What is the global market size of Artificial Intelligence In Retail Market?

Artificial Intelligence In Retail Market size was valued at USD 7.1 billion in 2021 and is poised to grow from USD 8.41 billion in 2022 to USD 45.74 billion by 2030, growing at a CAGR of 18.45% in the forecast period (2023-2030).

Who are the key vendors in the Global Artificial Intelligence In Retail Market?

Global artificial intelligence in retail market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of artificial intelligence in retail market platforms. 'Amazon.com Inc. (US)', 'Salesforce.com, Inc. (US)', 'IBM Corporation', 'Microsoft Corporation', 'Google LLC', 'Intel Corporation', 'NVIDIA Corporation', 'SAP SE', 'Oracle Corporation', 'Infosys Limited', 'Wipro Limited', 'Happiest Minds Technologies', 'HCL Technologies Limited', 'Capgemini SE', 'Tata Consultancy Services Limited', 'Cognizant Technology Solutions Corporation', 'Accenture plc', 'Deloitte Touche Tohmatsu Limited', 'PTC Inc.', 'Zebra Technologies Corporation'.

What is the key driver of Global Artificial Intelligence In Retail Market?

Artificial intelligence-powered chatbot assistance is gaining widespread popularity in the retail industry owing to its highly efficient customer service. To improve the customer experience, the chatbot provides dedicated and personalized responses. According to Accenture insights, 91% of customers were more interested in shopping for brands that provided personalized recommendations and services in 2018. Natural language processing (NLP) and machine learning technologies are used to power the AI chatbots. These technologies provide real-time information about customer preferences. It also assists the chatbot in understanding the customers' sentiments and behavioral patterns, which aids in responding to customer queries and building relationships. Levis, for example, has implemented a chatbot platform, Levi's Virtual Stylist, to provide customer recommendations. To provide quick suggestions, the bot asks users for basic information such as size, fit, material, and even preferred brands. As a result, the AI-powered chatbot is expected to propel artificial intelligence in the retail industry sector.

What is the key market trend for Global Artificial Intelligence In Retail Market?

Artificial Intelligence is driving quick business decisions in marketing, e-commerce, product management, and different business areas by lowering the gap from insights to action. According to the United States Department of Commerce, retail sales in the United States are expected to reach USD 5,990,000 million in 2023.

Which region accounted for the largest share in Global Artificial Intelligence In Retail Market?

North America holds the majority of the global revenue. To improve customer service efficiency, retailers in the region are focusing on extracting available data on customer preferences. The United States is the early adopter of AI technology and is currently investing heavily in AI technology. Owing to increased demand for technology, the country is also seeing the emergence of new startups and small businesses. This is expected to boost the growth of artificial intelligence (AI) in the retail industry.

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

Report ID: SQMIG45C2052 | Region: Global | Published Date: June, 2024
Pages: 252 | Tables: 181 | Figures: 79

Artificial Intelligence (AI) in Retail Market Insights

Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031).

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.

Artificial Intelligence (AI) in Retail Market Report Snapshots

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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. 'Amazon Web Services (AWS) ', 'Google LLC ', 'Microsoft Corporation ', 'IBM Corporation ', 'SAP SE ', 'Oracle Corporation ', 'Salesforce.com, Inc. ', 'Infosys Limited ', 'Capgemini SE ', 'Alibaba Group Holding Limited ', 'Baidu, Inc. ', 'HCL Technologies Limited ', 'Wipro Limited ', 'Tata Consultancy Services Limited (TCS) ', 'Accenture plc ', 'Intel Corporation ', 'NVIDIA Corporation ', 'Cognizant Technology Solutions ', 'Fujitsu Limited ', 'Symphony RetailAI'

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.

Personalization of Retail Experience: consumer experience is everything in this rapidly evolving world of changing consumer preferences. AI in retail companies should target personalization of shopping experience for retail customers to promote engagement and build brand loyalty. Offering personalized discounts, product recommendations, and other things through AI can help retail organizations take their business to the next level.

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.

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Artificial Intelligence (AI) in Retail Market Insights

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What is the global market size of Artificial Intelligence (AI) in Retail Market?

Who are the key vendors in the Artificial Intelligence (AI) in Retail Market?

What is the key driver of Artificial Intelligence (AI) in Retail Market?

What is the key market trend for Artificial Intelligence (AI) in Retail Market?

Which region accounted for the largest share in Artificial Intelligence (AI) in Retail Market?

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