The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Artificial Intelligence in Retail Market Size. The growth sectors of the Artificial Intelligence in Retail Market Size are identified with precision for a better growth perspective.
Artificial Intelligence is expected to disrupt every business and enterprises across the world. One of the major factors that drive the growth of artificial intelligence market is the growing advancement in big data, and adoption of artificial intelligence enabled devices and services across various different domains. The market is segmented on the basis of component, technology, application, deployment and end user. The artificial intelligence in retail is used for applications like sales and customer relationship management, customer recommendations and experience, manufacturing, logistics, supply chain and delivery, payments and payment services.
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. North America is having the largest share in artificial intelligence in retail market. Following North America is the European region with technologically mature countries like the U.K, Germany, France, Netherlands and Italy
The artificial intelligence is one of the most trending technologies across all industrial verticals and its wide spread applications are making the companies to adopt and implement artificial intelligence services in their particular domain. Some of the prominent players in the artificial intelligence space in retail market include 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.
While the competition in the market is high, many startups are also getting into the artificial intelligence market to serve the high demand market
The integration of artificial intelligence in retail sector is start of new era in the space of advertising, analytics and customer experience. With a higher demand among the companies to integrate the artificial intelligence in countries like the U.S. and Canada, the North America is having the largest share in artificial intelligence in retail market. Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventory. Following North America is the European region with technologically mature countries like the U.K, Germany, France, the Netherlands and Italy. Europe has seen a major developments in the retail sector, majorly in organized retail. AI technologies are being accepted by both online and offline retail businesses. Various companies like Tesco, lead the forefront of retail in this region. AI is helping the retailers in managing and maintaining their customers, and understanding the buying patterns of the consumers.
However, the Asia Pacific region is expected to grow at a fast pace during the forecast period. Asia Pacific has become the destination region for many investors to invest in newer and trending technologies. Emerging countries like China, Japan, and India are the leading countries adopting the artificial intelligence technology in retail sector. Due to the demand for cost-effective, advanced AI-based solutions there is huge shift from traditional retail to organized retail, which insist companies to adopt newer technologies for marketing, advertising and better customer analytics, by analyzing the experience and behavior of the customer.
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