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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 : August, 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 in-depth analysis of segments and sub-segments in the global as well as regional AI in retail andE-commerce market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AI in the 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 the retail and E-commerce market is projected to grow at a CAGR of 42.8% over the forecast period of 2020-2026.

 

Market Insight

The retail sector has observed several changes in the past decade, as a number of advanced technologies are adopted for various applications across the industry. The players in the retail sector are using such technologies to leverage their business operations and ultimately increase their revenue. Moreover, the emergence of E-commerce platforms has reformed the aspect of retailing. A large part of the consumer base has adopted online shopping owing to the convenience and discounts they offer. Furthermore, E-commerce websites adopted various advanced technologies such as Big Data and AI to streamline their business functions and accumulate higher revenues. Through the deployment of AI solutions, retail companies can improve the consumer experience by offering them customized product options and better discounts. AI technology can also be used at the back end, to optimize the logistics and supply chain as well as to record and analyze the financial transactions. Additionally, the growing investment in advanced technologies such as AI, IoT, and Big Data by the key players in the retail industry is expected to drive the AI in the retail market. Major companies in the retail sector including Wal-Mart, Costco, Tesco, and Amazon are investing heavily in the development of AI technology.

 

Although lockdown orders by the governments across several countries have decreased the customer visits to the retail stores, reducing the revenue of the retail sector, the spread of coronavirus is expected to create lucrative opportunities for AI in the field of retail and E-commerce. Currently, the global economy has been hit hard by the COVID19 pandemic leading to growing unemployment and lowered incomes. Weak economic conditions discourage people and organizations to spend on non-essential products and services and save money on essential goods and services. Nevertheless, online sales are up significantly over the previous years as the spread of coronavirus has forced many shoppers to stay at home and away from physical stores. However, online spending has also tapered significantly. However, a rise in the awareness regarding AI and its applications in retail and E-commerce is expected to boost the growth of the market in the next few years.

 

On the flip side, the lack of technological infrastructure required for integrating AI in retail and E-commerce is majorly hampering the growth of the market. To integrate AI into the business, most of the business functions are required to be digitalized. It is difficult to digitalize all the business in some of the developing economies due to lack of availability or due to budget constraints. Moreover, the growing penetration of the internet and smartphones is augmenting the adoption of AI in retail and E-commerce. The consumer data generated from the internet and smartphone devices is analyzed by the AI to offer insight into consumer behavior and their buying pattern. The higher penetration of the internet and smartphones provide a large amount of data, which helps companies to target a broader consumer base.

 

In terms of region, North America generated the highest revenue for AI in retail and E-commerce. The dominance of North America in the global market is attributed to the higher adoption of advanced technologies by the people and organizations. Moreover, the greater investment by the major companies in the retail and E-commerce sector is anticipated to support the domination of North America in the global market. On the other hand, the Asia Pacific AI in the retail and E-commerce market is expected to grow with the highest rate owing to the booming retail and E-commerce industry in the region. Moreover, the improving technological environment in the Asia Pacific is augmenting the implementation of AI in the retail and E-commerce industry.

 

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., ViSenzePte 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 the 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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