Driving Productivity and Sales with Artificial Intelligence in Retail 2028
Artificial Intelligence (AI) in Retail is rapidly transforming the retail industry, with the market expected to reach USD 33.28 Billion by 2028, growing at a CAGR of 35.60%. The eCommerce revolution and the emergence of innovative technologies such as mobile, Internet of Things (IoT), and AI have led to the adoption of AI-enabled retail solutions. AI-based systems can eliminate manual guesswork, improving activities such as inventory assortments, product promotions, and identifying supply chain complexities. The rapid expansion of the retail industry and the increasing need to monitor physical stores, improve productivity, and enhance customer experience are driving the market growth for AI in retail.
With the emergence of innovative technologies such as mobile, internet of things (IoT), and artificial intelligence (AI), retail giants have realized the potential of these technologies for transforming their customer experience and retail operation. AI has proved to be a potential game-changer with AI-enabled retail solutions. The complex processes such as temperature, and product weight can be comprehended with a set of algorithms to transform customer experience and interaction seamlessly. AI manages approximately 85% of the retail companies, and now with AI + IoT, retailers can focus on omnichannel customer experience.
AI-based systems possess the ability to eliminate manual guesswork for activities such as conducting inventory assortments, product promotions, and identifying supply chain complexities, among others. Retailers are already experimenting with the application of AI in retail, and some of them are experimenting with customers’ orders to be shipped without the actual purchase confirmation.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in R&D activities are expected to boost market growth during the forecast period.
Competitive Landscape:
Competitive landscape of global Keyword market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Keyword market:
Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others.
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The global market is further segmented into type and application:
Type Outlook (Revenue: USD Billion; 2018-2028)
- Online Retail
- Offline Retail
Technology Outlook (Revenue: USD Billion; 2018-2028)
- Machine and Deep learning
- Natural Language Processing
- Others
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
- Cloud
- On-Premises
Solution Outlook (Revenue: USD Billion; 2018-2028)
- Product recommendation and planning
- Visual Search
- Price Optimization
- Customer Relationship Management
- Supply Chain Management and Demand Planning
- Payment Service Management
- Virtual Assistant
Application Outlook (Revenue: USD Billion; 2018-2028)
- Programmatic Advertising
- Market Forecasting
- Predictive Merchandising
- Location-based marketing
- In-Store Visual Monitoring and Surveillance
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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