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A recent report published by Infinium Global Research on AI in retail and e-commerce market provides in-depth analysis of segments and sub-segments in the GCC as well as regional AI in retail and e-commerce market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional 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 GCC AI in retail and e-commerce market. According to the report, the GCC AI in retail and e-commerce market is projected to grow at a CAGR of 40.77% over the forecast period of 2021-2027.
The GCC AI in retail and e-commerce market was valued at USD 409.11 million in 2021 and is anticipated to reach USD 3182.86 million in 2027, growing with a CAGR of 40.77% during the projection period. As the GCC region has a large population with great internet penetration, the key players of the market have a major target market in numerous GCC countries. Furthermore, Saudi Arabia, one of the GCC country has a primarily young and wealthy population; the country is ranked among the top 20 richest countries in terms of spending power; consequently, the country's citizens' high spending power is a driving factor in the growth of AI in retail and e-commerce. Moreover, the COVID-19 outbreak provided an unanticipated push and gave the sector a new, accelerated growth as seen in the region's market. This is owing to a rapid shift in consumer behavior, which has been fueled in large part by the new normal of social distancing, movement limitations, and reduced capacity in physical stores.
The growing trend of online shopping has brought a rapid change in consumer needs and shopping behaviors. It becomes essential for retail and e-commerce industries to develop customer-centric solutions, which advance customer experience and drive business outcomes. Furthermore, there is a large and complex data set available with retailers in numerous forms such as natural language, images, and videos. Big data alone cannot process this complex data set, and therefore retailers require AI technology for growing their value further. Moreover, AI-based applications are playing a significant role in the automation of the retail process, and several applications have yielded increased ROI for retail companies. On the other hand, lack of infrastructure and higher implementation costs hinder market growth.
Among the geographies, the UAE is expected to hold the largest share in the GCC AI in retail and e-commerce markets owing to a rise in strategic trails to launch novel retail technologies. The major factors that are pouring the growth of the AI in retail and e-commerce market are the increasing adoption of AI technology in the retail and e-commerce industry. In addition, retailers in the GCC region are improving their existing retail spaces by adopting AI-based solutions for enhancing the consumer shopping experience and managing product inventories. For instance, The Dubai Mall also partnered with Noon to permit over 24 leading brands to sell online, plummeting the necessity to invest in e-commerce.
The report on GCC 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 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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