Global AI in Retail Market – Analysis and Forecast (2019-2024)

1. Global AI in Retail Market

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3. Global AI in Retail Market The global AI in retail market is projected to reach USD 4.4 billion by 2024, registering a CAGR of 35.5% during the forecast period. Increasing e-retail industry, growing investments by retail companies in AI technology, and growing mobile internet penetration, propelling the growth of the market.

4. Global AI in Retail Market On the basis of offering, the global AI in retail market is categorized into solution and service, wherein solution category accounted for larger share in 2018. The category is expected to lead throughout the forecast period owing to the mounting adoption of AI technology by e-commerce companies. Further, solution category is sub-segmented into chatbot, CRM, price optimization, recommendation engine, SCM, visual search, and others. Of all, the recommendation engine category accounted for largest share in 2018. Further, service category is sub-segmented into professional and managed.

5. Global AI in Retail Market Geographically, North America is the largest AI in retail market owing to the presence of several developed economies, such as the United States and Canada, concentrating on improving the current arrangements in the retail space. North America has the essential AI solution suppliers and is an early adopter of AI solution. Numerous retailers in the region have implemented AI-based solutions to enhance their store network tasks and stocks. Artificial intelligence is helping the retailers in overseeing and keeping up their clients and understanding the purchasing behaviors of the buyers. To connect with clients and improve deals turnover, AI technologies are being deployed by both on the web and offline retail organizations.

6. Global AI in Retail Market AI in retail market is fragmented in nature. The increasing adoption of IoT, Big Data analytics, and online business promoting give rewarding chances to AI in the retail market. In general, the focused competition among existing players is high. Market players in the global AI in retail industry are majorly focusing on mergers & acquisitions, product launches, and partnerships to expand their market share. Some of the key players operating in the global AI in retail market are Infosys Limited, Intel Corporation, Amazon Web Services Inc., ViSenze Pte. Ltd., Evolv Technologies Inc., Numenta Inc., SAP SE, Accenture PLC, Microsoft Corporation, Google LLC, Salesforce.com Inc., Oracle Corporation, and IBM Corporation.

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