Artificial Intelligence in Retail: Introduction
- Implementation of artificial intelligence technology in the retail market changes the overall shape of the retail market. By using artificial intelligence, retailers are now able to create data models to derive insights and in turn build predictive or prescriptive decision engines. Retailers use artificial intelligence for forecasting the demand and to make better data-driven decisions.
- Implementation of artificial intelligence in the retail process provides retailers the ability to automate the whole process in a way that would increase efficiency, accuracy, and scaling of operations. Artificial intelligence in retail is also used to transform and structure data from an unstructured or a semi-structured format to structured data i.e. one used by the marketplace. It also makes workflow easier, reduces communication complexity, and increases contact center interaction.
- The global artificial intelligence in retail market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies across the globe.
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Global Artificial Intelligence in Retail Market: Dynamics
Global Artificial Intelligence in Retail Market: Key Drivers
- Increasing demand for simplification of workflow at physical retail stores and easy analysis of data is estimated to boost the artificial intelligence in retail market during the forecast period
- Growing need for better surveillance and monitoring at physical retail stores is estimated to boost the artificial intelligence in retail market during the forecast period.
- Implementation of augmented and prescriptive intelligence, machine learning, and artificial intelligence in retail also enables analysts to forecast markets with greater accuracy, which is a major factor that is likely to propel the artificial intelligence in retail market in the next few years
- Rise in demand for better communication, the need to generate more revenue, enhance end-user experience and interaction with the physical environment to accomplish diverse activities and improve productivity across the globe is estimated to boost the artificial intelligence in retail market during the forecast period
- A rise in rate of adoption of cloud computing technologies across various sectors is projected to boost the demand for artificial intelligence in retail market
- Growing awareness among end-users and rise in the number of applications of AI in the retail industry is also expected to propel the artificial intelligence in retail market during the forecast period
- Increasing demand to maintain inventory accuracy and supply chain optimization in retail is projected to boost the demand for artificial intelligence in retail market
- However, lack of awareness leading to low rate of adoption of artificial intelligence by small and medium size retailers is anticipated to hamper the artificial intelligence in retail market during the forecast period
- Incompatibility issues with infrastructure and lack of skilled staff is also projected to hinder the artificial intelligence in retail market during the forecast period
Impact of COVID-19 on the Global Artificial Intelligence in Retail Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown and millions of employees are working from home for the first time during this pandemic. This is expected to change the conservative corporate culture. Hence, demand for better observation, study, and analysis of market conditions, and data is increasing during this pandemic. This is expected to continue during the forecast period. Hence, COVID-19 has a positive impact on the artificial intelligence in retail market. This is projected to indirectly propel the global artificial intelligence in retail market in the next few years.
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North America to Hold Major Share of the Global Artificial Intelligence in Retail Market
- In terms of region, the global artificial intelligence in retail market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global artificial intelligence in retail market with the largest share mainly because of the presence of developed economies, such as the United States and Canada. The U.S. is a key market in the region due to the early adoption and implementation of artificial intelligence in retail. Many retailers have deployed AI-based solutions to optimize their supply chain operations and inventory in the region.
- The artificial intelligence in retail market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing adoption of AI-based solutions and services among retailers in the region.
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