for places like the apartments, and other public stores. The system works with the use of an app and a QR code to access the goods in the store.
Artificial Intelligence in Retail Market Segmentation:
On the basis of application, the market is segmented into advertising, merchandizing, market forecast, surveillance and analytics.
On the basis of technology, the market is segmented into deep learning, neural networks, natural language processing, facial recognition and voice assistance.
On the basis of component, the market is segmented into solution and services. Solution is further bifurcated as product planning, customer relationship management, visual search, and virtual assistant, supply chain management among others. Services is further bifurcated as professional, managed, installation and maintenance services.
On the basis of deployment, the market is segmented into cloud and premise.
On the basis of region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Artificial Intelligence in Retail Market Regional Analysis:
The geographical analysis of the artificial intelligence in retail market is done for major regions like North America, Europe, Asia Pacific and rest of the world. The market was led by North America in 2016. The factors contributing towards the growth of artificial intelligence in North America is the integration of artificial intelligence in advertising and marketing in retail sector. The integration is expected to improve customer analytics and behaviour experience. Moreover, in countries like the U.S. and Canada there is a huge demand by the companies that are investing and making development in artificial intelligence, thereby is increasing the market share of North America in retail market. North America is followed by Europe, as the region technologically advanced in terms of organized retail. Tesco one of the leading companies in retail is making advancement in artificial intelligence in this region.
On the other hand, Asia Pacific is expected to show a highest CAGR during the forecast period. The region is experiencing many investments and technological advancement in artificial intelligence. Countries like China, Japan and, India are adopting retail artificial intelligence in retail where, there is a huge shift from traditional retail to organized retail to improve customer behaviour experience and analytics.
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