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AI in Retail and E-Commerce Market (Solution - Customer Insights and Relationship Management, Personalized Product Recommendation, Price Optimization, Supply Chain Management and Demand Planning, Intelligent Virtual Assistant, Visual Search, Payments, and Others; Application - Sales and Merchandise Planning, Reduced Fraud and Shrinkage, Logistics and Delivery, Trade Promotions Management, and Others; End-user - Brick & Mortar Stores, and E-commerce Stores): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : November, 2020

  • Rep Id : ICT1465

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on AI in Retail and E-commerce market provides an in-depth analysis of segments and sub-segments in the global 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 global 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 global AI in Retail and E-commerce market. According to the report, the global AI in Retail and E-commerce market is projected to grow at a CAGR of 42.85% over the forecast period of 2020-2026.

 

Market Insight

Artificial Intelligence has found its applications in several industry verticals with the potential to transform businesses through higher speed, low operational costs, and access to a depth of consumer and market data that promise a strong competitive edge. Artificial Intelligence in retail and e-commerce is enabling retail systems to work together to optimize customer experiences, forecasting, inventory management, and more. Artificial Intelligence technologies such as computer vision offer near-real-time intelligence to brick-and-mortar stores. That same data, when analyzed in the cloud, can provide additional business insights. Artificial Intelligence coupled with CRM software help to automate marketing activities, and predictive analytics to identify which customers are likely to buy cert Artificial Intelligence n products. It can also find when the customer had last visited the store and track the multiple visits and the products bought in the past. Artificial Intelligence can use this information to suggest good recommendations and offer personalized rewards like discounts, loyalty points, etc., for the current shopping needs. The cloud enables Artificial Intelligence workloads that require volumes of data from many different sources to be stored and processed. Moreover, with the help of IoT and Artificial Intelligence, retailers gain a comprehensive view of stores, shoppers, and products to help with inventory management. This, in turn, augments the application of Artificial Intelligence in retail stores.

 

The growing e-commerce industry is majorly augmenting the use of AI in retail and e-commerce. Rapid globalization and urbanization are driving the e-commerce sector around the world. It is expected that large global companies are likely to use e-commerce more intensively than less global firms. Moreover, the increasing penetration of the internet and smartphones is further propelling market growth. Growing telecommunication infrastructure coupled with cheaper prices of technology is augmenting the growth of the internet across the developing regions. However, the problems in integrating older technologies with AI pose a major challenge for market growth. The older technologies are usually incompatible with new systems such as ERP software and cloud-based systems. On the other hand, the adoption of innovative technologies such as IoT, VR, and automation is anticipated to augment market growth in the future. The recent advancements in the retail sector have gone as far as changing the way the industry does business by helping to create efficiencies, save money, and provide better products and services.

 

In terms of region, North America is anticipated to dominate AI in the retail and E-commerce market over the forecast period. The growing adoption of advanced technologies such as advanced analytics, virtual and augmented reality, advanced robotics, and artificial intelligence by the retail chains is majorly driving the growth of the North America AI in the retail and E-commerce market. Moreover, the government and private organizations are investing heavily in R&D for developing advanced AI systems. On the other hand, the Asia Pacific AI in the retail and E-commerce market is anticipated to grow with the fastest CAGR over the forecast period. The market growth in the Asia Pacific is attributed to rapid globalization, urbanization, and improving economic conditions. Furthermore, the governments in countries including China and India are promoting the development in the field of AI and Machine Learning, which in turn, augments the growth of the market in the Asia Pacific.

 

Segment Covered

The report on global 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.

 

Companies Profiled:

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., Versium Analytics Inc., ViSenze Pte Ltd, Sentient Technologies Holdings Limited, and Conversica Inc..

 

Report Highlights:

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 2020-2026. 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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