Artificial Intelligence (AI) in Retail Market

According to the report, published by Fortune Business Insights™ in a report, titled "Artificial Intelligence (AI) in Retail Market Size, Share & Industry Analysis, By Offering (Solutions, Services), By Function (Operations-Focused, Customer-Facing), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), and Regional Forecast, 2019-2026" the AI in retail market size was valued at USD 2,306.8 million in 2018. The report is aimed at delivering a comprehensive view of the AI in retail market dynamics, structure by identifying and providing information regarding the key market segments.

Disposition to AI-powered Chat Bots by Retailers will Encourage Market Expansion

The growing inclination of retail brands for the deployment of AI-powered chatbots for customer engagement will augment the healthy growth of the market in the forthcoming years. Retail brands are able to handle several queries simultaneously with the help of chatbots, without the need to employ a large workforce. The positive impact of artificial intelligence on customer relations and sales will spur demand for AI in retail. Furthermore, close-ended chatbots are configured to answer shopping-related questions, provide quick support and suggestions besides offering a better resolution to their problem. Customers are more likely to engage with AI-powered chatbots, which, in turns enhances customer loyalty. These factors combined will accelerate the AI in retail market share in the foreseeable future.

Emergence of Virtual Trial Rooms to Bolster Healthy Growth

The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period. For instance, virtual trial rooms enable buyers to try different dresses without actually having to wear them with the help of digital mirrors. Further, AI allows shoppers to experiment with their outfit by means of a touch-based interface. In addition, the launch of virtual rooms by major companies to create growth opportunities for the market. For instance, Fitiquette, a fashion Web site uses a ground-breaking technology that allows customers to try on outfits in a virtual 3D world based on the user’s exact body dimensions. The trial room gives a 360-degree view of the fit and drape of a garment on the actual body dimensions of the consumer.

Operations-Focused Retail Function to Exhibit High Growth Rate Due to Higher Profitability

Based on function, the scope includes operations-focused and customer-facing segments. There is a vast potential for AI in operations and are among the most profitable in terms of cost returns. Till now, only a small share of AI use cases focused on operations, and the majority of use cases are for customer-facing functions. For instance, implementing AI for procurement tasks, optimizing supply chain route plans, and using image detection algorithms for detecting minor in-store theft. A resulting transformed retail supply chain will have the potential to offer a substantial operational opportunity.

Introduction of AI Integrated Products and Solutions to Foster Growth in Asia Pacific

North America was valued at USD 1,102.0 million and is expected to remain dominant during the forecast period. The rising deployment of AI-based solutions by retailers to improve the supply chain operations and product portfolio will contribute positively to the AI in retail market revenue. Asia Pacific is expected to grow rapidly during the forecast period owing to the launch of various AI integrated products and solutions. For instance, China is expected to be a world-leading AI center by 2030.

Some of the Major Companies in the Global Artificial Intelligence (AI) in Retail Market include:

Amazon Web Services, Inc.

Baidu, Inc.

CognitiveScale, Inc.

Google LLC

IBM Corporation

Microsoft Corporation

Next IT Corporation

Nvidia Corporation

Oracle Corporation

RetailNext, Inc.

SAP SE

Style.ai

Salesforce.com, Inc.

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