The global AI in retail market is anticipated to grow at a 36.5% CAGR during the forecast period 2021-2027 and is expected to reach USD 6.4 billion by 2027. Factors attributing to the growth of AI in retail market include mounting necessity for superior surveillance and monitoring at a physical store, increased awareness and application of AI and big data & analytics in retail industry, enhanced productivity, improved customer experience, providing inventory accuracy, and optimize the supply chain. Furthermore, increased penetration of internet users and smart devices, initiatives by the government towards digitalization, usage of omnichannel retailing strategy, demand for streamlining business processes will further proliferate the growth of the AI in retail market.
The COVID-19 pandemic has highlighted the importance of online shopping channels as consumers are choosing online platforms for their buying needs. Thus, giving retailers and consumers an opportunity to adopt sustainability initiatives to have a digital presence, thereby e-commerce platforms and online marketplaces are the trends that are prevalent in the market.
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Based on offering, the global AI in retail market is bifurcated into solutions and services. The solution segment is further divided into the chatbot, recommendation engine, price optimization, visual search, SCM, and others. The solution category contributes to the largest share in the market. The increasing challenges to managing retail operations will propel the novel and innovative automated solutions in the industry. The AI-based retail solution will aid retailers to manage logistics, supply chain operations, warehouse management, and enhanced customer experience.
North America contributes to the largest share in the market as they are early adopters of AI technology and have massive technology investment in AI. Furthermore, retailers are using AI-based solutions for the optimization of supply chain management and inventory.
In October 2021, Accenture has agreed to buy BRIDGEi2i, an artificial intelligence (AI) and analytics company based in Bengaluru, India, with additional offices in the United States and Australia. Accenture's Applied Intelligence group will gain around 800 highly talented employees as a result of the acquisition, bolstering, and expanding up its worldwide capabilities in data science, machine learning, and AI-powered insights.
The prominent players for the AI in the retail industry include Oracle Corporation, Infosys Limited, Intel Corporation, Amazon Web Services Inc., ViSenze Pte. Ltd., Microsoft Corporation, Google LLC, Evolv Technologies Inc., Numenta Inc., SAP SE, Accenture PLC, Salesforce.com Inc., and IBM Corporation.
Source: VynZ Research