Global Artificial Intelligence (AI) Market in Retail Sector 2019-2023
Global Artificial Intelligence (AI) Market: About this market
Artificial Intelligence (Al) solutions are a convergence of hardware, software, and services to perform computing-based reasoning and understanding to emulate the human brain. Technavio’s artificial intelligence (AI) in retail sector market analysis considers sales from sales and marketing, in-store, planning, procurement and production, logistics management applications. Our analysis also considers the sales of artificial intelligence (AI) in retail sector in APAC, Europe, North America, South America, and MEA. In 2018, the sales and marketing segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as optimization of sales and marketing functions and increasing focus on customer preferences and personalization will play a significant role in the sales and marketing segment to maintain its market position. Also, our global artificial intelligence (AI)market in retail sector report also looks at factors such as rise in investments and R&D in AI startups, increased efficiency of operations, ease in handling customer-front operations. However, privacy issues associated with AI deployment, lack of skilled labor, data quality and safety may hamper the growth of the artificial intelligence (AI)industry in retail sector over the forecast period.
Global Artificial Intelligence (AI) Market: Overview
Increased efficiency of operations
Manufacturers and consumer product companies need to implement robotics with a greater degree of capabilities in large volume to increase the work efficiency of production and packaging lines. Deploying several Al-powered machines helps manufacturers in increasing efficiency with real-time problem-solving and reduced cost of operations. Retail and consumer product companies are entering a new phase of digital transformation by adopting Al-powered intelligent automation in their core operations. The implementation of Al apps helps manufacturers with automated inventory management in monitoring the quantity and quality of material used as well as the downtimes and lead times autonomously. Thus, the automation of operations using AI will lead to the expansion of the global artificial intelligence (AI) market in retail sector at a CAGR of over 35% during the forecast period.
Increased applications in e-commerce
Advances in Al are changing the conventional shopping experience of consumers. The integration of Al with e-commerce has raised marketing standards, ranging from traditional stores to websites and from chatbots to voice assistants. E-commerce providers and retailers are integrating Al with various applications, such as planning and procurement, inventory management and sales forecasting, production, supply chain management, in-store operations, and marketing. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global artificial intelligence (AI) in retail sector market during the forecast period 2019-2023, click here.
With the presence of several major players, the global artificial intelligence (AI) market in retail sector is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading artificial intelligence (AI)manufacturers in retail sector, that include IBM Corp., Intel Corp., Microsoft Corp., NVIDIA Corp., and Oracle Corp.
Also, the artificial intelligence (AI)market in retail sector analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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