WASHINGTON, March 15, 2022 (GLOBE NEWSWIRE) -- Global Artificial Intelligence in Retail Market is estimated to reach USD 17,086.54 Million in the year 2028. The Market stood at a revenue of USD 2,938.20 Million in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 34.10%.
The increasing requirement for monitoring and surveillance at a physical store, growth in the awareness and app of Artificial Intelligence in Retail Market sector, improved productivity, return on investments, maintaining the accuracy of inventory, and optimization of the supply chain are some of the key factors the fueling the growth of Artificial Intelligence in Retail Market during the forecast period. Moreover, the adoption of Artificial Intelligence in Retail Market sector is converting the industry into a new era such as providing better outcomes and engaging the customers in the digital world which is expected to increase the demand for AI in retail in upcoming years. The adoption of the multichannel retailing strategy, the demand of enterprises for streamlining business processes, and increasing requirement to enhance customers experience in order to take the advantage of market dynamics are the factors contributing to the growth of global Artificial Intelligence in Retail Market during the forecast period. The government initiatives towards digitalization are also one of the reasons for the growth of Artificial Intelligence in Retail Market during the forecast period. The rising focus on blockchain and increasing adaptation of 5G technology in the retail sector are the new trends in Artificial Intelligence in Retail Market which is expected to increase the demand for AI in upcoming years.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Artificial Intelligence in Retail market is predicted to grow at a CAGR of roughly 34.10% during the forecast period.
- The Artificial Intelligence in Retail market was estimated to be worth roughly USD 2,938.20 Million in 2021 and is expected to reach USD 17,086.54 Million by 2028; based on primary research.
- On the basis of region, Europe is projected to dominate the worldwide Artificial Intelligence in Retail market.
List of Prominent Players in the Artificial Intelligence in Retail Market
- IBM (US)
- Microsoft (US)
- Amazon Web Services (US)
- Oracle (US)
- SAP (Germany)
- Intel (US)
- NVIDIA (US)
- Google (US)
- Sentient technologies (US)
- Salesforce (US)
- and ViSenze (Singapore)
Market Dynamics:
Drivers:
The growing awareness among consumers and the increasing necessity for super surveillance and monitoring at physically existing stores are the major factors driving the growth of Artificial intelligence in the retail market during the forecast period. An increase in Artificial intelligence-based data analysis applications, growth in the number of smartphones, and increasing in the adoption of cloud-based technology solutions are the other prime factors expected to drive Artificial Intelligence in Retail Market growth in the upcoming years.
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Challenges:
The rising cost of procurement and lack of infrastructure may hinder the growth of Artificial Intelligence in Retail Market during the forecast period. Rising concerns over the identity and privacy of individuals and lack of awareness among individuals about AI technology are considered as the challenging factors that are affecting the growth of Artificial Intelligence in Retail Market during the forecast period.
Regional Trends:
North America is expected to dominate the Artificial Intelligence in Retail Market during the forecast period. The retailers in North America are concentrating on taking out the available data on the preference of consumers in order to boost customer service efficiency. Moreover, the United States is the first to adopt Artificial Intelligence technology and is also gaining high on investment in AI technology. The United States is noticing the emergence of small enterprises and startups owing to the rising demand for technology this is projected to boost Artificial Intelligence in Retail Market growth in upcoming years.
Asia Pacific region is experiencing rapid growth during the forecast period owing to the growth in digitalization. Nowadays, the retail industry is going through a changeover which is projected to boost the demand for advanced technology to improve customer experience and improve operations in the Artificial Intelligence in Retail Market in upcoming years. India has forecasted to gain the highest CAGR owing to the growth in the demand for automation tools in order to improve operations and decision-making capability.
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Recent Developments:
- In June 2021, Talkdesk, Inc. launched an Artificial Intelligence-based Talkdesk Retail Smart Services that provides automated self-service to the individuals and supports agents for concentrating on other prime revenue-generating tasks. The service offers personalized recommendations and higher engagement to help customers.
- In September 2020, IBM corporation collaborated with Nielsen holdings pic. In order to launch Watson Advertising Weather Targeting, an innovative and latest tool to provide insights on weather and product sales.
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Browse market data Tables and Figures spread through 138 Pages and in-depth TOC on "Artificial Intelligence in Retail Market Size, Share & Trends Analysis Report by Type (Online, Offline), by Technology (Machine Learning and Deep Learning, Natural Language Processing, Others (Analytics and Process Automation), by Solution (Product Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant), by Service (Professional Services, Managed Services), by Deployment Model (Cloud, On-Premises), by Application (Predictive Merchandising, Programmatic Advertising, Market Forecasting, In-Store Visual Monitoring and Surveillance), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/artificial-intelligence-in-retail-market-market-410065
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Artificial Intelligence in Retail Market?
- How will the Artificial Intelligence in Retail Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Artificial Intelligence in Retail Market?
- What is the Artificial Intelligence in Retail market drivers and restrictions?
- What will be the CAGR and size of the Artificial Intelligence in Retail Market throughout the forecast period?
This market titled “Artificial Intelligence in Retail Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 2,938.20 Million |
| Projected Market Size in 2028 | USD 17,086.54 Million |
| CAGR Growth Rate | CAGR of 34.10% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • Online • Offline • Technology • Machine Learning and Deep Learning • Natural Language Processing • Others (Analytics and Process Automation) • Solution • Product Recommendation and Planning • Customer Relationship Management • Visual Search • Virtual Assistant • Price Optimization • Payment Services management • Supply chain management and Demand Planning • Others (Website and Content Optimization, Space Planning, Fraud Detection, and Franchise Management) • Service • Professional Services • Managed Services • Deployment Model • Cloud • On-Premises • Application • Predictive Merchandising • Programmatic Advertising • Market Forecasting • In-Store Visual Monitoring and Surveillance • Location-Based Marketing • Other (Real-Time Pricing and Incentives, and Real-Time Product Targeting) |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • IBM (US) • Microsoft (US) • Amazon Web Services (US) • Oracle (US) • SAP (Germany) • Intel (US) • NVIDIA (US) • Google (US) • Sentient technologies (US) • Salesforce (US) • and ViSenze (Singapore) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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