New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Artificial Intelligence in Retail Market Size, Share, Growth and Trends Forecast to 2028 - COVID-19 Impact and Global Analysis by Retail Format (E-Commerce, and Brick and Mortar), Technology (Chat-Bot, Recommendation Engine, and Audio-Visual Analytics), and Application (Sales & Marketing, Consumer Experience & Management, Supply Chain & Logistics, Shelf Analytics, Pricing, In-Store Navigation, and Auto-Checkout)”; the global artificial intelligence in retail market growth is driven by an increasing number of internet users and smart devices, rising need for surveillance and monitoring at physical stores, and increasing digitization in the retail industry.
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Global Artificial Intelligence in Retail Market – Report Scope:
| Market Size Value in | USD 5.19 Billion in 2022 |
| Market Size Value by | USD 25.83 Billion by 2028 |
| Growth rate | CAGR of 30.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 170 |
| No. of Tables | 17 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Retail Format, Technology, and Application |
Global Artificial Intelligence in Retail Market: Competitive Landscape and Key Developments
IBM Watson, Amazon, Google Inc., Plexure, Focal Systems, Sentient Technologies Holdings Limited, ViSenze, Salesforce, Microsoft Corporation, and Tata Consultancy Services are among the leading players profiled in the market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed artificial intelligence in retail market insights, which help key players strategize their growth. A few developments are mentioned below:
In April 2021, IBM announced the launch of new Watson capabilities to help businesses build trustworthy AI. The newly launched capabilities include data privacy management module, planning analytics, federated learning, and time series capabilities.
In February 2021, Microsoft Corporation announced the availability of Microsoft cloud for retailers to bring together stores, products, and marketing systems. Microsoft Cloud for retail businesses connects experiences across the shopper journey to deliver more relevant personalized experiences and operational excellence.
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Rising Investments in Speech Analytics Technology to Provide Lucrative Opportunities for Global Artificial Intelligence in Retail Market Growth During (2022-2028):
As the hardware systems gradually get replaced by software solutions, various operations have become less expensive and easier to operate. Lately, analytics have turned out to be a key opportunity for retailers to cost-saving adjustments to their sales and customer services processes. Analytics allows retailers to identify sales opportunities, like cross-selling and upselling, to assess and upgrade their performance. In terms of customer management, speech analytics is anticipated to attain significant traction in the coming years as communication is a key to retail customers in the field of retail.
The artificial intelligence in retail market in Asia Pacific is projected to witness impressive growth during 2022–2028. The presence of developing economies with steady growth and a rise in the adoption of innovative and advanced technologies make APAC the world's fastest-growing region. Australia, China, Japan, India, South Korea, and the Rest of APAC are the major contributors to the growth of artificial intelligence in retail market in this region. Swift advancements in technologies, digitalization of economies, and government support are among the factors contributing to the smooth evolution of these economies from a developing to a developed stage. Rising penetration of smartphones, strengthening internet infrastructure, and immense government support are some of the other factors that are expected to bolster the growth of AI in retail market in APAC during the forecast period. Alibaba is among the most proficient retailers in APAC and a key contributor to the revenue growth of the artificial intelligence in retail market.
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Global Artificial Intelligence in Retail Market: Industry Overview
The artificial intelligence in retail market is segmented based on retail format, technology, application, and geography. Based on the retail format, the artificial intelligence in retail market is bifurcated into e-commerce and brick and mortar. In terms of technology, the artificial intelligence in retail market is categorized into chat-bot, recommendation engines, and audio-visual analytics. Based on application, the artificial intelligence in retail market is segmented into sales & marketing, consumer experience & management, supply chain & logistics, shelf analytics, pricing, in-store navigation, and auto-checkout. Geographically, the artificial intelligence in retail market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The artificial intelligence in retail market in Europe is growing significantly. Europe comprises developed economies such as Germany, France, and the UK. The governments of these countries have been taking various initiatives to integrate advanced technologies into retailing. Retail companies in European provinces have become far more advanced in facilitating their customers with coherent point-of-sales experiences. This is majorly attributed to the consistent application of innovative ideas in the European retail industry, which has promoted sales and attracted novel customers in inventive and pioneering new ways, resulting in robust growth of the retail sector in Europe.
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