ai-in-retail-market-size.jpg
DUBLIN, Jan. 19, 2023 (GLOBE NEWSWIRE) — The “Global Artificial Intelligence in Retail Market Size, Industry Trend Analysis and Share Report by Technology, Sales Channel, Component, Application, Regional Forecast and Forecast, 2022-2028” The report has been added to ResearchAndMarkets.com an offer.
The global AI retail market is expected to reach $24.1 billion by 2028, growing at a compound annual growth rate of 24.4% over the forecast period.
Physical stores are still the leader in retail, but they must operate in highly competitive markets. Similar to physical stores, digital stores compete in a market where they have easy access to their competitors. Retailers can use AI to improve customers’ shopping experience and gain the competitive edge they need to stay relevant.
For example, the website’s virtual personal assistants and chatbots provide personalized recommendations to customers or dynamic pricing based on their use of the website, previous purchases, and other relevant information. Retail AI application cases exist in physical stores as well, using data sources including in-store customer interactions via mobile devices and through sensors.
Using an algorithm trained using sales data and other relevant information, retail store owners can use artificial intelligence to improve their store layout. This helps predict outcomes, such as a person’s tendency to buy two things at once if they are viewed close to each other.
The retail industry is changing as a result of artificial intelligence (AI). From using computer vision to designing promotions in real time to leveraging machine learning to manage inventory, retailers can use AI to interact with and run their customers more effectively.
Analysis of the impact of COVID-19
Due to the WFH policy triggered by the pandemic, the COVID-19 outbreak is expected to accelerate market growth in next-generation technology fields, including artificial intelligence. In order to increase worldwide availability, technology companies are also increasing the range of products and services they offer.
Therefore, the integration of artificial intelligence has greatly increased in the retail industry. Hence, the growth of the market has been steadily hampered, however, the increasing use of artificial intelligence has led to an increase in the growth of artificial intelligence in the retail industry.
market growth factors
Higher efficiency in saving cost and improving experience
Artificial intelligence has the potential to radically change retail in the coming years, affecting everything from cost structures to the shopping experience. E-commerce and AI go hand in hand, and the acceleration of the coronavirus pandemic in e-commerce growth rates makes the adoption of AI even more urgent. The advantages of artificial intelligence will transform the industry. So retailers should start making plans right away. And technology should not only be included in those plans, but also in the business strategy.
Higher capabilities in the supply chain
Overall, one of the main advantages of AI is its ability to help people with repetitive jobs that take a long time. A large number of workers believe that the increased adoption of AI in the workplace has improved productivity. And when using AI in retail, the same thing might happen. Drivers in the logistics industry can use artificial intelligence to discover the best delivery routes. In addition, bots can help pick and fill orders, freeing up employees to work on other critical activities.
Major players in the market are competing with various innovative offerings to remain competitive in the market. The illustration below shows the percentage of revenue shared by some of the market leaders. Major players in the market are adopting different strategies in order to meet the demand coming from different industries. The main development strategies in the market are partnerships and collaborations.
market limiting factors
High costs and inability to improve
It is an impressive feat when a machine can imitate human intelligence. However, the initial cost of AI is very high in such operations. It can be very expensive and take a lot of time and resources. AI is very expensive because it requires the latest software and hardware to work in order to stay current and meet standards. Artificial intelligence is a technology that cannot be made by humans because it is pre-programmed with knowledge and experience.
Main topics covered:
Chapter 1. Market scope and methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Main factors affecting the market
2.2.1 Market drivers
2.2.2 Market Restrictions
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent strategic developments at the industry level
3.2.1 Partnerships, collaborations and agreements
3.2.2 Product launches and product expansions
3.2.3 Acquisitions and Mergers
3.3 Market Share Analysis, 2021
3.4 Best Profit Strategies
3.4.1 Key Leading Strategies: Relative Distribution (2018-2022)
3.4.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, May – 2022, September) Key Players
Chapter 4. Global Artificial Intelligence Retail Market by Technology
4.1 Global Machine Learning Market by Region
4.2 Global Natural Language Processing Market by Region
4.3 Global Chatbots Market by Region
4.4 Global Photo & Video Analytics Market by Region
4.5 Global Swarm Intelligence Market by Region
Chapter 5. Global Artificial Intelligence in Retail Market by Sales Channel
5.1 Global Multichannel Market by Region
5.2 Global Bricks and Mortar Market by Region
5.3 Global Pure-play Online Retailers Market by Region
Chapter 6. Global Artificial Intelligence Retail Market by Component
6.1 Global Solutions Market by Region
6.2 Global Services Market by Region
Chapter 7. Global Artificial Intelligence Retail Market by Application
7.1 Global Customer Relationship Management (CRM) Market by Region
7.2 Global Supply Chain and Logistics Market by Region
7.3 Global Inventory Management Market by Region
7.4 Global Optimum Product Market by Region
7.5 Global In-Store Navigation Market by Region
7.6 Global Payment and Pricing Analytics Market by Region
7.7 Global Virtual Assistant Market by Region
Chapter 8. Global Artificial Intelligence Retail Market by Region
Chapter 9. Company Profiles
9.1 Intel Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Sectoral and regional analysis
9.1.4 Research and Development Expenditure
9.1.5 Strategies and Recent Developments:
9.1.5.1 Product Launches and Expansions:
9.1.5.2 Acquisition and Merger:
9.1.6 SWOT analysis
9.2 Salesforce.com, Inc.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Regional Analysis
9.2.4 Research and Development Expenses
9.2.5 Strategies and Recent Developments:
9.2.5.1 Partnerships, collaborations and agreements:
9.2.5.2 Product Launches and Product Expansion:
9.2.6 SWOT analysis
9.3 NVIDIA Corporation
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Sectoral and regional analysis
9.3.4 Research and Development Expenditure
9.3.5 Strategies and Recent Developments:
9.3.5.1 Partnerships, collaborations and agreements:
9.3.5.2 Product Launches and Product Expansion:
9.3.5.3 Acquisition and Merger:
9.3.6 SWOT Analysis
9.4 Amazon Web Services, Inc. (Amazon.com, Inc.)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segment Analysis
9.4.4 Strategies and Recent Developments:
9.4.4.1 Partnerships, Collaborations and Agreements:
9.4.5 SWOT Analysis
9.5 Google LLC
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Sectoral and Regional Analysis
9.5.4 Research and Development Expenses
9.5.5 Strategies and Recent Developments:
9.5.5.1 Partnerships, Collaborations and Agreements:
9.5.5.2 Product Launches and Product Expansion:
9.5.6 SWOT analysis
9.6 IBM
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Regional and sectoral analysis
9.6.4 Research and Development Expenses
9.6.5 Strategies and Recent Developments:
9.6.5.1 Mergers and Acquisitions:
9.6.5.2 Product Launches and Product Expansion:
9.6.6 SWOT analysis
9.7 Microsoft Corporation
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Sectoral and Regional Analysis
9.7.4 Research and Development Expenses
9.7.5 Strategies and Recent Developments:
9.7.5.1 Partnerships, collaborations and agreements:
9.7.5.2 Mergers and Acquisitions:
9.7.6 SWOT analysis
9.8 Oracle Corporation
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Sectoral and regional analysis
9.8.4 Research and Development Expenses
9.8.5 Strategies and Recent Developments:
9.8.5.1 Partnerships, Collaborations and Agreements:
9.8.5.2 Acquisition and Merger:
9.8.6 SWOT analysis
9.9 SAPSE
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Sectoral and regional analysis
9.9.4 Research and Development Expenses
9.9.5 Strategies and Recent Developments:
9.9.5.1 Partnerships, Collaborations and Agreements:
9.9.5.2 Acquisition and Merger:
9.10. ViSenze Pte Ltd
9.10.1 Company Overview
9.10.2 Strategies and Recent Developments:
9.10.2.1 Partnerships, collaborations and agreements:
9.10.2.2 Product launches and product expansions:
For more information on this report visit https://www.researchandmarkets.com/r/mf06gx
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
