Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for artificial intelligence in retail market in their report titled, “Artificial Intelligence in Retail Market Forecast, 2021-2028”. As per the report, the market size was USD 3.75 billion in 2020. The global market size is projected to grow from USD 4.84 billion in 2021 to USD 31.18 billion in 2028 at a CAGR of 30.5% in the forecast period, 2021-2028.
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The global market is expected to gain impetus from the increasing usage of AI to enhance consumer experience, pace up decision making, and refine quality and operational agility. The supply-chain planning is anticipated to achieve the maximum benefits in the retail sector owing to the usage of AI-based data analytics.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 30.5% |
| 2028 Value Projection | USD 31.18 Billion |
| Base Year | 2020 |
| AI in Retail Market Size in 2020 | USD 3.75 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Offerings, Function, Type, Application, Technology and Geography |
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This Report Answers the Following Questions:
- What are the global market trends, opportunities, challenges, and dynamics?
- How can the industry giants cope up with the Covid-19 pandemic in the coming years?
- Which vendors are present in the market?
- Which region is expected to hold the largest share in the near future?
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Drivers & Restraints-
The ongoing shift by retailers from traditional retail experience to AI-driven business solutions is one of the crucial factors enabling the growth of the AI in retail market. According to an article published by Forbes, 83% believe AI is a strategic priority for their businesses today and 84% of respondents say AI will enable them to obtain or sustain a competitive advantage.
Increasing Usage of AI-powered Chatbots to Augment Growth
Several retailers are persistently striving to improve their sales and customer relations with the help of artificial intelligence tools. AI-powered chatbots are being used by the retail brands to help in engaging their customers effectively. With the help of these chatbots, brands are able to handle a large number of queries without the need for multiple employees. Often, they are configuring close-ended chatbots to provide quick suggestions and support, as well as answer shopping-related questions. Hence, the blend of AI chatbots and human support is aiding them in successfully handling their surging consumer bases. It is also supporting them to offer better resolutions to their issues. These chatbots are engaging the costumers and increasing their brand loyalty. These factors are expected to boost the AI in retail market growth in the near future.
Emergence of Virtual Trial Rooms to Bolster Healthy Growth
The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period. For instance, virtual trial rooms enable buyers to try different dresses without actually having to wear them with the help of digital mirrors. Further, AI allows shoppers to experiment with their outfit by means of a touch-based interface. In addition, the launch of virtual rooms by major companies to create growth opportunities for the market. For instance, Fitiquette, a fashion Web site uses a ground-breaking technology that allows customers to try on outfits in a virtual 3D world based on the user’s exact body dimensions. The trial room gives a 360-degree view of the fit and drape of a garment on the actual body dimensions of the consumer.
Regional Analysis-
Rising Investments by Reputed Companies to Favor Growth in North America
North America procured USD 1,102.0 million in terms of revenue in 2018. The region is set to dominate throughout the forecast period because of the increasing investments in the development of AI by the industry giants. Many retailers are also rapidly deploying AI-powered solutions for remoulding their product offerings and supply chain operations. The members of European Union (EU), on the other hand, mentioned that they are planning to include AI technology across their borders. It is also set to invest approximately USD 24 billion in conducting AI research by the end of 2020.
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Segment-
Natural Language Processing Segment to Grow Steadily Owing to Multiple Applications
In terms of technology, the market is divided into natural language processing, machine learning, computer vision, and others. Out of these, the computer vision segment generated 23.7% AI in retail market share in 2018. The natural language processing segment holds the maximum share at present because of its usage in a wide variety of applications, such as informational retrieval (IR), semantic disambiguation, speech processing, machine translation, and text parsing.
| AI in Retail Market Segments | By Offering
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By Technology
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Competitive Landscape-
Key Players Engage in Product Development to Cater to the Needs of Consumers
The top companies operating in the global AI in retail market are aiming to conduct extensive research and development projects to create advanced AI-based products to propel decision making and information sharing. They are implementing automated reports, collaboration technology, predictive analytics, and cognitive technology to gain positive results. Below are a couple of the latest industry developments:
- April 2019: Warby Parker declared its plan to offer a virtual Try-On feature to its customers. It will be based completely on artificial intelligence. This system would enable the customers to try out virtual frames by using augmented reality (AR). The computer generated images will be overlaid onto the real world images.
- March 2018: Verint introduced its latest enterprise chatbots and intelligent virtual assistants (IVAs) powered by a modular and an open AI engine. The company is aiming to provide video-based customer support agents by 2022 that will be capable of sharing the user interface.
Fortune Business Insights™ lists out the names of all the companies present in the AI in retail market. They are as follows:
- CognitiveScale, Inc.
- Amazon Web Services, Inc.
- SAP SE
- Baidu, Inc.
- Microsoft Corporation
- Google LLC
- Nvidia Corporation
- IBM Corporation
- Retail Next, Inc.
- Next IT Corporation
- Style.ai
- Oracle Corporation
- Salesforce.com, Inc.
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Major Table of Contents:
- Global Artificial Intelligence (AI) in Retail Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Offering (USD)
- Solution
- Services
- By Function (USD)
- Operations-Focused
- Customer-Facing
- By Application (USD)
- Predictive Analytics
- In-Store Visual Monitoring and Surveillance
- Customer Relationship Management (CRM)
- Market Forecasting
- Inventory Management
- Others (Payment and Pricing Analytics, Real-Time Product Targeting, etc.)
- By Type (USD)
- Offline
- Online
- By Technology (USD)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others (Speech Recognition, Deep Learning, and Robotics)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Offering (USD)
- North America Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Offering (USD)
- Solution
- Services
- By Function (USD)
- Operations-Focused
- Customer-Facing
- By Application (USD)
- Predictive Analytics
- In-Store Visual Monitoring and Surveillance
- Customer Relationship Management (CRM)
- Market Forecasting
- Inventory Management
- Others (Payment and Pricing Analytics, Real-Time Product Targeting, etc.)
- By Type (USD)
- Offline
- Online
- By Technology (USD)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others (Speech Recognition, Deep Learning, and Robotics)
- By Country (USD)
- United States
- Canada
- By Offering (USD)
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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