Global Ai in Retail and E-commerce Market 2021 Size and Share: Future Demands, Growth Factors and Drivers, Emerging Trends, Competitive Landscape and Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Global Ai in Retail and E-commerce Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Ai in Retail and E-commerce Market products.

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Factors such as the growing trade on services across nations worldwide, backed by increasing urbanization and development of several new micro, small and medium enterprises are anticipated to promote towards the growth of the MARKET throughout the forecast period. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States recorded to be the largest exporters of international trade in services amongst all the OECD nations with a value worth USD 827 billion in the year 2018.

The report titled Global Ai in Retail and E-commerce Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2021-2025.

Global AI in Retail and e-Commerce Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
Overview
Globally, the retail industry has become more competitive than ever as customers have plenty of choices while buying any product. The retail sector has become much more diverse because every customer has different and customized needs, which makes it tough for retailers to target a group. AI is now being used by retailers to get real-time and in-depth insights to attract diverse shoppers.

The revolution of AI is changing the customer shopping experience. AI in retail offers several opportunities in the retail space, as retailers have massive customer data available with them. Retailers can now understand their customers better and provide personalized recommendations, which help in retaining the customers and open new revenue streams for retailers. Brick and mortar retailers are spending in AI-based solutions to understand their customers better and enhance their shopping experience. The e-commerce industry is using AI to focus on applications such as product recommendations, search analysis, analyzing consumer sentiments, and promotions.

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“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Market Analysis
According to Research, the global AI in retail and e-commerce market is expected to grow at a CAGR of 42.8% during the forecast period 2019–2025 to reach revenue of 19.37 billion by 2025. Various retail and e-commerce companies are investing in digital technologies such as IoT, AI, and big data to stay ahead of the competition. AI-based solutions are being adopted by retail and e-commerce companies to enhance the performance and to achieve higher profits & business growth. These solutions are also used for critical decision making around sales and merchandising planning, pricing strategies, and product promotions.

Market Segmentation Analysis
The report provides in-depth qualitative insights and validated market forecast or projections based on certain assumptions and historical data. The projections and trends featured in the report have been derived using proven research methodologies and assumptions based on the vendors’ portfolio, blogs, whitepapers, and vendor presentations. Thus, the research report represents every side of the market and is segmented based on regional markets, providers, applications, and organization size.

Competitive Analysis
The report covers and analyzes the AI in retail and e-commerce market. Major vendors across different verticals are planning for high investments in this market, and as a result, the market is expected to grow at an impressive rate in the coming years. The key players are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
The report contains an in-depth analysis of the vendors, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The prominent vendors covered in the report include IBM, SAP, Microsoft, AWS, SAS, JDA Software, Salesforce, Symphony RetailAI, Visenze, and Infinite Analytics among many others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.

IBM, SAP, AWS, and Microsoft are the key players in the AI in retail and e-commerce market. In 2017, Godrej Interio, a leading furniture brand in India, collaborated with IBM and selected Watson Commerce for increasing customer engagement and experience. Kroger, one of the America’s largest grocery store chain, and Microsoft partnered in January 2019 for creating high-tech grocery stores. In February 2019, Sansibar Stores partnered with SAP and is using SAP Customer Checkout application for monitoring sales in real time, offering customized discounts, time-related prices, and many more.

The report also includes the complete insights of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and to take informed decisions.

Regional Analysis
Europe held the largest market share in 2018 and is projected to dominate the AI in retail and e-commerce market during the forecast period. Retailers in this region are focusing on loyalty programs to make emotional connections with their customers, by leveraging the power of AI. The growing number of retailers’ partnerships in this region for expanding their services is driving the growth of the market. For example, IKEA, a home goods giant, acquired TaskRabbit, an online platform that connects skilled taskers with customers. In 2018, Metro AG, a Germany-based bricks-and-mortar retailer, invested in a start-up offering AI-based visual recognition solutions for in-store insights.

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Benefits
The report provides an in-depth analysis of the AI in retail and e-commerce market. Retailers can make the best use of the available data by deploying AI-based solutions for analyzing customer behavior, buying patterns, preferences so that personalized recommendations can be offered to them. With data-fueled customer insights, retailers can create unforgettable experiences for their customers and build long-term customer loyalty. Visual search is helping online as well as instore retailers to enhance revenue by being able to accurately suggest the product that the customers are looking for, ranging from apparels to household goods & accessories. The report discusses the market in terms of types, solutions, applications, and regions. Further, the report provides details about the major challenges impacting the market growth.

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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