Sellbyville, DE -- (SBWire) -- 10/16/2018 --Artificial Intelligence in Retail Market in solutions segments is estimated to cross over 85% share in the revenue. The growing demand for the advanced analytics solutions among the retailers to extract the consumer data is propelling the growth. Services market is anticipated to grow at a CAGR of over 45% during the forecast timeline. The increasing demand among the retailers for the third-party services is the driving the growth.
AI in Retail Market is estimated to cross the USD 8 billion mark by the year 2024. The growth of the market is driven by the disruption of the technology in the retail sector. Enterprises are rapidly deploying new technologies to get an edge over competitors and provide a personalized shopping experience to the customers. The growing demand for the enhanced customer experience is also one of the major forces propelling the market growth.
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Recommendation engine is the most used solution among the retailers accounting for more than 35% share in the revenue. The growth of the recommendation engine market is credited to the rising demand for the personalized shopping experience among the customers. Furthermore, the demand for the visual search solutions is estimated to grow at a CAGR of more than 45% during 2018-2024.
As the competition among the enterprises is increasing, companies have started focusing more on providing improved shopping experience to gain customers' loyalty. Furthermore, rising investments in the AI and the development of new business models along with the advances in the data science are some of the major factors that foster the market growth. However, the data privacy and the lack of public private partnership are hindering the growth of the artificial intelligence in retail market.
Natural Language Processing (NLP) leads artificial intelligence in retail market with over 40% share in the revenue. The growing demand to provide the enhanced customer experience is the major force augmenting the market growth. Machine learning and deep learning technology are anticipated to surpass the NLP technology during the forecast period with a CAGR of over 42%. The artificial intelligence in retail market is driven by the increasing investments in machine learning and deep learning technology.
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North America accounts for over 35% share in the artificial intelligence in retail market. The increasing investments in the AI technology, the early adoption, and the presence of tech giants, such as AWS, Microsoft, Google and IBM, in the country also foster the market growth.
Asia Pacific artificial intelligence in retail market is anticipated to grow significantly with a CAGR of more than 45%. The growth of the market is driven by e-commerce industry in the region. Furthermore, the investment in the AI by the Chinese technology giants Alibaba and Baidu also fuel the market growth.
The companies that serve AI-powered solutions in the artificial intelligence in retail market are Google, Microsoft, IBM, AWS, Baidu, Intel, Oracle, SAP, Salesforce.com, Nvidia, Interactions, CognitiveScale, Lexalytics, Inbenta Technologies, NEXT IT, RetailNext, Sentient Technologies, Visenze, and BloomReach.
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Artificial Intelligence in Retail Market to Surpass US $8bn by 2024: AWS, Baidu, Google, Intel, Microsoft, IBM and 15 Other Companies Profile
Artificial Intelligence in Retail Market in Asia Pacific is anticipated to grow at a CAGR of over 45% during the forecast period.