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Global Artificial Intelligence Market in Retail Sector 2019-2023
July 31, 2019 | Business WireEstimated reading time: 2 minutes
The global artificial intelligence (AI) market in retail sector is expected to post a CAGR of more than 35% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global artificial intelligence (AI) market size in retail sector is the increased efficiency of operations. Retail and consumer product companies are entering a new phase of digital transformation by adopting AI-powered intelligent automation in their core operations. The deployment of AI-powered machines helps manufacturers in increasing efficiency with real-time problem-solving and reduced cost of operations. Retailers are boosting their product discovery with better data through automated catalog management and are delivering a personalized experience to their customers. Thus, the automation of operations using AI and big-data powered solutions helps retailers to increase productivity along with efficiency.
As per Technavio, the increased applications in e-commerce will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global artificial intelligence (AI) market in retail sector 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) Market in Retail Sector: Increased Applications in E-Commerce
Advances in AI technology are changing the conventional shopping experience of consumers. From traditional stores to websites, and from chatbots to voice assistants, the integration of AI with e-commerce has raised marketing standards. Some of the key benefits of AI in e-commerce include improved customer recommendations, automated customer service experience through chatbots, and personalized shopping experience. Such advantages of integrating AI in e-commerce will boost the adoption of AI in the retail sector.
“Apart from the increased applications of AI in e-commerce, other factors such as the increased availability of cloud-based applications, and the ease in handling customer-front operations will have a significant impact on the growth of the artificial intelligence (AI) market in retail sector during the forecast period,” says a senior analyst at Technavio.
Global Artificial intelligence (AI) market in retail sector: Segmentation Analysis
This market research report segments the global artificial intelligence (AI) market in retail sector worth by application (sales and marketing; in-store; planning, procurement, and production; and logistics management), and geographic regions (North America, APAC, Europe, MEA, and South America).
The North American region led the artificial intelligence (AI) market in retail sector in 2018, followed by APAC, Europe, MEA, and South America respectively. The artificial intelligence (AI) market in retail sector report identifies factors such as the presence of technology giants, and the growing advances in deep learning and ML algorithms to account for the market dominance of North America during the forecast period.
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