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 Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36255973 Major Key Companies: The major vendors providing AI in retail solutions and services include Microsoft (US), Google (US), IBM (US), NVIDIA (US), Intel (US), Oracle (US), Sentient Technologies (US), Salesforce (US), Amazon Web Services (US), SAP (Germany), Inbenta Technologies (US), Nuance Communications (US), SAMSUNG (South Korea), Narrative Science (US), Daisy Intelligence (Canada), Infosys (India), Wipro (India), Happiest Minds (India), MicroStrategy (US), Dynamic Yield (US), IPsoft (US), Appier.com (Taiwan), ViSenze (Singapore), Manthan Software Services (India), and Optoro (US). 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. 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.