Redding, California, April 24, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Artificial Intelligence in Retail Market by Offering, Application (Predictive Merchandizing, Programmatic Advertising), Learning Technology (Machine Learning, Computer Vision), and Geography - Global Forecast to 2030,’ the AI in retail market is projected to reach $57.8 billion by 2030, at a CAGR of 41% from 2023 to 2030.
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Artificial intelligence in retail can gather and analyze massive amounts of data, helping companies create personalized shopping experiences for customers via recommendation engines, highly structured web shops, intelligent in-store bots, and chatbots. These solutions also assist retailers in supply chain optimization, price optimization, and market forecasting. The implementation of artificial intelligence in the retail industry is transforming the traditional retail experience and taking it to the next level with automation, personalization, and increased productivity of retail operations.
The growth of this market is driven by factors such as growing awareness about AI and big data & analytics and the need to enhance end-user experience and improve productivity. However, the lack of infrastructure and the impact of COVID-19 may hinder the growth of this market to a certain extent. The growing number of smartphones is expected to create growth opportunities for the players operating in this market. However, the reluctance toward AI implementation among small vendors is a major challenge for market growth.
The Impact of COVID-19 on the AI in Retail Market
The COVID-19 pandemic highlighted the significance of online shopping channels, with consumers considering online platforms as their primary shopping channel. This has given retailers and consumer goods organizations a great opportunity to undertake sustainability initiatives that integrate with their digital presence. Therefore, retailers are using e-commerce platforms and online marketplaces to capitalize on this changing trend. For instance, Yonghui supermarkets provide online recommendations to help consumers choose combinations of fresh produce rather than select items individually, resulting in improved fulfillment rates and better customer experiences. In April 2020, India-based brick-and-mortar store Spencer’s Retail partnered with the online marketplace Flipkart. Similarly, in 2020, UK-based Morrisons Company announced a partnership with the food-delivery platform Deliveroo.
Owing to increased customer preference for online retail, organizations working in the retail segment are progressively adopting AI solutions to improve the efficiency and productivity of operations. Retailers are using online platforms for personalized and improved customer engagement, inventory management, supply chain management, programmatic advertising, smart recommendations, and chatbots, among others. AI also allows retail organizations to scale up capabilities, such as voice commerce, to strengthen engagement.
To provide efficient analysis, Meticulous Research® has segmented this market based on offering (solutions and services), application (predictive merchandising, programmatic advertising, in-store visual monitoring & surveillance, market forecasting, location-based marketing), learning technology (machine learning, natural language processing, computer vision), type (online retail, offline retail), end-user (food & groceries, health & wellness, automotive, electronics & white goods, fashion & clothing, cosmetics & personal care products, general utility products, others) deployment (cloud, on-premise), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the solutions segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. Innovative retailers are using AI-powered solutions to drive the next wave of the smart retail sector. With chatbots, customer behavior tracking, customer relationship management (CRM), inventory management, price optimization, recommendation engines, supply chain management, and visual search, retailers are improving margins and delivering better customer experiences.
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Based on application, the predictive merchandising segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. Predictive merchandising is becoming increasingly necessary for retail companies as they seek proactive methods of harnessing new and extensive data sources in unique ways. This, in turn, is propelling the growth of the predictive merchandising segment.
Based on learning technology, the machine learning segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s large share is attributed to the capability of machine learning technologies to provide more efficient delivery based on past customer data and customer behavior, helping increase sales.
Based on type, the online retail segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s large share is attributed to increasing investments in online platforms and growing consumer preference for online shopping. AI in the online retail sector helps enhance the purchase decisions of customers, informs on the availability of alternative or new products, optimizes buying processes, identifies new markets, and automates workflows.
Based on end user, the food & groceries segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. This is mainly due to the increasing customer preference for private-label brands and the growing supermarket shopping culture contributing to the growth of the food and grocery retail industry.
Based on deployment mode, the cloud-based deployment segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s large share is attributed to the greater flexibility that cloud-based AI in retail solutions offer to users in accessing and browsing products. The applications of retail cloud related to disaster recovery, CRM, discounts and promotions management, data analytics, and workforce management contribute to AI cloud deployments in the retail industry.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the artificial intelligence in retail market in 2023. The large share of the North American market is attributed to increasing government initiatives and investments in AI technology and the presence of major tech players such as Microsoft, Google, and Intel in the region.
However, the Asia-Pacific region is expected to record the highest CAGR during the forecast period. Factors such as the presence of high-growth economies, growing adoption of AI-based solutions and services among retailers, increasing digitalization in the region, and improving connectivity infrastructure are expected to drive the growth of this regional market. In addition, the growing accessibility of IoT-enabled gadgets, rising disposable incomes, and favorable government initiatives in the region are also supporting the growth of this market in the APAC region.
The key players operating in the AI in retail market are Amazon.com, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), and BloomReach, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/artificial-intelligence-in-retail-market-4979
Scope of the Report
AI in Retail Market, by Offering
- Solutions
- Chatbots
- Recommendation Engines
- Customer Behavior Tracking
- Visual Search
- Customer Relationship Management
- Price Optimization
- Supply Chain Management
- Inventory Management
- Services
- Managed Services
- Professional Services
AI in Retail Market, by Application
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-store Visual Monitoring and Surveillance
- Location-based Marketing
AI in Retail Market, by Learning Technology
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
AI in Retail Market, by Type
- Online Retail
- Offline Retail
AI in Retail Market, by End User
- Fashion & Clothing
- Food & Groceries
- Electronics & White Goods
- Health & Wellness
- Automotive
- Cosmetics & Personal Care Products
- General Utility Products
- Other End Users
AI in Retail Market, by Deployment Mode
- Cloud-based Deployment
- On-premise Deployment
AI in Retail Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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