global AI in Retail Market revenues will see massive growth from USD 5,399 Mn in 2018 to an excess of USD 18,297 Mn in 2023. Artificial Intelligence can act as a boon for online and offline retail companies that gather and possess customer data.
Fremont, United States - January 7, 2020 /MarketersMedia/ —
AllTheResearch predicts increasing investments in AI by retail companies and expanding e-retail industry, which will double the AI in retail market by 2025. Today’s retail industry is fragmented and competitive than ever before. Digital transformation of the retail industry has been going on for years now. It has increased the speed, efficiency, and accuracy across every branch of the retail business. The emergence of Artificial intelligence in retail has brought advanced data and predictive analytics systems that are helping companies make data-driven business decisions.
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With the emergence of new technologies like IoT, mobile, and AI, most retail giants have realized the potential of leveraging these technologies for transforming their retail operations and customer experience. Small players in this industry are yet to apply these technologies, as they are expensive. But giant online and offline stores like Lowes, Walgreens, Sephora, Taco Bell, Walmart, Amazon, Zola, etc., have started investing huge amounts in these technologies.
AI is Transforming the global retail market. Artificial Intelligence has been the most promising development in the tech environment in recent times. According to AllTheResearch, global AI revenues will see a massive growth from USD 5,399 million in 2018 to an excess of USD 18,297 million in 2023. Artificial Intelligence can act as a boon for online and offline retail companies that gather and possess customer data.
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AI can derive meaningful conclusions from the massive amount of data and help companies create personalized shopping experiences via highly structured web shops, intelligent in-store bots, and online chatbots. With the help of AI technology, virtual racks and trial rooms are built which makes it easy for customers to try clothes without creating clothes pile. This saves times by letting them know the look and styling of the clothes. This technology gives customers recommendations based on their preferences and style quotient.
Global AI in Retail Market:
Globally, artificial intelligence (AI) in retail is growing at a fast pace and so, by 2030, one-third of workers in the U.S. will need to switch occupations due to increased use of robotics and automation. The global spending on artificial intelligence (AI) is expected to reach $35.8 billion in 2020, a 44% increase over 2018. By 2022, spending on AI systems is expected to more than double with a compound annual growth rate of 38% from 2018 to 2022. The U.S. will account for nearly two-thirds of all AI spending in 2019. Retail is leading the global spend on AI systems this year, with this category projected to invest $5.9 billion on solutions like automated customer service agents, shopping advisers, and product recommendation platforms. Banking will invest $5.6 billion in AI solutions, including automated threat intelligence and prevention systems and fraud analysis and investigation. Alibaba, the China-based international e-commerce giant has set up cashier-free stores, with the first one in Hangzhou. This was the Tac Cafe. Customers can dine and shop here, order what they want using interactive screens, and exit the store without the need to pause at the checkout counter. Alibaba also opened checkout-free grocery stores in 2016, called Hema supermarket. This was their flagship venture into their vision for New Retail.
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There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.
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