Artificial Intelligence (AI) in Retail Market Size, Share, Growth Analysis, By Type(Online Retail, Offline Retail), By Technology(Machine Learning & Deep Learning, Natural Language Processing, Chatbots, Image & Video Analytics), By Solution(Product Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant), By Service(Professional Services, Managed Services), By Deployment Mode(Cloud, On-Premises), By Application(Predictive Merchandising, Programmatic Advertising, Market Forecasting, In-Store Visual Monitoring & Surveillance), By Region - Industry Forecast 2024-2031

rtificial Intelligence (AI) in Retail Market Drivers

Emphasis on Efficiency and Productivity

• Retail organizations around the world are focusing on improving their operational efficiency and boosting productivity to stay competitive. Use of AI tools and solutions brings retail companies closer to their goal by providing meaningful insights in every business aspect and through automation for retail operations.  

Global e-Commerce Boom

• The e-commerce industry experienced a major boom around the world and resulted in a more complex and expansive global retail world. Use of advanced technologies to optimize operations and automate e-commerce activity from product sales to delivery is slated to drive artificial intelligence (AI) in retail market growth in the future.   

rtificial Intelligence (AI) in Retail Market Restraints 

Challenges in Integration

• Artificial intelligence is a highly advanced technology and integrating it with the traditional retail infrastructure is a major challenge that slows down market growth. Companies are expected to focus on development of AI solutions that are compliant with legacy infrastructure and systems.  

Concerns Regarding Consumer Acceptance and Trust

• Machine-like interaction and bias are some key concerns that arise when use of AI in the retail industry is discussed. These issues result in poor consumer acceptance and trust along with other complications such as information misuse thereby impeding the adoption of AI solutions in the retail space.