Global Artificial Intelligence in Retail Market Will Hit 20.05 Billions By 2026 | CAGR 39% – Facts & Factors
According to Facts & Factors, the global artificial intelligence in retail market size in terms of revenue was worth around USD 2.7 billion in 2019 and is expected to reach USD 20.05 billion by 2026, growing at a CAGR of 39% from 2020 to 2026. The global artificial intelligence in retail market is projected to grow at a significant growth rate due to a number of driving factors.
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Artificial intelligence is being introduced to the retail sector in the latest era of company tracking to expand corporate strategy, deliver better results, and connect with digital clients. The global retail market for artificial intelligence is growing due to factors such as increasing internet users and mobile devices, increased understanding of AI and Big Data & Analytics, and government digitalization policies. Other factors driving the development of artificial global intelligence in retail markets include the implementation of multi-channel or OM retailing strategies, untapped opportunities to improve sales productivity, business consumer needs, and the need to improve end-user engagement and industry dynamism.
Growing awareness about AI and big data & analytics across the globe is driving the market
Various well-known retailers around the world are dealing with rising costs, dissatisfied customers, revenue declines, and competition. Retailers have adopted technical tools to improve organisational performance and consumer interactions. Stock management, supply chain management, promotions and branding, as well as customer relations, all have significant technical processing capacity and enable retailers to increase overall efficiency and profitability.
Artificial intelligence in the retail sector has changed the way businesses have operated for decades. Artificial intelligence (AI), big data, and analysis are the secrets of the modern enterprise; everything from process to consumer service can be turned into. As a result of the increasing penetration of mobile devices and apps, the emergence of IoT, the adoption of club services, and technological advances, the overall understanding and acceptance of AI and large data analytics has grown in retail industries. According to a leading research firm, investment in artificial intelligence applications will exceed $5 billion in the near future, with the majority focusing on digital customer support agents and product recommender systems. Furthermore, according to a PwC study, approximately 20% of American organisations expect to hire company-wide artificial intelligence systems for personalization of service and improved consumer comfort.
- The Asia Pacific region is expected to have the fastest growth in artificial intelligence in the retail market.
Asia Pacific is expected to dominate the market with the largest market share, owing to the presence of several developed economies, such as China and Canada, which are focusing on improving existing retail solutions. North America is the primary provider of AI solutions and an early adopter of AI technology.
Many retailers in this region have implemented AI-based solutions to improve supply chain operations and inventory management. AI is assisting retailers in managing and retaining customers, as well as understanding consumer purchasing patterns. AI technologies are being used by both online and offline retail businesses to engage customers and increase sales turnover.
Amazon Web Services Inc., BloomReach Inc., Conversica Inc., Daisy Intelligence, Findmine Inc., Focal Systems Inc., Google LLC, IBM Corporation, Microsoft Corporation, Plexure Ltd, Salesforce.com Inc., SAP SE, Sentient Technologies Holdings Limited, Style.ai, Versium Analytics Inc., ViSenze Pte Ltd, and Others are some of the key players in the Artificial Intelligence in Retail market.
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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