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The global artificial intelligence (AI) in retail market size is expected to be USD 31.18 billion by 2028. The integration of AI-based search engines to boost customer service and improve revenue growth will create lucrative opportunities for AI in retail in the forthcoming years, states Fortune Business Insights, in a report titled, “Artificial Intelligence (AI) in Retail Market Size, Share & COVID-19 Impact Analysis, By Offerings (Solution, Services), By Function (Operation-Focused, and Customer-Facing), By Type (Online and Offline), By Application (Predictive Analytics, In-Store Visual Monitoring & Surveillance, Customer Relationship Management, Market Forecasting, Inventory Management, and Others), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), and Regional Forecast, 2021-2028” The market size stood at USD 3.75 billion in 2020 and is expected to exhibit a CAGR of 30.5% between 2021 and 2028.
Launch of AI Demand Modeling Studio by Antuit.ai to Fortify Market
Talkdesk, Inc. announced an AI-based Talkdesk Retail Smart Service in June 2021, which provides automated self-service to customers and allows support workers to focus on other revenue-generating tasks. The services provide increased consumer interaction and tailored recommendations. Antuit.ai's AI Demand Modeling Studio is designed to be entirely configurable, allowing organizations to supplement, expand, adjust, and drive the continued development of the models, placing the power to create and apply AI to produce accurate demand projections in their hands.
antuit.ai's AI models, or BYOD, may now be configured in the same low-code modeling studio by the Center of Excellence (COE) or data science teams. The introduction of AI-based Talkdesk Retail Smart Service can have a tremendous impact on the AI in retail market growth during the forecast period due to the consumer demand and more precise future demand of AI-based models in the retail industry.
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Booming E-commerce Industry to Bolster Speedy Growth
E-commerce websites and virtual stores are quickly expanding. Consumers may now search for any new product using innovative tactics such as product pictures, videos, and speech. By analyzing searches and mining metadata, artificial intelligence improves the functionality of visual search. The visual search engine makes use of artificial intelligence (AI) to monitor, follow, and forecast, increasing purchasing patterns, improving consumer experience and engagement. According to research issued by Syte Visual Conception Ltd. 2020, almost 80% of customers begin their purchasing experience with a visual search. As a result, it's become critical for shops to use AI-based search engines in order to improve customer service.
Furthermore, AI-powered search capabilities assist merchants in gaining important customer insights and making superior business decisions, which, in turn, will enable speedy expansion of AI in the retail market. Retailers must anticipate AI-driven search engines to provide a vast data pool as well as possible development possibilities.
Introduction of Customer-targeted Solutions to Escalate Competition
Major Companies in the industry are introducing customized and customer-targeted solutions. Companies are improving their product portfolios by using modern technology, which helps important players stay ahead of the market competition. In addition, prominent competitors are implementing partnership, merger, and acquisition tactics to increase market share. For instance, IBM Corporation and Nielsen Holdings plc cooperated in September 2020. Watson Advertising Weather Targeting, a sophisticated technology that provides weather and product sales analytics, will be released.
The Report Lists the Key Companies in the Market:
Further Report Findings:
The AI in Retail Market is segmented into:
Value (USD billion)
Offering; Function; Application; Type; Technology; and Geography