(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Jan. 31, 2023 (GLOBE NEWSWIRE) -- North America dominated artificial intelligence in the retail market with a higher revenue contribution due to the early adoption of AI technology and rising investments made in AI projects. The increasing spending on AI technology to create cutting-edge applications for enhancing the shopping experience in stores is the main factor driving global artificial intelligence in retail market. As a result, the most significant market share is predicted to belong to machine learning and deep learning technologies over the forecast period. In addition, rising online retail sales, a reliance on digital marketing, and favorable government legislation are the main drivers of the industry's growth on a global scale.
According to SkyQuest, AI adoption in retail and consumer products is expected to increase from 38% in 2022 to more than 75% by 2028. AI technologies are used by both online and offline retail businesses to engage customers and increase sales turnover.
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Artificial Intelligence (AI) in Retail is built on how companies have operated over the previous few decades. By reducing the time between having an idea and acting on it, AI is assisting businesses in the retail sector to make decisions faster in product management, marketing, e-commerce, and other business areas. Big data analytics and AI are crucial components of digital business. They can alter every aspect of a business, including how customers are managed in a better way.
Prominent Players in Artificial Intelligence in Retail Market
Amazon.com Inc. IBM Corporation Google LLC Microsoft Corporation Intel Corporation Oracle Corporation Nvidia Corporation Amazon Web Services Salesforce.com, Inc. ViSenze Pte. Ltd. Sentient Technologies SAP SE Accenture PLC Evolv Technology Solutions Inc. Talkdesk, Inc.
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Machine Learning Segment to Attract Larger Consumer Base Thanks to its Highly Reliable Features
The machine learning segment registered 23.7& CAGR in 2022 and is anticipated to cross a 27% growth rate by 2028. The continuing expansion of the market is facilitated by machine learning technology's improved precision and adaptability. Machine learning is the best method for giving clients individualized experiences because it swiftly and thoroughly processes data. Additionally, it aids business owners in streamlining supply chain plans and demand forecasts to boost inventory output. AI offers a range of advantages for the retail sector, including cost savings, quicker problem-solving, higher productivity, and quicker delivery of new goods and services. It is swiftly making its way into many cutting-edge solutions.
North America is predicted to hold the largest market share due to the presence of numerous developed countries concentrating on improving the current retail solutions. In addition, the leading AI solution suppliers are located in North America and used AI technology early on.
Customer Relationship Management (CRM) Segment to Capture Dominant Share in the Global Market
In the retail market, customer relationship management (CRM) had a 36% revenue share and is predicted to cross 43% share in 2028. Retailers can promote client loyalty and solid relationships by utilizing chatbots, search engines, and other technology. AI in the retail industry will increasingly focus on planning and product recommendations. Growth in artificially intelligent products and services across various industrial domains and verticals will be fueled by developments in big data analytics.
Asia Pacific is predicted to register a higher CAGR of 27.3% from 2022 to 2028. The region's growth results from technical development in nations like Japan, China, and India. The main drivers of the growth of the Asia Pacific AI in retail market are the quick uptake of smart devices and the broad application of 5G technology in the retail industry.
The artificial intelligence in retail market research study highlights the industry's top market participants with special emphasis on their detailed profiles. In addition, the latest research report also discusses important mergers, partnerships, collaborations, acquisitions regulations, product portfolios, product pipelines, and corporate policies.
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Key Developments in Artificial Intelligence in Retail Market
With the addition of three new AI processes for retailers, GPU manufacturer Nvidia is expanding its enterprise software lineup to increase demand for its hardware accelerators. The workflows are created using the current AI technology platform from Nvidia. For example, one tries to prevent ticket-switching fraud at self-service checkouts; one records customers and things across various camera views as a building block for cashier-less store systems; and one is for creating analytics dashboards from video from surveillance cameras. The internet giant Google Cloud has developed artificial intelligence-driven technology that enables shops to use pictures to track things on store shelves automatically. The technology is now in preview and is intended to be broadly available. The new invention uses a Google library for identifying products in images shot from various angles. Leading provider of retail automation, Focal Systems, recently announced a collaboration with Piggly Wiggly Midwest shops. Piggly Wiggly Midwest will be testing the Focal Operating System (FocalOS) in its stores in Wisconsin and Illinois. To automate and streamline ordering, inventory management, merchandising, and in-store personnel to provide customers with a better experience, FocalOS digitizes the entire business. A successful and ground-breaking partnership between Capgemini and Carrefour, one of the biggest retailers in Romania, was recently revealed. It entails setting up a cloud-based integration platform that offers Carrefour Romania a safe environment for delivering integration services and monitoring API traffic. In addition, Carrefour Romania wanted to make its backend services available online so that they can be covered by apps running on mobile devices and desktops with the ultimate goal of improving the customer experience in-store and online.
Key Questions Answered in Artificial Intelligence in Retail Market Report
What is the projected market size and CAGR over the forecast period? What are the most observed trends and patterns in the global market? Which are the key regions driving significant revenues in recent years? Which segments are anticipated to bring higher growth for the market?
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