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A recent report published by Infinium Global Research on BRIC AI in retail and e-commerce market provides an in-depth analysis of segments and sub-segments in the BRICs as well as regional BRIC AI in retail and e-commerce market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRIC and regional BRIC AI in retail and e-commerce market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of BRIC AI in retail and e-commerce market. According to the report, the BRIC AI in retail and e-commerce market is projected to grow at a CAGR of 47.86% over the forecast period of 2021-2027.
The BRIC AI in retail and e-commerce market was valued at USD 837.6 million in 2021 and is anticipated to reach USD 8752.7 million in 2027, growing with a CAGR of 47.86% during the projection period. Artificial intelligence (AI) is transforming the retail and e-commerce industry across the region. As the COVID-19 pandemic increases the popularity of online shopping, customers are demanding quicker, more seamless shopping experiences. As a result, artificial intelligence tools are experiencing an enormous spike in demand. Furthermore, the digital transformation and revolution in the retail and e-commerce industry are driving the adoption of AI in the retail and e-commerce sector. Retailers and brands across the region are rapidly implementing AI technology for optimizing intelligent automation in retail stores. The technology is helping retailers to boost the automation for both the online and offline services and consumer-facing aspects.
The increasing e-commerce industry is majorly augmenting the usage of Artificial Intelligence in retail and e-commerce. Rapid globalization and urbanization are boosting the e-commerce sector around the BRIC region. It is anticipated that large international companies are likely to use e-commerce more intensively than less global firms. Furthermore, the increasing penetration of the internet and smartphones is further driving market growth. Increasing telecommunication infrastructure along with cheaper prices of technology is enhancing the growth of the internet across developing regions. On the other hand, the problems in integrating older technologies with Artificial Intelligence pose a major challenge for market growth. The older technologies are generally incompatible with new systems such as ERP software and cloud-based systems.
China and India are likely to showcase rapid growth in BRIC AI in the retail and e-commerce industry during the forecast period owing to the growing digitalization. The retail and e-commerce industry of the region is going through a rapid transition phase. This is pouring the demand for advanced technologies to improve operations and consumer experience. For example, as per the SAP SE analysis, China has secured a 23.4% share of AI investments for the commerce and retail sector. Furthermore, India is anticipated to gain a substantial CAGR owing to the high demand for automation tools to improve decision-making capabilities and operations. The market growth in the BRIC region is accredited to rapid globalization, urbanization, and improving economic conditions. In addition, governments in countries including China and India are promoting the development in the field of Artificial Intelligence and Machine Learning, which in turn, augments the growth of the market in the BRIC region.
The report on BRICs AI in retail and e-commerce market covers segments such as solution, application, and end-user. On the basis of solution, the sub-markets include customer insights and relationship management, personalized product recommendation, price optimization, supply chain management and demand planning, intelligent virtual assistant, visual search, payments, and others. On the basis of application, the sub-markets include sales and merchandise planning, reduced fraud and shrinkage, logistics and delivery, trade promotions management, and others. On the basis of end-user, the sub-markets include brick & mortar stores, and e-commerce stores.
The report provides profiles of the companies in the market such as IBM Corporation, SAP SE, Microsoft Corporation, Amazon.com, Inc., SAS Institute Inc., Alphabet Inc., Oracle Corporation, Salesforce.com Inc., Intel, and NVIDIA.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of BRIC AI in retail and e-commerce market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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