New York, NY, May 26, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled "Artificial Intelligence in Retail Market By Type (Offline, and Online), By Technology (Natural Language Processing, Machine Learning, and Deep Learning, and Others), By Solution (Customer Relationship Management, Payment Services management, Price Optimization, Product Recommendation, and Planning, Supply chain management and Demand Planning, Virtual Assistant, Visual Search, Others) By Service (Managed Services, and Professional Services), By Deployment Model (On-Premises, and Cloud), and By Application (In-Store Visual Monitoring and Surveillance, Location-Based Marketing, Market Forecasting, Predictive Merchandising, Programmatic Advertising, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026". "According to the research report, the global Artificial Intelligence in Retail Market was estimated at USD 2.7 Billion in 2019 and is expected to reach USD 20.05 Billion by 2026. The global Artificial Intelligence in Retail Market is expected to grow at a compound annual growth rate (CAGR) of 39% from 2020 to 2026". Digitalization in retail is much more than just linking objects. It's about turning data into observations that guide decisions that produce better market results.

Artificial Intelligence is anticipated to disrupt every business and enterprises across the world. One of the major factors that drive the growth of artificial intelligence market in retail is the advancement in big data, and adoption of artificial intelligence enabled devices and services across various different domains. Additionally, the expansion of human-aware artificial intelligence systems and the wide scope of AI technologies are the opportunities in retail market that exist at present. Further, artificial intelligence technologies are the future for many industries that are determined for effective, low-cost operations and high productivity in their respective business segments and markets. The factors that drive the market growth comprise of growing need for surveillance and monitoring at a brick and mortar store, rising responsiveness and application of artificial intelligence in the retail industry for effective logistics and product delivery, improved user-experience, amended productivity, and higher return on investment (RoI).

Artificial Intelligence is anticipated to disrupt every business and enterprises across the world. One of the major factors that drive the growth of artificial intelligence market in retail is the advancement in big data, and adoption of artificial intelligence enabled devices and services across various different domains. Additionally, the expansion of human-aware artificial intelligence systems and the wide scope of AI technologies are the opportunities in retail market that exist at present. Further, artificial intelligence technologies are the future for many industries that are determined for effective, low-cost operations and high productivity in their respective business segments and markets. The factors that drive the market growth comprise of growing need for surveillance and monitoring at a brick and mortar store, rising responsiveness and application of artificial intelligence in the retail industry for effective logistics and product delivery, improved user-experience, amended productivity, and higher return on investment (RoI).

Today with the growth of the internet of things there is a surge in usage of fast internet, smartphones, portable devices, smart TV, smart wearable and connected cars among retail consumers. This indicates the rise of connected consumers. This has made the huge impact in the retail landscape and the retail experience is evolving from multi-channel to Omni-channel. The connected consumer requires connected retail. Omni-channel retailing means establishing a presence on many channels and platforms (i.e. Physical stores remain the foundation of retailing, evidenced by the fact that - in the internet era, 90% of retail sales still take place in physical stores. According to eMarketer, the total retail sales in the US topped 4.53 trillion in 2013, of this brick-and-mortar sales still command a vast majority of the retail market nearly 4.27 trillion. According to A.T. Kearney, 95 percent of all retail sales are captured by retailers with a brick-and-mortar presence in total retail. Two-thirds of consumers who purchase online use the store before or after the transaction. The role of the brick & mortar store is changing, NOT going away. Stores remain at the heart of retailers' relationships with consumers, even in today's "Omni Channel" world where online and physical sales appear to rule. According to a report, When it comes to product trial and tests, respondents indicate a clear preference for physical stores. Despite the growing popularity of e-commerce and digital retailing are capturing headlines in news media and inspiring spirited debates (blah, blah..) retailers plan how best to invest for future success, including a plan to build an another planet. The e-commerce retail market share is only 263 billion. It is only 5.8% of the market share. Small basket, single channel, ineffective delivery, can't see, can't feel or try made it as a hard business model. Is pure play e-commerce is an unprofitable business model? Investment on e-commerce is "river of no returns"? Are we nearing the end of the e-commerce bubble? Is M-commerce the future of retail? Drop out, make an app, go viral and make money?