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Artificial Intelligence Market in the retail sector North America and Europe
have Witness for Greater Demand
In recent times, artificial intelligence (AI) has become more prevalent in everyday life, as its adoption
has been increasing in several areas, including digital assistance and autonomous vehicles. Artificial
intelligence has gained huge interest of retail sector as brands and companies have rapidly started
adopting this technology, realizing the benefits of automating their operations. Artificial intelligence
has brought positive shift in the retail sector by improving the overall functional and operational
efficiency. The technology is enabling retailers to handle key issues against retaining knowledge,
detecting various frauds and making it easier to access the data. Through human like decision making
processes, artificial intelligence provides significant benefits to both the shoppers and the sellers in
the retail industry.
Combining big data in retail and natural language interface and machine learning, artificial intelligence
is enabling higher and interactive customer experience and allowing transformation in the old
customary process of engaging the retailers in aggressive customer management tasks. In retail
sector, artificial intelligence is expected to drive critical business decisions faster in marketing, ecommerce and product lifecycle management through transitioning business operations from data to
insights to more valuable actions.
Access Report Description At: https://www.psmarketresearch.com/market-analysis/artificialintelligence-in-retail-market
The major factor driving the demand for artificial intelligence market in retail sector has been the rapid
emergence of e-commerce worldwide. This has been encouraging the companies to offer enhanced
customer experience. Retailers are reaching out to their customers at personal level, while engaging
with them through deeper interactions and enhancing their brand value. Personalized online
shopping, demand for greater digital customer experience, optimization of the supply chain, and
improvement in inventory management are some of the factors driving the global artificial intelligence
market in retail.
In addition, major advancement in computer vision technology is also fueling the growth of the
artificial intelligence market in retail. Artificial intelligence allowing retail outlets to examine and
analyze various customer behaviors through video recording helps retailers in taking necessary
actions to streamline their sales and increase profit. Through artificial intelligence, retailers can
optimize key strategic areas such as pricing and replenishment, and automate their business
decisions through machine learning. This enables them to combine their quick decisions with their key
performance indicators (KPIs) such as margins and volumes to take competitive advantage of
dynamic market change and stay ahead of the competition. Therefore, the artificial intelligence market
in retail has a huge scope for rapid growth.
Globally, North America and Europe witness greater demand for artificial intelligence solutions in the
retail sector. The market is expected to witness the fastest growth in Asia-Pacific during the forecast
period, due to huge growth opportunity in retail industry and emergence and rapid adoption of
predictive technologies by major retailers.
A major challenge faced by retailers is maintenance of an appropriate amount of inventory, since
ordering too much of inventory may be a huge waste of time and money. On the other hand, lack of
enough inventory may lead to loss of potential customers. Artificial intelligence market in retail has
immense growth opportunities with improvement in inventory management. Through the monitoring of
weather patterns, dynamic consumer behaviors, and different purchasing rates, artificial intelligence
can help retail owners to make informed decisions to manage their inventory and understand
In addition, there is immense opportunity for the artificial intelligence market in retail to gain potential
growth through improvement in marketing and hiring of people. Through prescriptive and predictive
modeling based on the marketing campaigns, historical sales, discounts, and competitor strategies,
retailers can design their business strategies in a much more effective way, thus, converting audience
to potential customers. The challenges for retailers in adopting artificial intelligence at a vast scale are
lack of user expertise and difficulty in understanding different consumer behaviors to align their
business. However, the advantages of using artificial intelligence within retail industry are expected to
overcome such potential difficulties in near future.
Some of the major players in the artificial intelligence market in retail are IBM Corp