Industry Background:
Artificial Intelligence in Retail is basically use of smart computing power enabled machines and robots in retail which enhances efficiency and productivity, which indirectly help in increase profit margins. The use of artificial intelligence involves use of tools such as Machine learning, big data analytics, etc. along with complex algorithms which are made to aid humans or even work without human supervision. The use of artificial intelligence also enhances customer experience with voice search, virtual trial rooms and cash free counters like mechanisms. Application of A.I. in logistics and transport along with warehouse management would also increase pace of delivery and reduce the wastage which naturally occurs due to human aid. The Market of Artificial Intelligence is currently dominated by North America with Major Players too coming from North America. Though because the industry is still in its early age, it has lot of developments to carry out.This growth is primarily driven by Increased Efficiency and Productivity
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Business Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), Accenture plc (Ireland), Amazon Web Services (United States), SAP SE (Germany), Oracle (United States), Google (United States), Intel (United States), Apple Inc. (United States), Salesforce (United States) and People.Ai (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2020, Apple Inc., American Multinational Tech Giant announced the acquisition of Xnor.ai. XNOR is a leading innovator in the Artificial Intelligence space developing artificial intelligence algorithms, with the application of machine learning and image recognition tools. The company is especially known for its AI algorithms quick response time. The acquisition will help Apple enhance its focus on edge computing which strengthens Apple’s privacy-first principles and also speeds up processing.
In 2020, Accenture, Ireland based Multinational Company operating in a variety of businesses such as IT, Consulting, Cloud services, etc. have announced the acquisition of Byte Prophecy Pvt. Ltd. Byte Prophecy specializes in and provides big data analytics solutions. With the acquisition, Accenture aims at meeting the increasing demand for enterprise-scale artificial intelligence and digital data insights. The acquired company will also accelerate the rate of delivery and complement Accenture’s consultancy business.
Influencing Trend:
Cashless Counters are Gaining Popularity and Use of Artificial Intelligence Powered Robots in Retail
Market Growth Drivers:
Increased Efficiency and Productivity and Reduction in Loss due to Better Prediction Mechanism
Challenges:
Uncertainties or Doubts about Artificial Intelligence among Many Retail Stakeholders and Difficulty in Adopting with New Technology for Traditional Retail Workers
Restraints:
High Cost of Deployment or Initial Setup, Poor Pre IT Infrastructure in Developing Countries and Increased Incidents of Numerous Cyber Threats
Opportunities:
Countries with Low Working Group Populations such as Japan or South Korea Present Excellent Opportunities and Increasing Adoption in Less Developed Countries with Increased Democratization of Technology
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Artificial Intelligence in Retail Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Artificial Intelligence in Retail Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Artificial Intelligence in Retail players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Artificial Intelligence in Retail Study Sheds Light on
The Artificial Intelligence in Retail Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Artificial Intelligence in Retail industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Artificial Intelligence in Retail industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.