Empowering Retail with AI: The Key to Operational Efficiency and Enhanced Customer Experience

According to a market research report by Fact.MR, the global artificial intelligence (AI) in retail market is expected to witness significant growth in the coming years. The report suggests that the market will register a compound annual growth rate (CAGR) of around 30.3% from 2023 to 2033.

The increasing adoption of AI in the retail industry is driven by factors such as the need to enhance the customer shopping experience, increase operational efficiency, and optimize inventory management. AI-powered solutions are being used in various areas of the retail industry, such as customer service, marketing, sales, and supply chain management.

The report also highlights that the North America region is expected to dominate the global AI in retail market, followed by Europe and Asia-Pacific. This is primarily due to the presence of leading technology companies in these regions and the increasing adoption of advanced technologies in the retail sector.

Key Learnings:

• In terms of components, the solution segment's revenue share in 2022 was greater than 72%.
• In 2022, the machine learning segment produced more than 31% of revenue, based on technology.
• The pure-play market segment gained a sizable revenue share based on sales channels.
• According to application, the customer relationship management sector will account for about 21.50% of total revenue in 2022.
• The North America region accounted for more than 39% of revenue share in 2022, according to geography.

Competitive Landscape

The competitive landscape of the global artificial intelligence (AI) in retail market is highly fragmented, with the presence of a large number of players. The market is characterized by intense competition, with players focusing on developing advanced AI-powered solutions to gain a competitive edge.

Some of the key players operating in the market include:

1. IBM Corporation
2. Microsoft Corporation
3. Amazon Web Services
4. SAP SE
5. Intel Corporation
6. Google LLC
7. Oracle Corporation
8. Salesforce.com Inc.
9. NVIDIA Corporation
10. RetailNext Inc.

These companies are focusing on strategic collaborations and partnerships with other players in the market to expand their market presence and offer innovative AI-powered solutions to customers. For instance, in February 2021, IBM Corporation and Adobe Inc. announced a collaboration to help enterprises build and deploy intelligent customer experiences using AI-powered solutions.

The report by Factmr suggests that market players are also investing heavily in research and development activities to introduce innovative AI-powered solutions in the retail industry. For instance, in May 2021, Microsoft Corporation announced the launch of a new AI-powered solution for the retail industry called "Microsoft Cloud for Retail." This solution is designed to help retailers deliver personalized customer experiences, optimize operations, and streamline supply chain management.

Regional Insights

The global artificial intelligence (AI) in retail market is segmented into various regions, including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

• North America is expected to dominate the global AI in retail market, primarily due to the presence of leading technology companies in the region and the increasing adoption of advanced technologies in the retail sector. The United States and Canada are the major countries driving the growth of the AI in retail market in North America.
• Europe is also expected to witness significant growth in the AI in retail market, primarily due to the increasing adoption of AI-powered solutions in the retail industry and the presence of a large number of market players in the region. The United Kingdom, Germany, and France are the major countries driving the growth of the AI in retail market in Europe.
• The Asia-Pacific region is expected to witness the highest growth rate in the AI in retail market, primarily due to the increasing adoption of advanced technologies in the retail sector and the growing e-commerce industry in the region. China, Japan, and India are the major countries driving the growth of the AI in retail market in Asia-Pacific.
• Latin America and Middle East & Africa are also expected to witness significant growth in the AI in retail market, primarily due to the increasing adoption of advanced technologies in the retail sector and the growing e-commerce industry in these regions

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