USD 5.59 Billion
Report ID:
SQMIG45C2052 |
Region:
Global |
Published Date: June, 2024
Pages:
252
|Tables:
181
|Figures:
79
Artificial Intelligence (AI) in Retail Market size was valued at USD 7.42 Billion in 2023 and is poised to grow from USD 9.84 Billion in 2024 to USD 94.51 Billion by 2032, growing at a CAGR of 32.68% during the forecast period (2025-2032).
The world is an oyster for Artificial Intelligence companies these days and this is why the use of AI in the retail industry comes up as a no-brainer. Growing emphasis on improving the user shopping experience and increasing digitization of the retail space are primarily boosting the adoption of AI in the retail industry. Emphasis on improving the efficiency and profitability of retail organizations will also create new opportunities for AI in retail providers going forward. Retail companies can also analyze their raw data using AI to generate meaningful insights that will help them make informed and data-based decisions for their business. However, challenges in integration with legacy infrastructure, data privacy software concerns, and high costs are estimated to impede the overall artificial intelligence (AI) in retail market growth going forward.
US Artificial Intelligence In Retail Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.59 Billion
Largest Segment
Offline Retail
Fastest Growth
Online Retail
Growth Rate
32.68% CAGR
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Global Artificial Intelligence (AI) in Retail Market is segmented based on Type, Technology, Solution, Service, Deployment Mode, Application and Region. Based on Type, the market is segmented into Online Retail, and Offline Retail. Based on Technology, the market is segmented into Machine Learning and Deep Learning, Natural Language Processing, Chatbots, Image and Video Analytics, And Swarm Intelligence. Based on Solution, the market is segmented into Product Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant, Chatbots, Price Optimization, Payment Services Management, Supply Chain Management and Demand Planning, and Others. Based on Service, the market is segmented into Professional Services and Managed Services. Based on Deployment Mode, the market is segmented into Cloud and On-premises. Based on Application, the market is segmented into Predictive Merchandising, Predictive Merchandising, Market Forecasting, In-store Visual Monitoring and Surveillance, Location-based Marketing, and Others. Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
rtificial Intelligence (AI) in Retail Market Analysis by Deployment Mode
Cloud-based AI in retail solutions are projected to account for a dominant share of the global market. Easy deployment and low costs are key benefits that help this segment maintain a high market share. Growing advancements in cloud technologies and rising use of cloud platforms by organizations will also work in favor of this segment. Small and medium enterprises and large enterprises are expected to benefit from this segment's growth.
On the other hand, the demand for on-premises deployment of AI solutions for retail applications is slated to witness a steady increase in the future. Established retail organizations willing to invest heavily on developing on-premises infrastructure to support their AI retail solutions will drive market growth via this segment. This is not a viable option for SMEs hence, leading companies such as Walmart, Amazon, etc. will play a crucial role in this segment.
rtificial Intelligence (AI) in Retail Market Analysis by Solution
Customer relationship management (CRM) solutions are projected to spearhead global market growth in terms of share. Increasing competition in the retail space is pushing companies to opt for new CRM solutions to retain their customers and build meaningful relationships with them. Growing emphasis on creating brand loyalty to reduce new customer acquisition costs and generate recurring revenue streams will also foster high demand for AI-powered CRM solutions in the future.
On the other hand, the demand for product planning and recommendation solutions is expected to surge at an impressive pace over the coming years. Retail organizations are targeting their customers with personalized shopping experiences and AI plays a crucial role in gathering raw data about customers and creating personalized product recommendations for them.
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Presence of key AI and retail organizations in the North American region allows it to hold a dominant stance in the global AI in retail landscape. Retail companies in this region have been quick to integrate AI in their business to enhance their operations and improve customer experience as well. Rising acceptance of AI technologies in the retail landscape of countries such as the United States and Canada will also contribute to the high market share of this region. High investments in AI research and development in this region will also foster new opportunities for artificial intelligence (AI) in retail companies in the future.
The extensive retail landscape of the European region makes it the second-largest market for artificial intelligence (AI) in retail providers. Increasing penetration of digital technology in the retail landscape and growing awareness regarding benefits of AI adoption among retail business owners in this region will also bolster market growth potential over the coming years. The United Kingdom and Germany are projected to be the most lucrative markets for AI in retail organizations through 2031 and beyond.
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rtificial Intelligence (AI) in Retail Market Drivers
Emphasis on Efficiency and Productivity
Global e-Commerce Boom
rtificial Intelligence (AI) in Retail Market Restraints
Challenges in Integration
Concerns Regarding Consumer Acceptance and Trust
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Artificial Intelligence (AI) in Retail Market providers is expected to focus on the development and launch of new solutions and platforms to enhance the shopping experience for retail customers. Purchasing patterns, consumer behavior, and checkout patterns can also be analyzed using AI to gain a better insight into the retail landscape and facilitate informed decision-making. Partnerships and collaborations to create better AI-based solutions will also offer new opportunities for all artificial intelligence (AI) in the retail market players in the long run.
Top Players in the Artificial Intelligence in Retail Market
Artificial Intelligence In Retail Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing popularity of AI solutions and rising emphasis on improving the productivity and profitability of retail businesses is driving artificial intelligence (AI) in retail market growth. Rising demand for enhanced customer experience and high investments in the development of novel AI solutions for retail applications will also create new business scope going forward. In contrast, high costs of deployment, issues in integration, and low consumer acceptance are key issues that slow down the global artificial intelligence (AI) in retail market development. Quick adoption of AI technology by retail organizations helps North America remain the top market for artificial intelligence (AI) in retail companies. Personalization of user experience will be the top priority for all market players in the future.
Report Metric | Details |
---|---|
Market size value in Retail | USD 7.42 Billion |
Market size value in 2032 | USD 94.51 Billion |
Growth Rate | 32.68% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Artificial Intelligence (AI) in Retail Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence (AI) in Retail Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence (AI) in Retail Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Artificial Intelligence (AI) in Retail Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45C2052
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