As per the report published by Facts & Factors, Global Artificial Intelligence Retail Market was estimated at USD 2.7 billion in 2019 and is expected to hit USD 20.05 billion by the end of 2026, expanding at CAGR by 39% between 2020 and 2026.
In the latest era of company tracking to expand corporate strategy, deliver better results, and connect with digital clients, artificial intelligence is being introduced to the retail sector. Development in the global retail market for artificial intelligence is powered by factors such as constantly rising internet users and mobile devices, increasing understanding of AI and Big Data & Analytics, and government policies for digitalization Additional factors leading to the development of artificial global intelligence in the retail markets are the introduction of a multi-channel or OM retailing strategies, untapped opportunities to improve sales productivity, the consumer needs of businesses, and the need for enhancing end-user engagement and industry dynamism.
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Growing awareness about AI and big data & analytics across the globe is driving the market
Different well-known retailers across the globe face rising costs, unhappy buyers, revenue declines, and rivalry. In order to increase organizational performance and consumer interactions, retailers have adopted technical tools. Various retail industries such as stock management, supply chain management, promotions, and branding, as well as customer relations, have considerable technical processing capacity and allow retailers to increase overall efficiency and profitability.
The way companies have been operating for the last few decades is the artificial intelligence within the retail sector. The secret to the modern enterprise is artificial intelligence (AI) and big data and analysis; everything from the process to consumer service can be turned into. The overall understanding and acceptance of AI and large data analytics have grown in retail industries as a result of the increasing penetration of Mobile Devices and Apps, the emergence of IoT, the adoption of club services, and advances in technology. According to a leading research group, investment in artificial intelligence applications led by the banking and retail sectors is estimated to be more than $5 billion over the near future, with the bulk targeting digital customer support agents and product recommender systems. In addition, about 20% of American organizations expect to hire company-wide artificial intelligence systems for personalization of service and improved comfort for consumers, according to with a study published by PwC.
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Asia Pacific Region Projected To Be Fastest Growing in Artificial Intelligence in Retail Market Growth
Asia Pacific is expected to dominate the market with the largest market share mainly because of the presence of several developed economies, such as China and Canada, focusing on enhancing the existing solutions in the retail space. North America hosts the primary AI solution providers and is an early adopter of AI technology.
Many retailers in this region have deployed AI-based solutions to optimize their supply chain operations and inventory. AI is helping the retailers in managing and maintaining their customers and understanding the buying patterns of the consumers. To engage customers and improve sales turnover, AI technologies are being adopted by both online and offline retail businesses
Global Artificial Intelligence in Retail Market: Competitive Players
Some of the key players in the Artificial Intelligence in Retail market are Amazon Web Services Inc., BloomReach Inc., Conversica Inc., Daisy Intelligence, Findmine Inc., Focal Systems Inc., Google LLC, IBM Corporation, Microsoft Corporation, Plexure Ltd, Salesforce.com Inc., SAP SE, Sentient Technologies Holdings Limited, Style.ai, Versium Analytics Inc., ViSenze Pte Ltd, and Others.
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