AI in Retail Market 2020 – 2024 | Machine learning technology segment to record CAGR of 42%
Category: #technology  By Ronak Bora  Date: 2020-01-15
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AI in Retail Market 2020 – 2024 | Machine learning technology segment to record CAGR of 42%

AI in retail market from the machine learning technology segment is anticipated to register a CAGR of 42% over 2018-2024. This progress would also be driven by growing adoption of machine learning technology by retailers to deliver an enhanced customer experience and facilitate customers with a unique and personalized shopping experience.

Global AI in retail market is set to witness momentous growth over the forthcoming years. A considerable percentage of this growth can be attributed to the surging investment across the technology sector, particularly due to the widening application avenues of artificial intelligence technologies like machine learning and advanced analytics.

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It is anticipated that AI would be kicking off the next phase of digital revolution, which is currently gripping numerous industrial sectors. Several market players are preparing themselves to capitalize on this trend, enabling investments in the technology to grow rapidly.

When looking at the market landscape through the perspective of technology, the segment of machine learning is projected to record a highly favorable growth rate. Significant developments and technological advancements in advanced machine learning as well as deep learning algorithms would emerge as distinguished forces fueling growth of artificial intelligence (AI) in retail sector.

In terms of the component segment, recommendation engine solutions have been leading providers of growth for the AI in retail market landscape, commanding more than 30% revenue share in 2017.

Growing popularity of ecommerce platforms is a major factor driving growth into the segment. Ecommerce companies leverage the capabilities of AI-driven engines to further personalize their customers’ shopping experience.

The Natural Language Processing segment accounts for more than 40% of AI in retail market share. Increasing demand to facilitate an enhanced customer experience has been playing a prominent role in promoting market outlook.

When it comes to the regional landscape of AI in retail industry, North America has established itself as a market leading geography. The region’s prominence has been attributed to the presence of a number of tech giants like Microsoft, IBM, Google and AWS. These global technology giants wield the power to influence industry growth in a substantial manner.

North America is leading the AI in retail market, accounting for more than 50% share in 2017. The growth of the market is attributed to high investments in the AI technology in the region. The presence of major players, such as Microsoft, Google, and IBM, also fosters the growth. Furthermore, the region is the biggest hub for the start-ups. Silicon Valley and New York are homes for over 15,000 active start-ups with more than two million tech workers.

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APAC AI in retail market trends are expected to proliferate majorly in the years to come, attributed to increasing investments in Artificial Intelligence and the growing digitalization trend throughout the region. Currently, China is establishing itself as a prominent AI in retail player across the APAC and, by extension, the world. The country is leading in terms of investments, accounting for approximately 17% of the overall external investments across AI technology.

Some Points From Table Of Content: -

Chapter 6.   AI in Retail Industry, By Technology

6.1.  Key trends, by technology

6.2.  Machine learning & deep learning

6.2.1. Market estimates and forecast, 2013 - 2024

6.2.2. Market estimates and forecast, by region, 2013 – 2024

6.3.  Natural language processing (NLP)

6.3.1. Market estimates and forecast, 2013 - 2024

6.3.2. Market estimates and forecast, by region, 2013 – 2024

6.4.  Computer vision

6.5.  Others

Chapter 7.   AI in Retail Market, By Application

7.1.  Key trends, by application

7.2.  Automated merchandising

7.2.1. Market estimates and forecast, 2013 - 2024

7.2.2. Market estimates and forecast, by region, 2013 – 2024

7.3.  Programmatic advertising

7.3.1. Market estimates and forecast, 2013 - 2024

7.3.2. Market estimates and forecast, by region, 2013 – 2024

7.4.  Market forecasting

7.4.1. Market estimates and forecast, 2013 - 2024

7.4.2. Market estimates and forecast, by region, 2013 – 2024

7.5.  In store AI & location optimization

7.6.  Data science

7.7.  Others

Browse Complete Table of Content @ http://decresearch.com/toc/detail/artificial-intelligence-ai-retail-market

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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