Covina, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Report Overview of Artificial Intelligence in Retail Market:
Artificial Intelligence (AI) is playing a transformative role in the retail industry, reshaping how businesses operate, interact with customers, and make data-driven decisions. AI technologies, such as machine learning, natural language processing, and computer vision, are being used to improve various aspects of retail operations and customer experiences.
Pros of Artificial Intelligence in Retail: AI enables personalized recommendations, smoother shopping experiences, and faster customer support, leading to higher customer satisfaction and loyalty which further leads to the growth of Artificial Intelligence in Retail Market.
Cons of Artificial Intelligence in Retail: The initial investment in AI technology can be substantial, especially for small retailers. Collecting and analyzing customer data for personalization can raise privacy concerns if not handled carefully. Retailers must comply with data protection regulations.
| Attributes | Details |
| Forecast period | 2022 – 2032 |
| Accounted in 2022 | US$ 9.5 Billion |
| Estimated to be in 2032 | US$ 291.9 Billion |
| CAGR | 41.3% |
Key Highlights –
- In August 2023, Honeywell Research Indicates Artificial Intelligence Shapes Global Retail Over The Next 12 Months. Approximately 1,000 retail directors in leading positions in the US, Europe, the Middle East, and Africa participated in Honeywell's AI in Retail survey. These jobs included IT, operations, and customer experience.
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Market Dynamics:
- Personalization Boost: AI enables tailored shopping experiences, enhancing customer satisfaction and loyalty.
- Efficient Inventory Management: AI-driven analytics optimize inventory levels and improve demand forecasting.
- Chatbots and Virtual Assistants: AI-powered tools streamline customer service, providing real-time support.
- Visual Recognition: AI analyzes customer behavior and store traffic patterns, aiding better product placements.
- Fraud Prevention: AI algorithms detect and prevent fraudulent transactions, ensuring secure online shopping.
- Competitive Edge: AI adoption enhances operational efficiency, reducing costs, and giving retailers a competitive advantage.
Driving Factors:
Artificial Intelligence (AI) is reshaping the retail landscape, driven by key factors. Enhanced customer experiences, powered by personalized recommendations and efficient chatbots, fuel AI adoption. Retailers leverage AI for data analysis, gaining valuable insights and enabling data-driven decisions. Operational efficiency improves through automated tasks, optimized supply chains, and precise inventory management, reducing costs. AI aids accurate demand forecasting, minimizing wastage. Robust fraud detection and security enhance customer trust, while AI-driven innovations provide a competitive advantage. E-commerce growth, technological advancements, and strategic collaborations further propel AI integration, revolutionizing the retail sector.
Top Players in the Artificial Intelligence in Retail Market:
- IBM Corp
- Microsoft Corp
- Nvidia
- Amazon Web Services
- Oracle
- SAP
- Intel
- Sentient Technologies
- Salesforce
- Visenze
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COVID-19 Impact on Artificial Intelligence in Retail Market:
The pandemic accelerated the adoption of Artificial Intelligence (AI) in retail. Contactless shopping, demand forecasting, and inventory optimization became paramount, driving AI implementation. Retailers utilized AI for online personalization, chatbots for customer service, and AI-driven analytics to adapt to changing consumer behavior. The focus on safety boosted AI-powered tools like touch less payment systems. Despite challenges, the crisis highlighted AI's agility, enabling retailers to navigate uncertainties and enhance customer experiences, shaping a tech-driven future for the retail industry.
Segmentation-
- Artificial intelligence in retail market by type:
- Cloud
- On-Premises
- Artificial intelligence in retail market by application:
- Predictive Merchandising
- Programmatic Advertising
- Market Forecasting
- In-Store Visual Monitoring & Surveillance
- Location-Based Marketing
By Geography-
- North America (U.S., Canada)
- Europe (UK, France, Germany, Russia, Italy, Rest of Europe)
- Asia Pacific (India, Japan, South Korea, China, Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (GCC, Israel, South Africa, Rest of Middle East)
Top Trends in the Artificial Intelligence in Retail Market:
- Chatbots and Virtual Assistants: AI-powered chatbots provide instant customer support, improving response times and overall customer satisfaction.
- Visual Search and Recognition: Visual AI allows customers to search for products using images, revolutionizing online shopping experiences.
- Supply Chain Optimization: AI optimizes supply chains, reducing costs, improving efficiency, and ensuring timely deliveries, even in complex global scenarios.
- Fraud Detection: AI algorithms detect fraudulent activities in real-time, safeguarding online transactions and customer data.
- Voice Commerce: Voice-activated AI enables hands-free shopping experiences, allowing customers to make purchases using voice commands.
- Edge AI: Implementation of AI algorithms directly on devices at the edge of the network, enabling real-time processing and response, enhancing efficiency and customer interactions.
Top Report Findings:
- Rapid Growth: AI in Retail market set to grow from US$ 9.5B in 2022 to US$ 291.9B in 2032 (CAGR: 41.3%)
- Market Segmentation: Cloud/on-premises deployment and diverse applications cater to specific market needs.
- Prominent Players: IBM, Microsoft, Nvidia, AWS, Oracle, and others drive innovation and competitiveness.
In the retail sector, AI offers personalized customer experiences and swift support, enhancing satisfaction and market growth. However, initial investments and privacy concerns challenge adoption. Enhanced customer experiences, automation, optimized supply chains, and fraud prevention drive AI use, accelerated by COVID-19's focus on contactless shopping. Key areas include chatbots, visual search, supply chain optimization, and voice commerce. Emerging trends feature advancements in chatbots, visual search, fraud detection, and Edge AI. To stay competitive, businesses must prioritize personalized experiences, efficient inventory management, and innovative AI applications.
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