Dubai, UAE, May 31, 2023 (GLOBE NEWSWIRE) -- According to the recent research report by Extrapolate, the global AI in Retail Market size is valued at USD 48.64 billion by 2032 from USD 6.37 billion in 2022 and is expected to grow with a compound annual growth rate (CAGR) of nearly 22.54% between 2023 and 2032. Factors driving the market's growth include increased awareness of AI and big data and analytics and the adoption of multichannel or Omni channel retailing strategies across the globe.
Retailers are using artificial intelligence to improve demand forecasting, optimize product placement, and make pricing decisions. Retailers can improve their understanding of customer behavior, reduce costs, and improve the shopping experience by leveraging the power of machine learning and deep learning algorithms.
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Trending Now: $100 Million Raised by Trigo as AI Drives Retail Innovation
Trigo, a company based in Tel Aviv, has raised $100 million in a new funding round led by Temasek, a Singapore investment firm. New investors include Germany's SAP SE, which will also assist Trigo in commercializing its solution. Existing investors such as 83North, Hetz Ventures, Red Dot Capital Partners, Vertex Ventures, and supermarket giant REWE Group, one of the world's leading retailers and Germany's second-largest food retail chain, participated in the round.
Trigo will use the funds to expand the deployment of self-driving urban supermarkets across Europe and the United States, enter new markets, and expand its store and inventory management software application suite. The Israeli startup intends to develop new applications allowing retailers to track inventory in real-time, reduce out-of-stock and expired items for in-store and online purchases, mitigate fraud, personalize marketing, and manage store and supply chain operations predictively.
Market Segmentation by Application
- CRM
- Product Optimization
- Store Navigation
- Inventory management
- Predictive Merchandising
- Others
Growing Need for Better Inventory Management to Augment Growth of Predictive Merchandising
In the coming years, the predictive merchandising segment is expected to account for the majority of the share of AI in the retail market. The growing demand for better inventory management, the need to improve customer experience and engagement, and the ability to enable data-driven insights about customers are all major factors contributing to the segment's growth.
Furthermore, predictive merchandising solutions can provide retailers with valuable customer insights, such as identifying high-value customers, the motivations behind their purchases, their purchasing patterns and behaviors, and the best channels and times to market to them, which ultimately support the segment's growth.
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Market Segmentation by Technology
- Machine Learning
- Natural Language Processing
- Chatbot
- Image and Video Analytics
- Swarm Intelligence
- Others
Rising Utility of Machine Learning in Customer Experience Management to Promote Growth
The machine learning segment is expected to account for the largest share of AI in the retail market during the forecast period. The growing use of machine learning technology in customer experience management, customer behavior tracking, and predictive merchandising to engage customers and increase productivity are attributable to the growth of the segment.
It additionally allows users to improve inventory planning and predictive supply chain management by anticipating consumer demand. Furthermore, It aids in the development of effective sales strategies through price optimization to increase sales through real-time and dynamic price adjustments.
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Growing Investment in AI to Understand Consumption Patterns to Propel Market Growth
Businesses can discern customer intent using new types of AI at the retail edge and customize the customer’s journey accordingly. In-store heat mapping is one such example. Cameras and computer vision are used collectively to determine which products are purchased, which are returned, and where customers go after leaving the shelf. Retailers can use this data to create experiences that promote product engagement and aid in product education.
According to an IBM Corporation study, AI adoption in retail and consumer products is expected to increase from 40% of companies today to more than 80% in the next three years. Furthermore, the retail industry is increasing its investment in artificial intelligence (AI) technology. During that time, investments in AI-powered predictive and prescriptive analytics would more than double.
Increasing Government Initiative in AI Technology in North America to Gain Traction
North America is expected to dominate the retail artificial intelligence market throughout the projection period. The regional market growth can be attributed to several factors such as increased government initiatives and investments in AI technology, as well as the presence of major tech players in the region such as Microsoft, Google, and Intel.
Furthermore, technological advancements in big data and analytics, natural language processing (NLP), machine learning, deep learning, and widespread adoption are expected to drive the AI market in retail in the near future, fueling the growth of the market in North America.
Asia Pacific to Grow at Fastest CAGR Bolstered by Increasing Adoption of AI-based Solutions
Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to retailers' increasing adoption of AI-based solutions and services. Moreover, some of the major challenges that retail users face when deploying AI include issues with diverse AI development frameworks, models, and mechanisms, privacy concerns, and a shortage of skilled staff. These issues need to be addressed to grow the AI in retail the market significantly in the region.
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Competitive Landscape
Artificial Intelligence (AI) in Retail Market is characterized by the presence of major players who lead the market, resulting in fragmentation. The rising popularity of IoT, big data analytics, and e-commerce marketing open up lucrative opportunities for AI in the retail market. Overall, there is intense competition among existing players in the market. Furthermore, large corporations are expected to engage in acquisitions and strategic collaborations with innovative startups.
Prominent players in the market include:
- Accenture
- Amazon Web Services Inc.
- Intel Corporation
- IBM Corporation
- Microsoft
- Numenta
- NVIDIA Corporation
- Oracle
- Salesforce, Inc.
- SAP
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Artificial Intelligence (AI) in Retail Market
Chapter 5. Global Artificial Intelligence (AI) in Retail Market Overview, Technology, 2018 - 2032 (USD Million)
Chapter 6. Global Artificial Intelligence (AI) in Retail Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Artificial Intelligence (AI) in Retail Market Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 8. North America Artificial Intelligence (AI) in Retail Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 9. Europe Artificial Intelligence (AI) in Retail Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Asia Pacific Artificial Intelligence (AI) in Retail Market Overview, By Countries, 2018 - 2032 (USD Million)
...
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
...TOC Continued
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