LONDON--(BUSINESS WIRE)--The artificial intelligence (AI) market in retail sector is expected to grow by USD 14.05 billion during 2019-2023. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Companies operating in the retail sector are increasingly adopting AI solutions to improve efficiency and productivity of operations through real-time problem-solving. For instance, the integration of AI with inventory management helps retailers to effectively plan their inventories with respect to demand. AI also helps retailers to identify gaps in their online product offerings and deliver a personalized experience to their customers. Many such benefits offered by the integration of AI are crucial in driving the growth of the market.
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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 research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Artificial Intelligence (AI) Market in Retail Sector: Increased Applications in E-commerce
E-commerce companies are increasingly integrating AI in various applications to gain a competitive advantage in the market. The adoption of AI-powered tools helps them to analyze the catalog in real-time to serve customers with similar and relevant products. This improves both sales and customer satisfaction. E-commerce companies are also integrating AI with other areas such as planning and procurement, production, supply chain management, in-store operations, and marketing to improve overall efficiency. Therefore, the increasing application areas of AI in e-commerce is expected to boost the growth of the market during the forecast period.
“Bridging offline and online experiences and the increased availability of cloud-based applications will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Artificial Intelligence (AI) Market in Retail Sector: Segmentation Analysis
This market research report segments the artificial intelligence (AI) market in retail sector by application (sales and marketing, in-store, planning, procurement, and production, and logistics management) and geographic landscape (North America, APAC, Europe, MEA, and South America).
The North America region led the artificial intelligence (AI) market in retail sector in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as early adoption of AI, rising investments in R&D and start-ups, and increasing investments in technologies.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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