North America to dominate the Cognitive Computing in Retail Market through 2026
Increasing expenditure
capacity of consumers and growing demand for personalized shopping experience is
expected to drive the demand for global cognitive computing in retail market in
the forecast period.
According to TechSci Research report, “Global
Cognitive Computing in Retail Market By Component (Platform, Services
(Managed, Professional)) By Technology (Machine Learning, Natural Language
Processing, Deep Learning, Robotics, Computer / Machine Vision) By Deployment
(Cloud, On-Premises) By Application (Customer Experience, Price Optimization,
Demand Forecasting, Inventory Management, Automation, Others) By Company, By
Region, Forecast & Opportunities, 2026”, the global cognitive computing
in the retail market is expected to witness steady growth in the next five
years. Cognitive computing is defined as self-learning technology that takes
the help of algorithms to behave like the human brain's thought process to
efficiently utilize big data. e-Commerce channels integrate cognitive computing
technology with their website to help the customers to select the best product
based on their preferences. The process can be done by making the potential
customers fill up the form by listing the specification, they are looking for a
product and all the other crucial information about the customer. The cognitive
computing system analyzes multiple sets of data to create personalized shopping
experiences. Cognitive computing technology provides the feature of price
optimization. It analyzes the demand for a particular product and then decides
if the price has to be lowered or raised. Price optimization is also used for
competition benchmarking and the retailers use this information to make
informed decisions on optimizing their price to make maximum profit.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities around the globe imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities
imposed the restrictions on import and export activities which negatively
affected the supply chain. Rapid preference shift of the consumers to buy
through the online channels to avoid the interaction with other people and
practice social distancing contributed to surging the demand for e-commerce
sites around the globe.
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Global
cognitive computing in retail market is segmented into component, technology,
deployment, application, regional distribution, and company. Based on the deployment,
the market can be bifurcated into cloud and on-premises. The cloud deployment
segment is expected to hold a major market share in the forecast period,
2022-2026. Using the cloud-based model helps in reducing the operational cost
and it has unlimited storage capacity. It is scalable and can be accessed from
any remote location. Based on the application, the market can be divided into
customer experience, price optimization, demand forecasting, inventory
management, automation, and others. The demand forecasting segment is expected
to witness growth in the next five years. It predicts the number of sales of a
particular product and helps organizations to maintain a proper supply chain.
It helps in the management of inventories by providing accurate results to make
informed decisions.
SparkCognition,
Inc., Expert System USA, IBM Corporation, Microsoft Corporation, Google LLC,
Teradata Corporation, Cisco Systems, Inc., Hewlett Packard Enterprises Co.,
CognitiveScale, Inc., Deepmind Technologies, Amazon Web Services, Inc., Enterra
Solutions LLC, SAS Institute, Inc., Virtusa Corporation, Tata Consultancy
Services Ltd are the leading players operating in global cognitive computing in
retail market. Service Providers are increasingly focusing on research and
development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several cognitive
computing in retail service providers are coming up with their technologically
advanced offerings.
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“The
rise in the implementation of digitization initiatives taken by the leading
authorities and growing demand for the online sales channel is contributing to
the cognitive computing in retail market growth. To gain a competitive edge
over others, market players are investing huge amounts for the adoption of
advanced technologies such as machine learning, deep learning, robotics, amongst
others in the retail industry to gain maximum profit and to enhance the
consumer experience is boosting the adoption of cognitive computing in retail
thereby is expected to propel the market growth till 2026” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Cognitive
Computing in Retail Market By Component (Platform, Services (Managed,
Professional)) By Technology (Machine Learning, Natural Language Processing,
Deep Learning, Robotics, Computer / Machine Vision) By Deployment (Cloud,
On-Premises) By Application (Customer Experience, Price Optimization, Demand
Forecasting, Inventory Management, Automation, Others) By Company, By Region,
Forecast & Opportunities, 2026” has
evaluated the future growth potential of global cognitive computing in retail
market and provided statistics & information on market size, shares, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global cognitive
computing in retail market.
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