Pune, India, June 28, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global artificial intelligence in retail market size was valued at USD 5.50 billion in 2022 and is projected to grow from USD 7.14 billion in 2023 to USD 55.53 billion by 2030, exhibiting a CAGR of 31.4% during the forecast period. Growing Adoption of AI-Powered Chatbots to Enhance Customer Experience to Boost Market Growth. Fortune Business Insights™ displays this information in a report titled, Artificial Intelligence in Retail Market Forecast, 2023-2030.
Retailers are realizing the benefits of adopting advanced technologies and their significance in enhancing customers’ shopping experiences and boosting their productivity. Artificial Intelligence (AI) can help retail stores automate their operations, thereby boosting their profit margins. These factors will accelerate the artificial intelligence in the retail market growth.
Key Industry Development:
July 2021 – Antuit.ai launched AI Demand Modeling Studio for retailers and consumer goods sellers. The new use-case-centric studio helped retailers in forecasting and merchandising as well as gaining a better understanding of their customers.
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Key Takeaways
- Retail businesses need to prioritize productivity to remain competitive in the market.
- Rapidly Changing Customer Purchasing Patterns Surged AI Adoption in Retail amid
- AI-driven Visual and Voice Search to Propel Market Opportunities
- Artificial Intelligence in Retail Market Size in North America was USD 2.20 Billion in 2022
- By Offering Analysis: Increasing Automation in Retail Industry to Fuel AI-based Solution Adoption
Discover the Leading Players Featured in the Report:
“Companies leading the Artificial Intelligence in Retail Market Are Amazon.com, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), Talkdesk, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 34.1% |
| 2030 Value Projection | USD 55.53 Billion |
| Base Year | 2022 |
| Artificial Intelligence in Retail Market Size in 2022 | USD 5.50 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Offerings, Function Type, Application, Technology and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/artificial-intelligence-ai-in-retail-market-101968
Drivers and Restraints:
Growing Adoption of AI-Powered Chatbots to Enhance Customer Experience to Boost Market Growth
AI-based chatbots are becoming quite popular among end-users in the retail sector as these bots offer highly efficient customer service. It provides personalized responses to customer queries to offer them a pleasant shopping experience. AI chatbots are backed by advanced technologies, such as Machine Learning (ML) and Natural Language Processing (NLP) that offer real-time insights about customer preferences. These features will drive artificial intelligence in retail market growth.
However, high implementation costs and a lack of adequate infrastructure may impede market growth.
Segmentation:
By Offering
- Solution
- Services
By Function
- Operations-Focused
- Customer-Facing
By Type
- Online
- Offline
By Application
- Predictive Analytics
- In-Store Visual Monitoring and Surveillance
- Customer Relationship Management (CRM)
- Market Forecasting
- Inventory Management
- Others
By Technology
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights:
North America to Dominate Market with Growing Adoption of AI Technology
North America is expected to hold a dominant share in the global market as the region, especially the U.S. is one of the early adopters of AI technology and is continuously increasing its investments in this technology. The country is also witnessing growth in the number of startups and small-scale businesses, which will further fuel the regional market growth.
The market in Asia Pacific is also expected to grow at a strong pace due to the large-scale adoption of digital technologies to improve customer experience.
Competitive Landscape:
Market Players to Introduce Innovative Products to Cement Their Market Positions
The key players in the market are investing in innovative technologies to offer retailers various solutions that help them manage large volumes of data efficiently. Companies are also focusing on enhancing their product portfolios by introducing novel products and services to cement their market positions.
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FAQ’s
How big is the Artificial Intelligence in Retail Market?
Artificial Intelligence in Retail Market size was USD 5.50 billion in 2022.
How fast is the Artificial Intelligence in Retail Market growing?
The Artificial Intelligence in Retail Market will exhibit a CAGR of 34.1% during the forecast period, 2023-2030.
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