Artificial Intelligence in Retail Market Share Value Will Grow to USD 20.05 Billion by 2026: Facts & Factors
New York, NY, March 16, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Artificial Intelligence in Retail Market By Type (Offline, and Online), By Technology (Natural Language Processing, Machine Learning, and Deep Learning, and Others), By Solution (Customer Relationship Management, Payment Services management, Price Optimization, Product Recommendation, and Planning, Supply chain management and Demand Planning, Virtual Assistant, Visual Search, Others ) By Service (Managed Services, and Professional Services), By Deployment Model (On-Premises, and Cloud), and By Application (In-Store Visual Monitoring and Surveillance, Location-Based Marketing, Market Forecasting, Predictive Merchandising, Programmatic Advertising, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” .
“According to the research report, the global Artificial Intelligence in Retail Market was estimated at USD 2.7 Billion in 2019 and is expected to reach USD 20.05 Billion by 2026. The global Artificial Intelligence in Retail Market is expected to grow at a compound annual growth rate (CAGR) of 39% from 2019 to 2026”.
In the latest era of company tracking to expand corporate strategy, deliver better results, and connect with digital clients, artificial intelligence is being introduced to the retail sector. Development in the global retail market for artificial intelligence is powered by factors such as constantly rising internet users and mobile devices, increasing understanding of AI and Big Data & Analytics, and government policies for digitalization Additional factors leading to the development of artificial global intelligence in the retail markets are the introduction of a multi-channel or OM retailing strategies, untapped opportunities to improve sales productivity, the consumer needs of businesses, and the need for enhancing end-user engagement and industry dynamism.
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- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
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Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on Artificial Intelligence in Retail Market?
2) What is the market size, share of Artificial Intelligence in Retail Market?
3) Who are the top market players in Artificial Intelligence in Retail Market?
4) What will be the future market of Artificial Intelligence in Retail Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors ( http://www.fnfresearch.com ) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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Top Industry Major Market Players:
- Royal Wessanen
- Maple Leaf Foods Inc.
- Tyson Foods Inc.
- Nestle S.A.
- Marfrig Global Foods S.A.
- Pinnacle Foods Inc
- MorningStar Farms
- Impossible Foods Inc.
- Orkla Foods
- Sunfed Ltd.
- Quorn Foods
- Amy’s Kitchen
- VBites Food Limited
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Growing awareness about AI and big data & analytics across the globe is driving the market
Different well-known retailers across the globe face rising costs, unhappy buyers, revenue declines, and rivalry. In order to increase organizational performance and consumer interactions, retailers have adopted technical tools. Various retail industries such as stock management, supply chain management, promotions, and branding, as well as customer relations, have considerable technical processing capacity and allow retailers to increase overall efficiency and profitability.
The way companies have been operating for the last few decades is the artificial intelligence within the retail sector. The secret to the modern enterprise is artificial intelligence (AI) and big data and analysis; everything from the process to consumer service can be turned into. The overall understanding and acceptance of AI and large data analytics have grown in retail industries as a result of the increasing penetration of Mobile Devices and Apps, the emergence of IoT, the adoption of club services, and advances in technology. According to a leading research group, investment in artificial intelligence applications led by the banking and retail sectors is estimated to be more than $5 billion over the near future, with the bulk targeting digital customer support agents and product recommender systems. In addition, about 20% of American organizations expect to hire company-wide artificial intelligence systems for personalization of service and improved comfort for consumers, according to a study published by PwC.
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Global Artificial Intelligence in Retail Market: Growth Factors
Over the years the idea of virtual test rooms has become more common, allowing shoppers to play with their equipment through a tactile GUI. The combination of artificial intelligence and digital mirrors allows shoppers to test and wear diverse dresses, accessories, goggles, and other beauty items. The real-time simulation for computer dressing solutions is delivered in conjunction with other advanced technology, such as virtual realities, artificial intelligence, or visual computing. The technology strengthens both online and offline Shopping’s user engagement and loyalty. The need for a digital trial room is expected to increase because of its secure shopping experience since the global COVID-19 pandemic.
Each retail corporation tries to consolidate its loyal client base to remain on the market today in the retained sector. Providing each consumer with improved customized service is a prime tactic for leading brands. Chabot’s operated by AI is one of the innovations that can effectively promote consumer interaction. Popularity is also likely to increase in all markets for both online and in-store catboats. The framework lets retailers handle consumer shopping requests with AI-configured chatbots without including humans. Al-Driven Chatbots’ fast, customized and on-demand support and feedback add to the consumer experience while favoring the retail sector as a whole.
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Asia Pacific Region Projected To Be Fastest Growing in Artificial Intelligence in Retail Market Growth
The Asia Pacific is expected to dominate the market with the largest market share mainly because of the presence of several developed economies, such as China and Canada, focusing on enhancing the existing solutions in the retail space. North America hosts the primary AI solution providers and is an early adopter of AI technology.
Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventory. AI is helping the retailers in managing and maintaining their customers and understanding the buying patterns of the consumers. To engage customers and improve sales turnover, AI technologies are being adopted by both online and offline retail businesses
Browse the full “ Artificial Intelligence in Retail Market By Type (Offline, and Online), By Technology (Natural Language Processing, Machine Learning and Deep Learning, and Others), By Solution (Customer Relationship Management, Payment Services management, Price Optimization, Product Recommendation, and Planning, Supply chain management and Demand Planning, Virtual Assistant, Visual Search, Others ) By Service (Managed Services, and Professional Services), By Deployment Model (On-Premises, and Cloud), and By Application (In-Store Visual Monitoring and Surveillance, Location-Based Marketing, Market Forecasting, Predictive Merchandising, Programmatic Advertising, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026 ” report at https://www.fnfresearch.com/artificial-intelligence-in-retail-market
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
The global Artificial Intelligence in Retail market is segmented as follows:
- Natural Language Processing
- Machine Learning and Deep Learning
- Customer Relationship Management
- Payment Services management
- Price Optimization
- Product Recommendation and Planning
- Supply chain management and Demand Planning
- Virtual Assistant
- Visual Search
- Managed Services
- Professional Services
By Deployment Model:
- In-Store Visual Monitoring and Surveillance
- Location-Based Marketing
- Market Forecasting
- Predictive Merchandising
- Programmatic Advertising
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