IBM, Microsoft, Amazon Web Services, Oracle, SAP, Intel are the major players operating in the Global AI In Retail Market

The growth of AI in Retail Market is primarily driven by the advancement of technology. Chat-based shopping and voice commerce increasingly delivers personalized, customized, and localized experiences to the customer and this factor is expected to drive the demand of AI in retail. The Global Ai In Retail Market was valued at USD 725.1 million in 2018 and is expected to reach USD 6,134.6 billion in 2026, growing at a CAGR of 30.2% during the forecast period.

Increasing adoption of AI technology among retailers for multi-channel marketing can be viewed as a key trend in the market. AI creates an opportunity to bridge the gap between virtual and physical sales channels. AI can be used by retailer to estimate supply and demand analysis of goods and to maintain inventory accordingly. The adoption of techniques such as machine learning, deep learning, and Chabot helps transform the entire marketing cycle in the retail industry. For example, in 2018, Myntra Designs Private Limited, a subsidiary of Flipkart Internet Private Limited, partnered with Netcore Solutions Pvt. Ltd. and used Smartech, an AI-powered multi-channel marketing platform which helped the company improve its email marketing campaign by 60%.

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Factors such as rapid adoption of advances in technology and the emerging trend of start-ups in the retail space are boosting the growth of the global AI in retail market. In addition, the increasing amount of customised e-commerce platforms has forced retailers to use AI techniques across in stores to offer customized experiences. This increased use of AI to monitor and analyze data is revolutionizing the retail industry globally. It further used by retailers to automate their business operations and decision-making processes to propel their transactional business.

However, high capital cost affects product prices that are expected to hamper the growth of the AI in retail industry. On the other hand increasing in AI-Based Data Analysis Application and a growing number of the smartphone may also provide a profitable chance for market players in the near future.

Key Findings:

• Based on application, the Product Recommendation and Planning segment is growing rapidly in the AI in retail market with the highest CAGR of 14.4% in the forecast period.
• Based Product, the service segment is expected to grow at a CAGR of around 39.1% throughout the forecast period
• North America accounted for nearly 31% share of the global AI in retail market in 2018

Recent News:

• In May 2019, SAP SE has launched a series of innovations to SAP S/4HANA to make it easier to add artificial intelligence (AI) and robotics and customize apps. This will assist businesses enhance company outcomes, automate business processes and create precise projections for better decisions.
• In Jan 2019, Microsoft Corporation partnered with The Kroger Co. and introduced retail as a service (RaaS), a solution powered by Microsoft Azure. It offers support to retailers in obtaining customer insights, improving out-of-stocks, and enhancing employee productivity.
• In March 2018, U.S.-based computer vision company, Mode.ai, launched a chatbot on Facebook Messenger for Louis Vuitton North America Inc. Through this chatbot, users can share products with their friends and access the full catalogue of the company online.