Information Communication and Technology Reports Artificial Intelligence in Retail Market

Artificial Intelligence in Retail Market size is expected to grow from
USD 736.1 Million in 2016 to USD 5,034.0 Million by 2022
According to a new market research report " Artificial Intelligence in Retail Market by Type (Online, Offline),
Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment
Mode (Cloud, On-Premises), Application, Region - Global Forecast to 2022", published by MarketsandMarkets™,
The AI in retail market size is expected to grow from USD 993.6 Million in 2017 to USD 5,034.0 Million by 2022, at a
Compound Annual Growth Rate (CAGR) of 38.3%.
The key factors driving the growth of the AI in retail market include the increasing need to streamline omnichannel
retailing and customer turnover.
Browse and in-depth TOC on “Artificial Intelligence in Retail Market”
61 - Tables
32 - Figures
138 - Pages
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The machine learning and deep learning technology is expected to have the largest market share during the
forecast period.
Among the technologies, the machine learning and deep learning segment is expected to have the largest market
share during the forecast period. Organizations in the retail industry are using the machine learning and deep
learning technology to offer a more personalized experience to the end-users as well as to provide an interactive
environment to them. Furthermore, the rising technology adoption can be attributed to the need for streamlining
retail operations, minimizing efforts, and increasing revenue for retailers.
The visual search segment is expected to grow at the highest CAGR during the forecast period.
Among the solutions, the need for visual search solutions is expected to grow, due to their increasing popularity
among eRetailers as well as shoppers. Customers usually click and save the images of the products they like. Visual
search solutions provide users the option to search for the products they wish to buy by simply uploading its image
or the URL. Visual search solutions are observing a surge in demand, due to the attractiveness of searching
products by simply uploading pictures instead of basic text-based search. Moreover, uploading the product images
simplifies the search and also increases the customer turnover for eRetailers, as they can offer more options to the
shoppers for similar products.
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North America is expected to have the largest market share while Asia Pacific (APAC) is projected to grow at the
highest CAGR during the forecast period.
Among the regions, North America is expected to continue to dominate the market with the highest market share
during the forecast period. This is mainly because of the presence of several developed economies, such as the
United States (US) and Canada, and the region’s focus on enhancing the existing solutions. North America hosts
the major AI solution providers and is an early adopter of the AI technology. Many retailers in this region have
deployed AI-based solutions to optimize their supply chain operations and inventory. AI is helping the retailers in
managing and maintaining their customers, and understanding the buying patterns of the consumers. To engage