The artificial intelligence in retail market is expected to grow at a CAGR of 34.4% from 2020 to reach $19.9 billion by 2027. Artificial intelligence technology in retail offers several benefits such as predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring & surveillance, and location-based marketing. In addition, the ability of AI solutions to enable next-level personalization, provide relevant recommendations to customers, improve retargeting strategies, and predict consumer behavior are also major driving factors for incorporation of AI in retail industry.
Here are the top 10 companies operating in Artificial Intelligence in Retail Market-
Founded in 1994 and headquartered at Washington, D.C., U.S.; Amazon company mainly focuses on advanced technologies such as artificial intelligence, cloud computing, consumer electronics, e-commerce, and digital streaming. Amazon’s Retail organization is at the center of that evolution with programs like Amazon Prime, Amazon Go, Whole Foods, private label products, and all of Amazon’s retail categories.
The company has its geographical presence in North America, Europe, Asia-Pacific, and the Rest of the world.
Founded in 1998 and headquartered in California, U.S.; Google LLC one of the global pioneers in internet-based products and services. Google’s product portfolio ranges from search engines, cloud computing, online advertising technologies, computer hardware & software. In addition to the product and services, Google is also cementing its feet in the home automation industry either directly or through its multiple subsidiaries. Google LLC offers suite of programs, including Shopping ads and Shopping Actions, that offer different ways for retailers or organizations to get the right products to the right customers in the retail industry.
Google has strong global network with more than 70 offices in 50 countries across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Founded in 1911, and headquartered at Armonk, New York, U.S.; IBM functions through five key segments such as Cognitive Solutions, Technology Services & Cloud Platforms, Global Business Services, Systems, and Global Financing. The company has a diverse and vast portfolio of products and services based on technologies, such as artificial intelligence, IoT, cloud computing, security, and more. IBM is the world’s enterprise AI leader and largest cybersecurity enterprise. With IBM Watson, the company offers innovative retail customer experiences in order to revolutionize store and supply chain operations. IBM Cloud uses cloud to connect and transform multichannel experience in retail industry.
The company offers solutions for its clients to transform their business and helps them to engage with clients and employees in effective manner.
Incorporated in 1968 and headquartered in California, U.S.; Intel Corporation is engaged in designing and manufacturing innovative products and technologies. The company operates in the market through six segments namely, Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solution Group (NSG), Intel Security Group (ISecG), Programmable Solution Group (PSG) and New Technology Group (NTG). Intel offers retail customers platforms and solutions to drive profits and improve customer loyalty through real-time inventory management, customer engagement, and personalized marketing. Deep learning and computer vision capabilities from Intel extend AI to the device and gateway level, giving retailers the ability to recognize loyal customers in the store, optimize inventory, or perform other intelligent tasks.
With its subsidiaries and a strong network of distribution, the company has its presence in various regions such as North America, Europe, Asia- Pacific, Latin America, and Middle East & Africa. Intel Corporation has more than 150 locations around the globe with assembly and test facilities in China, Costa Rica, Malaysia, and Vietnam. The major subsidiaries of Intel Corporation are Altera, Mobileye, Nervana Systems, Wind River, eASIC Corporation, and many more.
Founded in 1975, and headquartered at Redmond, Washington, U.S.; Microsoft Corporation is one of the leading technology providers globally. The company mainly offers software products primarily comprising Internet Explorer, Microsoft Windows OS, Microsoft Office Suite, and Edge Web browsers. Its leading hardware products are the Microsoft Surface lineup of touchscreen individual computers and Xbox video game consoles. Microsoft Corporation helps retailers deliver fully integrated technology solutions that bring retailers, shoppers and manufacturers into a common platform. Microsoft Corporation offers Dynamics 365 Retail that provides simplified retail operations, comprehensive omnichannel commerce across e-Commerce, in-store and optimize supply chain.
With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The major subsidiaries of the company include Double Fine Productions, GitHub, Semantic Machines, Mojang, Skype, LinkedIn Corporation and others.
A report into the projected growth of the current Artificial Intelligence in Retail Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2027, it’s expected to have grown at a CAGR of 34.4%, reaching over $19.9 billion.
Founded in 1993, and headquartered at Santa Clara, California, U.S.; Nvidia Corporation commonly referred to as Nvidia is an American technology company that designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on chip units (SoCs) for the mobile computing and automotive market. Nvidia Corporation offers retailers AI-powered solutions to navigate the next wave of smart retail. With intelligent video analytics (IVA), AI-powered inventory management, and customer and store analytics, retailers are able to deliver better customer experiences. In addition, using existing camera systems, retailers can install Nvidia IVA applications from NVIDIA software partners to improve loss prevention and significantly reduce shrinkage.
With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The major subsidiaries of the company include PGI Compilers & Tools, Icera, ULi Electronics Inc, ModViz, Inc., and others.
Founded in 1977 and headquartered at Redwood Shores, California, U.S.; Oracle Corporation develops and builds tools for database management and systems of middle-tier software, enterprise resource planning (ERP) software, customer relationship management (CRM) software, and supply chain management (SCM) software. The company offers an integrated suite of Oracle Retail Cloud services with embedded machine learning and AI technologies. With Oracle Retail Merchandising suite, retailers can simplify inventory management in a global omnichannel environment and inspire business users.
With its subsidiaries and a strong network of distribution, the company has its presence in North America, Europe, Asia-Pacific, and Middle East & Africa. The major subsidiaries of the company include NetSuite, Taleo, BlueKai, Dyn, Responsys, Textura Corporation, and others.
Founded in 1847, and headquartered in Walldorf, Germany; SAP SE is the market leader in enterprise application software, helping companies of all sizes by providing machine learning, internet of things (IoT), and advanced analytics technologies to help them turn customers’ businesses into intelligent enterprises. SAP SE provides an integrated suite of applications, intelligent technologies, and a digital platform for retailers to pursue innovative business models and deliver relevant personalized customer experiences. SAP SE offers many applications and platforms such as SAP S/4HANA, SAP Customer Activity Repository for merchandise management. This provides insights into operational retail data and provide users with contextual, real-time information using a simple user interface.
With its subsidiaries and a strong network of distribution, the company has its presence in various regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The major subsidiaries of SAP SE are SuccesFactors (U.S.), Qualtrics (U.S.), SAP Concur (U.S.), and more.
Founded in 2009 and headquartered at Mountain View, California, U.S.; BloomReach, Inc. is a software provider that empowers businesses to deliver a seamless and personalized experience to their customers. BloomReach, Inc. offers AI-driven search and merchandising tools, next-gen content management system, and digital experience platform architecture for its customers. In addition, the company has created the world’s first open and intelligent Digital Experience Platform (DXP) to accelerate the path to conversion, increase revenue, and generate customer loyalty for global brands such as Staples, Gues and Weleda.
With its subsidiaries and a strong network of distribution, the company has its presence in North America, Europe, and Asia-Pacific. Two of the major subsidiaries of the company include Hippo B.V. and ShopLogic, Inc.
Founded in 1999, and headquartered in San Francisco, California, U.S.; Salesforce.com, Inc. is an American cloud-based software company offering social enterprise software-as-a-service (SaaS) focused complementary suite of enterprise applications comprising customer services, marketing automation, analytics and application development. Salesforce.com, Inc. connects sales associates, partners, and employees with the key information they need to provide the right products and the kind of services to customers.
Salesforce.com, Inc. is best known for its salesforce customer relationship management (CRM) product that helps enterprises to build personalized customer experiences across all channels. Salesforce CRM for retail helps retailers to keep customers’ needs top of mind, listening to what they want, and responding instantly. Salesforce.com, Inc. offers solutions such as Intelligent Advertising, 1-To-1 Journeys, Unified Commerce and many others. The solutions are designed to enable display, search, and social advertising from a single integrated platform.
With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Some of the key subsidiaries of the company include Tableau Software, Pardot, MuleSoft, Heroku, Salesforce Marketing Cloud, Datorama Inc., and others.
Authoritative Research on the Artificial Intelligence in Retail Market – Global Opportunity Analysis and Industry Forecast (2019-2025)
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