BANGALORE, India, July 9, 2020 /PRNewswire/ -- The introduction of digital technology and consumers' ever-changing demands continues to challenge conventional retailers, pushing them to explore hybrid operating models. By enhancing performance, as well as prediction, AI has brought real disruption to the retail sector.
The global Artificial Intelligence (AI) in Retail market size is projected to reach USD 14.7 Billion by 2026, from USD 2.7 Billion in 2020, at a CAGR of 32.7% during 2020-2026.
Whether it is aimed at optimizing the supply chain, using existing data to improve conversion, or customizing shopping experiences through predictive modeling and micro-targeting, AI can help address these challenges and increase the ROI (Return on Investment).
This report focuses on global Artificial Intelligence(AI) in Retail market size, status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Artificial Intelligence(AI) in Retail development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
TRENDS INFLUENCING THE ARTIFICIAL INTELLIGENCE IN RETAIL MARKET SIZE
AI offers real-time insights, including demographics, behaviors, and emotions that help retailers to understand consumer experience, refine business strategies, and drive sales. These advantages are expected to increase the Artificial intelligence in retail market size during the forecast period.
Large retailers are investing extensively in digital technologies, such as machine learning, Big Data automation, and predictive analysis, to increase ROI and boost supply chain. This increasing investment is, in turn, expected to boost the growth of Artificial intelligence in retail market size.
Changing consumer expectations related to real-time interaction, personalized automation, specific recommendations, and value-oriented shopping is expected to drive the AI in retail market size during the forecast period.
Evolving competitive landscape is forcing retailers to adapt to the latest technologies to stay ahead of the competition. Thus the changing business landscape also acts as a catalyst for the adoption of AI in the retail market.
Increasing adoption of AI technology for multi-channel marketing by retailers is a key industry trend. When analyzed, the large volume of data generated based on customer behavior in-store, email marketing, and campaign management helps to recognize usage trends and build customized strategies, thereby promoting better decision making.
Furthermore, advantages such as visual communication and personalized experience, chatbots, and AI-powered voice recognition systems are also fuelling the growth of artificial intelligence market size.
AI MARKET SHARE ANALYSIS
Due to the early adoption of new and emerging technologies and the presence of major industry players, North America is expected to dominate the AI market in terms of market size throughout the forecast period. Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventories. AI helps retailers manage and maintain their customers and understands consumer buying patterns.
The APAC region is expected to grow at the highest level of CAGR during the forecast period, due to the growing adoption of AI-based solutions and services among retailers.
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Retailers use Machine Learning to simplify their decision-making processes and accelerate their transactional sales. In addition, machine learning algorithms help analyze historical data to speed up business processes, minimize the time from concept to sale, and optimize trade decisions. These factors are expected to increase the Global Machine Learning in Retail Market size during the forecast period.
Retail analytics has gained major market traction across the globe due to its ability to analyze the huge data inundating the retail industry. The retail world of today is more dynamic than it was earlier.
Due to the growing consumer demands and demand for one-click solutions, most retailers have started to think of new ways to meet consumer needs. This changing business landscape and consumer behavior are expected to increase the Retail Analytics Software Market size.
Key factors driving market growth include steadily decreasing IoT sensors and hardware prices, consumer demand for a seamless shopping experience, and increased adoption of intelligent payment solutions.
This report presents the worldwide Internet of things (IoT) in retail market size (value, production, and consumption), splits the breakdown (data status 2013-2018 and forecast to 2025) by manufacturers, region, type, and application.
In 2019, the global Smart Retail market size was USD 12.410 Billion, and it is expected to reach USD 30.730 Billion by the end of 2026, with a CAGR of 13.7% from 2021-2026.
Growth in this Smart Retail Market is driven primarily by factors such as growing mobile penetration, rising demand for better customer service and shopping experience, declining electronic product costs, and evolving digital technologies that generate new revenue for retailers.
In 2019, the global Augmented Reality in Retail market size was USD 970.9 Million, and it is expected to reach USD 9.453 Billion by the end of 2026, with a CAGR of 38.2% during 2021-2026.
This report focuses on the global Augmented Reality in Retail status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Augmented Reality in Retail development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The main drivers for digital transformation in retail market size are increased usage of smart devices, growing need for advanced mobile logistics management, and demand for an increase in yield and efficiency.
The key regions covered in the digital transformation in retail market reports are North America, Europe, China, Japan, Southeast Asia, India, and Central & South America, etc.
In 2019, the global Blockchain in Retail market size was USD 123.1 Million, and it is expected to reach USD 1.644 Billion by the end of 2026, with a CAGR of 44.5% during 2021-2026.
Blockchain in retail refers to the technology that maintains and manages a distributed database consisting of transactions among different parties, including suppliers, manufacturers, or customers involved or related to the business.
This report focuses on the global Blockchain in Retail status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Blockchain in Retail development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The global Artificial Intelligence Market Size is expected to reach USD 169411.8 Million in 2025, from USD 4065 Million in 2016 growing at a CAGR of 55.6% from 2018 to 2025.
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