Global Artificial Intelligence in Retail Market was valued US$ XXMn in 2018 and is expected to reach US$ XX Mn by 2026, at a CAGR of 30.41% during a forecast period.

Global Artificial Intelligence in Retail Market

The report is majorly segmented into types, technologies, solutions, services, deployment modes, applications, and region. Further, Artificial Intelligence in a retail market based on type includes online and offline retail. Technology segment is sub-segmented into machine learning and deep learning, Natural Language Processing, and others.

Solution segment in the report comprises product recommendation & planning, customer relationship management, visual search, virtual assistant, price optimization, payment services management, supply chain management & demand planning, and others which include website and content optimization, space planning, and fraud detection. Professional services and managed services are segmented under services segment. Further, deployment mode includes cloud and on-premise deployment, whereas application segment includes predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring and surveillance, location-based marketing, and others.

The report segments the market into various subsegments, hence it covers the market comprehensively. The market numbers are further split across different regions the report had segmented the geographies into five continents i. e. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Detailed analysis by region with the competitive landscape & benchmarking of the key players make the report comprehensive and enable the informed decision making.

Based on technologies, the machine learning and deep learning segment are expected to the large market share during the forecast period. In the Organizations, for offering a more personalized experience to the end-users and to provide an interactive environment to them retail industry are using the machine learning and deep learning technology. The major factor driving the demand for artificial intelligence in retail market sector has been the rapid emergence of e-commerce worldwide. However, the lack of public-private partnerships in the retail industry space directly hinder the growth of the market. A major challenge faced by retailers is the maintenance of an appropriate amount of inventory, since ordering too much of inventory may be a huge waste of time and money. Furthermore, the privacy issues associated with the use of AI are the major constraints in artificial intelligence in retail market growth. In terms of the regions, North America has expected the market with the high market share during the forecast period. Because of the presence of several developed economies, like the United States & Canada.

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Visual search solutions provide users the option to search for the products and buy by simply uploading its image or the URL. Therefore, uploading the product, images simplifies the search and also increases the customer turnover for retailers, as they can offer more options to the shoppers for similar products. Therefore need for visual search solutions is expected to grow, due to their increasing popularity among retailers and shoppers.

The Artificial Intelligence in retail market vendors such as IBM, Microsoft, Amazon Web Services, Oracle, SAP, Intel, NVIDIA, Google, Sentient technologies, Salesforce, and ViSenze.

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