AI is the theory and development of computer systems capable of performing tasks that require human intelligence. AI combines the power of various technologies such as machine learning, deep learning, and Natural Language Processing (NLP) along with many more supporting technologies. Thereby, leveraging the AI technology to perform numerous functions, such as product planning, sales management, Customer Relationship Management (CRM), visual search, web content optimization, Supply Chain Management (SCM), price optimization, and payment services management.

The Artificial Intelligence (AI) in retail market is expected to grow from USD 993.6 Million in 2017 to USD 5,034.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%. Factors such as increasing necessity for surveillance and monitoring at a physical store, growing awareness, and application of AI, enhanced user-experience, improved productivity, Return on Investment (RoI), maintaining inventory accuracy, and supply chain optimization are driving the global Artificial Intelligence in retail market.

The report provides detailed insights into the global AI in retail market, which is segmented by type, technology, solution, service, deployment mode, application, and region. In the types, the online (eCommerce) retail market will have the largest market share during the forecast period. The online retailing includes buying and selling of FMCG, CPG, apparels, electronics goods, and other forms of life essentials. It excludes entertainment and travel services offered online. Contrary to the brick-and-mortar stores, customers no longer have to stand in long queues to buy their preferred goods. They can purchase them easily through mobile applications and websites, sitting comfortably in their homes or offices. The AI-based solution are majorly adopted by the online retailers to target the customer, who want to shop from the comfort of their homes.

Among solutions, product recommendation and planning is expected to hold the largest market share and is expected to continue its dominating position during the forecast period. Product recommendation is a very powerful aspect of the overall shopping cycle for any shopper. eRetailers are using AI to give a personalized experience to their customers and give recommendations on products they would like to purchase by showing relevant products. Moreover, machine learning and deep learning technology will remain the most significant technology contributing highest revenue compared to other technologies.

Whereas, the in-store visual monitoring and surveillance application is expected to have the highest growth rate during the forecast period. AI for video surveillance analyze the images in order to recognize humans, vehicles, or objects by using computer software programs. This can help in curbing the issue of shoplifting which is one of the major reasons to incur financial loss in stores. The cloud deployment model is expected to exhibit a higher market share, due to the rising demand for 24*7 availability of accessible information and low-cost maintenance services.

The report covers all the major aspects of the Artificial Intelligence in retail market and provides an in-depth analysis for major countries across the regions of North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). North America, owing to the early adoption of new and emerging technologies and the presence of the major industry players, is expected to dominate the market in terms of market size, throughout the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of AI-based solutions and services among retailers.

The issues related to diverse development framework, models, mechanisms in AI, privacy concern, and lack of skilled staff are some major challenges faced by the retail users deploying AI, which needs to be enhanced to improve the growth of the Artificial Intelligence in retail market.

The AI in retail ecosystem comprises vendors such as IBM (US), Microsoft (US), Amazon Web Services (US), Oracle (US), SAP (Germany), Intel (US), NVIDIA (US), Google (US), Sentient Technologies (US), Salesforce (US), and ViSenze (Singapore). Other stakeholders of the Artificial Intelligence in retail market include vendors, research organizations, network and system integrators, AI managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers.

VISIONARY LEADERS

Vendors who fall into this category receive high scores for most of the evaluation criteria. They have a strong and established product portfolio, and a very strong market presence. They provide mature and reputable Artificial Intelligence in Retail solutions. They also have strong business strategies. Microsoft, IBM, Google, Salesforce.com, Intel, SAP, Oracle, and Amazon Web Services are some of the vendors who fall into the visionary leaders’ category.

INNOVATORS

Innovators in the MicroQuadrant are vendors that have demonstrated substantial product innovations as compared to their competitors. They have a much-focused product portfolio. However, they do not have a very strong growth strategy for their overall business. Inbenta Technologies, Narrative Science, Sentinent Technologies, Manthan Software Services, Appier.com, and Dynamic Yield are some of the vendors who fall into the innovators category.

DYNAMIC Differentiators

They are established vendors with very strong business strategies. However, they are low in their product portfolios. They focus on a specific type of technology related to the product. SAMSUNG, Infosys, Wipro, NVIDIA, Nuance Communications, MicroStrategy, IPsoft, and Happiest Minds are some of the vendors who fall into the dynamic differentiators’ category.

EMERGING COMPANIES

They are vendors with niche product offerings and are starting to gain their position in the market. They do not have much strong business strategies, as compared to other established vendors. They might be new entrants in the market and require some more time before getting significant traction in the market. Optoro, Daisy Intelligence, and ViSenze are some of the vendors who fall into the emerging companies’ category.

 

TOP VENDORS
In Artificial Intelligence in Retail

  1. MICROSOFT CORPORATION
    0 Reviews
    3.8
  2. GOOGLE INC
    0 Reviews
    3.8
  3. IBM CORPORATION
    0 Reviews
    3.7

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Artificial Intelligence in Retail Quadrant

Comparing [object Object] vendors in Artificial Intelligence in Retail across 109 criteria.
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KEY BUYING CRITERIA

Below criteria are most commonly used for comparing Artificial Intelligence in Retail tools.
Product Maturity
Company Maturity
Most IMPORTANT
0.0
0.0
0.0
Breadth and Depth of Product Offering
3.70
3.75
3.75
Product Features and Functionality
3.90
3.90
3.90
Focus on Product Innovation
2.90
2.60
2.90
Product Differentiation and Impact on Customer Value
3.35
3.35
3.35
Product Quality and Reliability
4.05
4.05
4.05
LEAST IMPORTANT LESS IMPORTANT

TOP VENDORS

  • Microsoft Azure has witnessed an unprecedented market traction and large-scale adoption by enterprises. The company, in 2016, earned a whopping USD 12.1 billion from commercial cloud deployments, witnessing a surge of more than 50% Y-o-Y. The Azure cloud platform is available in 140 countries and has 20 data centers. The American conglomerate has one of the best partner networks, including data partners, technological partners, and OEMs. The company’s partner network has helped it to constantly update and innovate its product portfolio. In the retail analytics market, Microsoft focuses on both organic and inorganic growth strategies to optimize its growth and remain competitive. With the launch of the Azure data and cloud services, the company assists developers in updating existing apps and designing new intelligent apps with the inherent power of AI services. With AI in the forefront, these products and services are expected to help the company gain a larger share of the retail analytics market. The company has also undertaken significant inorganic strategies, such as partnerships and collaborations. In March 2017, Microsoft partnered with Publicis Groupe, a global creative agency. The partnership would help Microsoft integrate Publicis Groupe’s marketing and data capabilities with Microsoft Azure and the Cortana Intelligence Suite.

    BUYERS
    VENDORS
    EXPERTS
    3.8
    ANALYSTS
     
    • Enterprise
    • Washington, US
    • Founded: 1975
    • More than $100 BN
    • 1,00,001 to 5,00,000
  • Google is one of the important players in providing an AI based solution for the retail market. To grow its presence in the market, the company is majorly focusing on the acquisition of AI-based startup, namely DNNresarch, DeepMindTechnologies, Moodstcok, HalliLabs, and Api.ai. Additionally, the company has increased its R&D expenditure of deep learning technology development. Apart from the acquisition, the company is continuously working with new product launch and product enhancements. For instance, the company in April 2016, launched “Goals” in the Google calendar, that apply machine learning to help the user in managing time. Additionally, the company announced Google Cloud Video Intelligence API as well as cloud machine learning updates. Along with that the company disclosed second-generation Tensor Processor Unit (TPU). It is also focusing on mobile first to AI first world transformation. In the transformation process, the company is adding deep learning, machine learning, and computer vision to all its products. Apart from this, the company has created a new venture fund that is focused on investing in machine learning and AI companies. Additionally, Google formed a partnership with major tech giants such Facebook, Amazon, IBM, and Microsoft to carry out research and promote best practices.

    BUYERS
    VENDORS
    EXPERTS
    3.8
    ANALYSTS
     
    • Enterprise
    • California, US
    • Founded: 1998
    • More than $100 BN
    • 75,001 to 1,00,000
  • Watson, an AI technology by IBM that can be applied across various verticals such as finance, retail, travel and hospitality, and healthcare. Watson uses NLP and machine learning to reveal significant insights from large volumes of unstructured data. Using the Watson suite of APIs, retailers can receive immense benefits by segmenting customers individually and personalizing their shopping experience. This ultimately results in frequent shopping escapades and thereby ensures higher customer loyalty.

    BUYERS
    VENDORS
    EXPERTS
    3.7
    ANALYSTS
     
    • Enterprise
    • New York, US
    • Founded: 1911
    • $50 BN to $100 BN
    • 1,00,001 to 5,00,000
  • Amazon is working on building AI intelligence in its application through research and technology development that will allow them to gain a competitive advantage over its competitors. Furthermore, the company has a huge team of experts that is continually working in research and innovation. Furthermore, it is a member of ‘Partnership on AI’ where technical giants are working together to develop AI for societies’ benefit. Moreover, the company would continue to concentrate on virtual assistance, NLP, and voice. To add to that Amazon is working towards AI-as-a-Service. Additionally, the company is incorporating AI tools into cloud computing and developer community. It is also leveraging on its recently launched 3 AI services to its product and services portfolio which includes Amazon Lex, Amazon Ploy, and Amazon Rekognition. Amazon has also considered partnership strategy to gain a strong foothold in the market. The company formed a partnership with NVIDIA to expand deep learning capabilities that will train developers on AWS for deep learning, and joint development tools for the broader development community. Being one of the biggest retail vendors, Amazon has gained recognition among the customers as well as vendors. This will help Amazon to give tough completion to its competitor in the market.

    BUYERS
    VENDORS
    EXPERTS
    3.6
    ANALYSTS
     
    • Enterprise
    • Washington, US
    • Founded: 1994
    • More than $100 BN
    • 501 to 1,000
  • Intel is among the market leaders in design and manufacturing of advanced integrated digital technology platforms. The company has a robust market presence and high investment in R&D, which has elevated its market position in the AI market. The company is serving both online and offline retail market and is aware of the changes going around the regions. At National retail Federation (NRF), Intel showcased latest technology-based solution for, real-time clothing, in-store 3D knitting, shoe matching platforms, and interactive product displays designed to boost customer engagement. The company is expected to continue its strategy of mergers and acquisitions of nascent companies in the AI business to strengthen its position. Recently, inorganic developments such as acquisitions of Nervana Systems and Saffron Technology has led to new hardware development, i.e., Intel’s Xeon Phi Processor. This acquisition be a major strategy that Intel has been following to enhance its AI portfolio, and get the advantage of expertise and technology as well as geographical market reach. Apart from acquisitions, the company is heavily investing in deep learning solutions. In January 2017, company announced its plan to invest more than USD 100 million over the next five years for advancing in retail industry. Additionally, Intel is also focused on the advancement of cognitive computing technology which will further strengthen its development in AI. Furthermore, the company joined ‘Partnership on AI’ association (Technology association aimed at establishing best practices for AI) that would help the company to take advantage of research and expertise of the association.

    BUYERS
    VENDORS
    EXPERTS
    3.3
    ANALYSTS
     
    • Enterprise
    • California, US
    • Founded: 1968
    • $50 BN to $100 BN
    • 1,00,001 to 5,00,000
  • SAP gained market recognition with the SAP HANA platform, an advanced product that is used by software companies to provide multiple applications to their customers. SAP saw a leap in its revenue, as more than 10,000 customers embraced the valued SAP platform since its inception. SAP HANA and SAP S/4HANA gained momentum as platforms that provide IoT robotics, AI, and context-rich applications to enterprises. Over the years, SAP has established itself as a global player in the retail analytics market which will further boost its penetration with the advent of AI technology. The company integrated its existing platform with other SAP products, such as SAP Predictive Maintenance, Connected Logistics, and Connected Manufacturing, to help enterprises analyse big data and improve business operations. Additionally, SAP’s co-innovation project with Aimickey Shoe Company in Chengdu, China, has been using machine learning to help customer design their shoes and try them on virtually. With the intent of expanding its presence in the million-dollar retail industry, SAP has invested a significant portion of its revenue to acquire relevant companies and improve its retail offerings. The company has acquired several reputed players to gain a strong foothold in the analytics and more specifically the retail analytics market. In 2005, the company acquired Triversity for its POS solutions; Khimetric for its price, promotion, and markdown solutions; and Applied Data Communications for its fresh item management grocery solutions. SAP also acquired KXEN to complement its in-house predictive analytical capabilities for the SAP Business Objects portfolio. The company has distinct product offering which helps it in gaining a distinct competitive advantage in the process.

    BUYERS
    VENDORS
    EXPERTS
    3.2
    ANALYSTS
     
    • Enterprise
    • Walldorf, Germany
    • Founded: 1972
    • 501 to 1,000
  • Oracle software solutions, platforms, and infrastructure technologies, along with professional and managed services will help in being one of the key players of AI in the retail market. It is actively investing a significant amount of its revenue in R&D. Its R&D expenditure in 2016 amounted to 16% of the total revenue as compared to 14% in 2015. The company maintains its global market position by expanding its product offerings and imparting AI capabilities with other technologies such as IOT, big data, and machine learning. Oracle aims to use its collection of more than 5 billion global consumer and business IDs along with more than 7.5 trillion data points (collected on a monthly basis) with Oracle’s compute power and AI algorithms, This will fuel the machine learning concept and advance the search outcomes with the help of the “Adaptive Intelligence” tool. To come par with its competitor, the company wants to offer its machine learning and AI offering with reduced complexity for its customers.

    BUYERS
    VENDORS
    EXPERTS
    3.1
    ANALYSTS
     
    • Enterprise
    • California, US
    • Founded: 1977
    • 1,00,001 to 5,00,000
  • BUYERS
    VENDORS
    EXPERTS
    2.9
    ANALYSTS
     
    • Enterprise
    • Seoul, South Korea
    • Founded: 1938
    • More than $100 BN
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.8
    ANALYSTS
     
    • Enterprise
    • Virginia, US
    • Founded: 1989
    • 501 to 1,000
  • The company is opting various strategies such as product developments, investment in AI technology, and partnership with key industry players. For instance, the company formed partnership on AI that are aimed at providing benefits of the technology to people and society. The partnership is a non-profit created to harness the power of AI in fielding, development, and testing of AI. In order to better leverage the technology and offer better services to the customers, the company formed partnerships on AI. Additionally, the company is also focusing on partnerships with key industry players, that include Amazon, Apple, Google, Facebook, Microsoft, and IBM; existing partners such as Opne AI, ALCU, AAAI; along with new partners such as Allen Institute for Artificial Intelligence (AI2), Digital Asia Hub, and eBay. Furthermore, Salesforce is investing heavily in AI and machine learning technologies.

    BUYERS
    VENDORS
    EXPERTS
    2.8
    ANALYSTS
     
    • Enterprise
    • California, US
    • Founded: 1999
    • $5BN to $10BN
    • 20,001 to 25,000
  • BUYERS
    VENDORS
    EXPERTS
    2.7
    ANALYSTS
     
    • Enterprise
    • Karnataka, India
    • Founded: 2018
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.6
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2005
    • Below $10 MN
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.6
    ANALYSTS
     
    • SME
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.6
    ANALYSTS
     
    • Enterprise
    • Karnataka, India
    • Founded: 1945
    • 1,00,001 to 5,00,000
  • Sentient has 3 core AI technologies such as deep learning, evolutionary computation, and neuro evolution that the company is working upon. The company provides solutions to eCommerce, digital marketing, finance, and government and political agencies. The company is primarily focused on R&D in the AI area across different industry verticals. Additionally, the company is also conducting various projects to understand better and implement AI to solve complex problems. To carry out these projects, the company is working with well-known institutes such as Oxford and MIT. Additionally, the company has raised funds of USD 103.5 million in series C, which brings the total company investment to more than USD 143 million. Sentient will be able to expand its AI products and services with the use of the funds. Furthermore, the company has formed a small group in Silicon Valley constituting companies such as Microsoft, Apple, Amazon, and Google for experimenting in the field of AI include industry veterans of various technology company such as Microsoft, Apple, Amazon, and Google along with other technology companies. In August 2017, the company has partnered with Digital Operative, so that it can provide its customers Sentient Ascend and in turn facilitate ecommerce experience optimization.

    BUYERS
    VENDORS
    EXPERTS
    2.5
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.5
    ANALYSTS
     
    • Enterprise
    • Massachusetts, US
    • Founded: 1992
    • $1BN to $5BN
    • 10,001 to 15,000
  • BUYERS
    VENDORS
    EXPERTS
    2.4
    ANALYSTS
     
    • SME
    • 501 to 1,000
  • NVIDIA markets various products featuring in the AI market. Some of these are Deep Learning Software, DGX-1 Deep Learning System, Jetson TX1 Supercomputer Module, NVIDIA DRIVE PX, NVIDIA TITAN X, Tesla P4, Tesla K80 Accelerator, TESLA M40 Accelerator, and Tesla P100 Data Centre Accelerator. The company is among the world leaders in the visual computing business. The company has a well-established geographic footprint and mainly deals with major Original Equipment Manufacturers /Original Design Manufacturers (OEMs/ODMs) all over the world. In addition to this, the company gained a first mover advantage with the launch of DGX-1, a complete integrated system for deep learning technology. The system includes deep learning software and hardware, which can be used for developing new deep learning technologies/products. Additionally, the company offers end-to-end hyper-scale data center platform. The platform is designed to accelerate the machine learning workloads of web-services companies. This platform includes 2 accelerators—the first is used to innovate and design new deep neural networks, while the other accelerator is a low-power accelerator used for deploying these neural networks across the data center

    BUYERS
    VENDORS
    EXPERTS
    2.4
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.2
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.2
    ANALYSTS
     
    • Startup
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.2
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.1
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    2.1
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    1.3
    ANALYSTS
     
    • Enterprise
    • Concord, Canada
    • 501 to 1,000
  • ViSenze provides intelligent image recognition solutions that reduce the path to action as customers search and discover on the visual web. Retailers such as Rakuten and Urban Outfitters use ViSenze to change pictures into direct product search opportunities, improving conversion rates. Media companies use ViSenze to turn any image or video into an engagement opportunity, driving more new and incremental dollars.

    Venture-backed by Rakuten and WI Harper, ViSenze is created by web specialists and computer scientists with deep machine learning and computer vision expertise. ViSenze has presence in US, UK, India, China and Singapore. The company originally started as a part of NExT, a leading research centre jointly established between National University of Singapore and Tsinghua University of China.

    BUYERS
    VENDORS
    EXPERTS
    1.3
    ANALYSTS
     
    • Enterprise
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2013
    • Below $10 MN
    • 101 to 500
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2005
    • $11MN to $50MN
    • 51 to 100
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • Illinois, US
    • Founded: 2013
    • Below $10 MN
    • 101 to 500
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2013
    • Below $10 MN
    • 101 to 500
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • Connecticut, US
    • Founded: 2006
    • Below $10 MN
    • 51 to 100
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2007
    • Below $10 MN
    • 51 to 100
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2008
    • 101 to 500
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • Bracknell Forest, UK
    • Founded: 1987
    • Below $10 MN
    • 51 to 100
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Enterprise
    • Pennsylvania, US
    • Founded: 1993
    • $1BN to $5BN
    • 1,001 to 5,000
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • California, US
    • Founded: 2012
    • $11MN to $50MN
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Startup
    • New York, US
    • Founded: 2004
    • Below $10 MN
    • 501 to 1,000
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Enterprise
    • California, US
    • Founded: 1979
    • $1BN to $5BN
    • 10,001 to 15,000
  • BUYERS
    VENDORS
    EXPERTS
    ANALYSTS
     
    • Enterprise
    • California, US
    • Founded: 1997
    • $500MN to $1BN
    • 1,001 to 5,000

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