The artificial intelligence in retail market has also experienced a boom of start-ups that cater to this market. These startups are prophesized to transform the retail experience for retailers as well as the customers. Some of the proficient startups in this field include Artifacia, Bloomreach, Infinite Analytics, Mona, Msg.ai, Layer 6 AI, Optoro, Sentient, Wayblazzer, Pinterest, and SiteZeus among others. The growth of the market in the coming years is also supported by the private equity and venture capital investments rolling out every year. In the year 2016 the global investments in overall AI market accounted for approximately US$ 26Bn - 39 Bn, where retail sector had a significant contribution. Furthermore, the enhancing ability to captivate maximum benefits such as automated customer operations, improvised inventory forecast, and profound personalized marketing campaigns is suspected to drive the growth in adoption rate of AI in retail industry.
Inception of exponential technologies such as sensors, robotics, virtual reality, and artificial intelligence in the retail industry has enabled the retailers to enhance their interactions with consumers and transformed the way retail operations were performed. This change in the industry is prominently driven by the seismic shift in the shopping pattern of the consumers, and their preferences backed by demographic dividend across regions. Global artificial intelligence in retail market is expected to grow from US$ 712.6 million in 2016 to US$ 27,238.6 million by 2025 at a CAGR of 51.2% between 2017 and 2025.
According to the artificial intelligence in retail market analysis, IBM Watson, Amazon, Google Inc., Plexure, Focal Systems, Sentient Technologies Holdings Limited, ViSenze, Salesforce, Microsoft Corp, and Tata consultancy are a few key players operating in the artificial intelligence in the retail market. In addition, several other important artificial intelligence in retail market players were studied and analyzed during the course of this study to get a holistic view of the global & regional market share and its ecosystem.
As the hardware systems get replaced gradually by software solutions, various operations have not only become less expensive but also easier to operate. Lately, analytics have turned out to be a key opportunity for the retailers for cost-saving adjustments to their sales and customer services processes. Analytics offers retailers the ability to identify sales opportunities, such as cross-selling and upselling, to assess and upgrade their performance. In terms of customer management, speech analytics is anticipated to attain significant traction in the coming years. Communication is a key to retail customers in the field of retail.
Browse More Reports by The Insight partners:
Automotive Tire Aftermarket:
https://www.theinsightpartners.com/reports/automotive-tire-aftermarket-market
Metastatic Cancer Drug market:
https://www.theinsightpartners.com/reports/metastatic-cancer-drug-market
Plant Based Meat Products market:
https://www.theinsightpartners.com/reports/plant-based-meat-products-market
Zinc Oxide market
https://www.theinsightpartners.com/reports/zinc-oxide-market
Depth of Anesthesia Monitoring market:
https://www.theinsightpartners.com/reports/depth-of-anesthesia-monitoring-market