Global AI in Retail and E-commerce Market – Detailed Analysis and Forecast by 2026
The Infinium Global Research analyzes the AI in Retail and E-commerce Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global ai in retail and e-commerce market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of ai in retail and e-commerce. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the ai in retail and e-commerce market during the period.
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Rise in the Awareness Regarding AI and Its Applications in Retail and E-Commerce is Expected to Boost the Growth of the Market
The retail sector has observed several changes in the past decade, as a number of advanced technologies are adopted for various applications across the industry. The players in the retail sector are using such technologies to leverage their business operations and ultimately increase their revenue. Moreover, the emergence of E-commerce platforms has reformed the aspect of retailing. A large part of the consumer base has adopted online shopping owing to the convenience and discounts they offer.
Furthermore, E-commerce websites adopted various advanced technologies such as Big Data and AI to streamline their business functions and accumulate higher revenues. Through the deployment of AI solutions, retail companies can improve the consumer experience by offering them customized product options and better discounts. AI technology can also be used at the back end, to optimize the logistics and supply chain as well as to record and analyze the financial transactions. Additionally, the growing investment in advanced technologies such as AI, IoT, and Big Data by the key players in the retail industry is expected to drive the AI in the retail market. Major companies in the retail sector including Wal-Mart, Costco, Tesco, and Amazon are investing heavily in the development of AI technology.
Although lockdown orders by the governments across several countries have decreased the customer visits to the retail stores, reducing the revenue of the retail sector, the spread of coronavirus is expected to create lucrative opportunities for AI in the field of retail and E-commerce. Currently, the global economy has been hit hard by the COVID19 pandemic leading to growing unemployment and lowered incomes. Weak economic conditions discourage people and organizations to spend on non-essential products and services and save money on essential goods and services. Nevertheless, online sales are up significantly over the previous years as the spread of coronavirus has forced many shoppers to stay at home and away from physical stores. However, online spending has also tapered significantly. However, a rise in the awareness regarding AI and its applications in retail and E-commerce is expected to boost the growth of the market in the next few years.
On the flip side, the lack of technological infrastructure required for integrating AI in retail and E-commerce is majorly hampering the growth of the market. To integrate AI into the business, most of the business functions are required to be digitalized. It is difficult to digitalize all the business in some of the developing economies due to lack of availability or due to budget constraints. Moreover, the growing penetration of the internet and smartphones is augmenting the adoption of AI in retail and E-commerce. The consumer data generated from the internet and smartphone devices is analyzed by the AI to offer insight into consumer behavior and their buying pattern. The higher penetration of the internet and smartphones provide a large amount of data, which helps companies to target a broader consumer base.
North America Generated the Highest Revenue for AI in Retail and E-Commerce
In terms of region, North America generated the highest revenue for AI in retail and E-commerce. The dominance of North America in the global market is attributed to the higher adoption of advanced technologies by the people and organizations. Moreover, the greater investment by the major companies in the retail and E-commerce sector is anticipated to support the domination of North America in the global market. On the other hand, the Asia Pacific AI in the retail and E-commerce market is expected to grow with the highest rate owing to the booming retail and E-commerce industry in the region. Moreover, the improving technological environment in the Asia Pacific is augmenting the implementation of AI in the retail and E-commerce industry.
AI in Retail and E-commerce Market: Segmentation
The report on global AI in retail and E-commerce market covers segments such as solution, application, and end-user. On the basis of solution, the sub-markets include customer insights and relationship management, personalized product recommendation, price optimization, supply chain management and demand planning, intelligent virtual assistant, visual search, payments, and others. On the basis of application, the sub-markets include sales and merchandise planning, reduced fraud and shrinkage, logistics and delivery, trade promotions management, and others. On the basis of end-user, the sub-markets include brick & mortar stores, and E-commerce stores.
AI in Retail and E-commerce Market: Competitive Landscape
The report provides profiles of the companies in the market such as IBM Corporation, SAP SE, Microsoft Corporation, Amazon.com, Inc., SAS Institute Inc., Alphabet Inc., Versium Analytics Inc., ViSenzePte Ltd, Sentient Technologies Holdings Limited, and Conversica Inc.
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