Top Companies in Artificial Intelligence in Retail Market; Focused on your Competitor to be a Winner

Global Artificial Intelligence in Retail market is valued at 2,938.20 USD Million in 2021 and is projected to reach a value of 17,086.54 USD Million by 2028 at a CAGR of 34.10% over the forecast period. The adoption of artificial intelligence in retail is transforming the industry in a new era of how companies track their operations to augment business strategies, provide better outcomes, and engage with customers in the digital world. The growth in the global artificial intelligence in the retail market is driven by factors such as perpetually growing internet users and smart devices, increasing awareness about AI and big data & analytics, and government initiatives towards digitization. Furthermore, the adoption of multichannel or Omnichannel retailing strategy, untapped opportunities to increase sales efficiency, enterprises' demands for streamlining the business process, and growing need to enhance end-user experience and to take advantage of market dynamics are also contributing to the growth of the global artificial intelligence in retail market.

The COVID-19 pandemic has adversely hit many economies around the globe. Due to this, governments across the world are forced to shut retail plants, retail stores, and import-export operations, which has disrupted the overall supply chains. With the COVID-19 pandemic, there have been significant impacts on consumer behavior; product demand; and retail store, factory, and logistics services. Many countries have imposed temporary closures to non-necessity stores, bars, and venues except food & grocery stores and pharmacies, which have greatly affected the retail business, especially brick-mortar retail stores. The COVID-19 outbreak has accelerated the significance of online shopping channels, as consumers are considering online platforms as their primary shopping channel. This has given retailers and consumer good organizations a great opportunity to adopt sustainability initiatives that integrate with their digital presence. Therefore, retailers are using the e-commerce platform and online marketplaces to capitalize on this changing trend.

Following are the top 11 leading companies in the Artificial Intelligence in Retail Market:

1. IBM

International Business Machines Corporation is an American multinational technology corporation headquartered in Armonk, New York, with operations in over 171 countries. The company is investing in it what it calls cognitive computing systems, led by the Watson artificial intelligence platform, that help customers analyze massive amounts of data to make better decisions. Among other areas, the company is betting on for growth are artificial intelligence, security, cloud, systems, quantum computing, and more. IBM's information technology, business services, and software units are among the largest in the world. While the company has placed less emphasis on hardware, the company maintains enterprise server and data storage product lines that are among industry leaders.

2. Microsoft

Microsoft Corp. was established in 1975. Headquartered in the U.S., the company engages in the provision of developing and marketing software and hardware services. The company's products include operating systems for computing devices, servers, phones, and intelligent devices. It also offers server applications for distributed computing environments, productivity applications, business solution applications, desktop and server management tools, software development tools, video games, and online advertising.

3. Amazon Web Services

Amazon Web Services, Inc. is a subsidiary of Amazon providing on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered pay-as-you-go basis. These cloud computing web services provide a variety of basic abstract technical infrastructure and distributed computing building blocks and tools. One of these services is Amazon Elastic Compute Cloud (EC2), which allows users to have at their disposal a virtual cluster of computers, available all the time, through the Internet. AWS's virtual computers emulate most of the attributes of a real computer, including hardware central processing units (CPUs) and graphics processing units (GPUs) for processing; local/RAM memory; hard-disk/SSD storage; a choice of operating systems; networking; and pre-loaded application software such as web servers, databases, and customer relationship management (CRM).

4. Oracle

Oracle was established in 1977. Headquartered in the U.S., the company provides products and services that address enterprise information technology (IT) environments. The enterprise software company offers a range of cloud-based applications and platforms as well as hardware and services to help companies to improve their processes. The company also provides enterprise resource planning, data management, collaboration, content and experience, business analytics, IT operations management, security, and emerging technologies.

5. SAP

SAP SE's software forms a company's nerve center. Its enterprise resource planning software integrates back-office functions such as analytics, accounting, distribution, and human resources, and comes in on-premises and cloud-linked forms. While the sale and servicing of its legacy on-premises offering bring in the majority of the company's revenue, SAP is going all-in on cloud computing and software-as-a-service with its flagship application suite S/4HANA as an alternative to its legacy SAP Business Suite. Besides enterprise software, SAP Concur provides expenses management and SAP Fieldglass provides external workforce management. The company serves more than 440,000 customers in upwards of 25 industries across more than180 countries. Germany is the largest single market accounting for about 15% of total revenue. In 2019, SAP acquired Qualtrics for $7.1 billion, the second-largest acquisition after Concur.

6. Intel

Intel was established in 1968. Headquartered in the U.S., the company operates by supplying processors for leading computer system manufacturers such as Lenovo, Apple, HP, Dell, and others. The company also manufactures network interface controllers, motherboard chipsets, integrated circuits, flash memory, graphics chips, embedded processors, and other devices related to communications and computing. Intel is one of the main players in the artificial intelligence sector and has done partnership with GE to deliver artificial intelligence solutions. The company offers Intel processors for deep learning to be used in cloud-to-edge devices.

7. NVIDIA

Nvidia Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units for the gaming and professional markets, as well as system on chip units for the mobile computing and automotive market. The company is listed as NVDA (NASDAQ) in the stock exchange market. In 2020, the company generated revenue of USD 1.02 Billion and had 18,100 employees working across the globe.

8. Google

Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include a search engine, online advertising technologies, cloud computing, software, and hardware. Google’s parent company Alphabet Inc. is considered one of the Big Five American information technology companies, alongside Amazon, Apple, Meta, and Microsoft. The company's rapid growth since incorporation has included products, acquisitions, and partnerships beyond Google's core search engine, Google Search. The company offers services designed for work and productivity Google Docs, Google Sheets, and Google Slides, email-Gmail, scheduling and time management Google Calendar, cloud storage Google Drive, instant messaging and video chat Google Duo, Google Chat, and Google Meet, language translation Google Translate, mapping and navigation Google Maps, Waze, Google Earth, and Street View, podcast hosting Google Podcasts, video sharing YouTube, blog publishing Blogger, note-taking Google Keep and Jamboard, and photo organizing and editing Google Photos.

9. Sentient technologies

Sentient is globally recognized as the leading provider of mission-critical technology for lenders. Sentient introduces scalable, instantaneous lending solutions that improve financial outcomes and accelerate origination workflow. The company's Sentient Predictive Lending Platform makes everything you do easier, faster, and more effective. Transform data into insights with an edge, the kind that comes from structured, objective modeling and high-performance computing. Validate predictive solutions that support your most important investment and risk management decisions.

10. Salesforce

Salesforce is the world’s no 1 customer relationship management (CRM) platform. They help their marketing, sales, commerce, service and IT teams work as one from anywhere so they can keep their customers happy everywhere. Salesforce unites their marketing, sales, commerce, service, and IT teams from anywhere with Customer 360 one integrated CRM platform that powers their entire suite of connected apps. With Customer 360, anyone can focus their employees on what’s important right now: stabilizing their business, reopening, and getting back to delivering exceptional customer experiences.

11. ViSenze

ViSenze started in 2012 with a mission to make the visual world more searchable. Today, ViSenze works with global brands such as Zalora, DFS, Meesho, and Urban Outfitters to drive millions in incremental revenue and grow their retail businesses. The company powers product discovery journeys and delivers exceptional shopping experiences. The world’s leading retailers trust ViSenze AI-driven Smart Search, Recommendations, and Catalog Enrichment solutions that shorten the conversion path for consumers online and in-store.

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For More Information about each of these companies. Vantage Market Research Report comes up with a detailed analysis of each major player in the industry. The Study provides Global market size & share, Emerging trends, In-depth analysis of key players, Development opportunities, Sales, Revenue Forecast.