Global Artificial intelligence (AI) Market By Type (Solutions and Services), By Application (Programmatic Advertising, Predictive Merchandising, In-Store Visual Monitoring, Surveillance, Market Forecasting, Location-Based Marketing), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020–2029

Artificial intelligence is an emerging technology that focuses on making intelligent machines that are capable of solving problems. Today, Artificial Intelligence perform similar task like humans. AI is capable of combining massive sets of data with the help of detailed algorithms and iterative process. It allows the program to learn from different patterns in the data. Artificial Intelligence (AI) is a significant factor for the digitalization of in-store retail. It creates a more engaged and interactive business by personalizing the customer experience. Also, AI creates an opportunity to bridge the gap between virtual and physical sales channels for retail companies. The primary goal of AI technology is to create an expert human intelligence system that can understand, think, and learn to behave like humans.

Artificial Intelligence is used in various applications such as Marketing, Banking, Finance, Agriculture, Health Care, Gaming, Space Exploration, Chatbots, Social Media, Autonomous Vehicles, and Artificial Creativity. Different AI technologies such as computer vision, natural language processing, machine learning, and gesture recognition are used in the retail sector. Artificial Intelligence is used in the retail industry to make work automated and reduce working time.

Increasing demand for AI is growing in the retail market owing to its benefits like cost-saving, faster resolution of business problems and analytics, more rapid delivery of new products and services in the retail space. The increasing adoption of the IoT, machine learning, and deep learning technology among retailers of various organizations is also one of the major factors propelling the target market. Furthermore, the efforts from retailers to gain access to more customers and enhance business visibility are some of the factors that are powering the retail industry. Lack of properly skilled professionals and cloud-based technology in the developing and under-developing countries is a factor expected to hinder the lucrative growth of the target market. Additionally, integration issues of AI with different technology are restraining the growth of the Artificial Intelligence market. Furthermore, the approach for doing repetitive tasks is also automated by using Artificial Intelligence as it gives better performance.

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Global Artificial Intelligence (AI) Retail Market is segmented by product type, by technology, by application, and by region. The product type segment includes solutions and services. The solution segment is projected to register a significant market share in terms of revenue and maintain its dominance during the forecast period. This is attributed to the rapid adoption of advanced technology, consistent penetration of smartphones connected devices,  advancements in big data across the retail sector, and increasing adoption of the multi-channel retailing strategy.

Based on technology Artificial Intelligence Market is segmented into Machine Learning, Natural Language Processing (NLP), and Computer Vision. Machine learning and deep learning technology widely use technology in the retail market as it offers personalized experience and also provides a friendly environment. Based on the application Artificial Intelligence Market is segmented into Programmatic Advertising, Predictive Merchandising, In-Store Visual Monitoring and Surveillance, Market Forecasting, and Location-Based Marketing. In-Store Visual Monitoring and Surveillance is widely used owing to its benefits of better tracking capabilities, safety protocols, prevention against shoplifting. Geographically, North America is estimated to dominate the target market owing to its advanced IT infrastructure, and early adoption of technology BFSI market. Also, the presence of key players & start-ups, adoption rate, and high penetration of the internet are some factors giving a new way for the growth of the target market. The Asia Pacific AI market is expected to hold a major share in the global market due presence of the young population, government initiatives towards digitization, developing internet and connectivity infrastructure, and growing adoption of AI-based solutions and services among retailers.

Global Artificial Intelligence (AI) in Retail Market Segmentation:

Based on the Type:

• Solutions
  • Chatbot
  • Customer Behavior Tracking
  • Customer Relationship Management (CRM)
  • Inventory Management
  • Price Optimization
  • Recommendation Engines
  • Supply Chain Management
  • Visual Search
• Services
  • Managed services
  • Professional services

Based on Technology:

• Machine Learning
• Natural Language Processing (NLP)
• Computer Vision

Based on the Application:

• Programmatic Advertising
• Predictive Merchandising
• In-Store Visual Monitoring
• Surveillance
• Market Forecasting
• Location-Based Marketing

Based on the Region:

• North America
• Latin America
• Asia-Pacific
• Europe
• Middle East and Africa.

Key Players in the market are:

• IBM (US)
• Oracle (US)
• NVIDIA (US)
• Google (US)
• Intel (US)
• SAP (Germany)
• Salesforce (US)
• International Business Machines Corporation
• Microsoft Corporation
• Accenture PLC
• Intel Corporation
• ViSenze Pte. Ltd.
• Evolv Technologies Inc.
• Amazon Web Services (US)
• Infosys Limited
• Numenta Inc.
• Sentient Technologies (US)
• ViSenze (Singapore).