Richmond, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to a research report "Artificial Intelligence (AI) in Retail Market, by Type (Online, Offline), Technology (Computer Vision, Machine Learning, Natural Language Processing, Others) Deployment Mode (On-Premise and Cloud-based), Application (Predictive Merchandising, Programmatic Advertising, Market Forecasting, In-Store Visual Monitoring and Surveillance, Location-Based Marketing, Others), and Region.
Global Artificial Intelligence (AI) in Retail Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 7.3 Billion |
| Market size value in 2030 | USD 51.5 Billion |
| CAGR (2023-2030) | 32.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Technology, Deployment Mode, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Artificial Intelligence (AI) in Retail Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global retail landscape is undergoing a transformative shift, with technology playing a pivotal role in shaping consumer experiences and operational efficiency. In this dynamic market, Artificial Intelligence (AI) has emerged as a game-changer for retailers seeking innovative solutions to enhance customer engagement, optimize supply chains, and streamline operations. AI applications in the retail sector encompass a diverse range of functions, including personalized marketing, demand forecasting, inventory management, and customer service automation. One of the notable trends in the AI-driven retail market is the growing adoption of machine learning algorithms to analyze vast datasets and derive actionable insights. Retailers are leveraging these insights to tailor their offerings to individual customer preferences, thereby creating a more personalized shopping experience. AI-powered recommendation engines are becoming increasingly sophisticated, enabling retailers to not only suggest products based on past purchases but also predict future needs, fostering customer loyalty and increasing sales.
Major vendors in the global Artificial Intelligence (AI) in Retail Market:
- IBM
- Microsoft
- Amazon Web Services
- Oracle
- SAP
- Intel
- NVIDIA
- Sentient Technologies
- Salesforce
- ViSenze
- BloomReach Inc.
- Nvidia Corporation
- RetailNext Inc.
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The growing big data and the use of AI-enabled gadgets
The burgeoning volume of big data and the widespread adoption of AI-enabled gadgets have become pivotal drivers propelling the growth of the Artificial Intelligence (AI) in Retail Market. In an era where information is generated at an unprecedented rate, retailers are increasingly recognizing the potential of harnessing big data to gain valuable insights into consumer behavior, preferences, and market trends. The vast amounts of data generated through online transactions, social media interactions, and other digital channels serve as a goldmine for retailers seeking to understand and respond to customer needs. The integration of AI in the retail sector is significantly boosted by the ability of AI algorithms to sift through and analyze massive datasets rapidly. AI-powered analytics not only facilitates the identification of patterns and trends but also enables retailers to make data-driven decisions that enhance operational efficiency and customer satisfaction. Machine learning algorithms, a subset of AI, excel at recognizing patterns in consumer behavior, allowing retailers to tailor marketing strategies and promotions to specific demographics and individual preferences.
Market Dynamics
Drivers:
- Rising Use of AI-powered Chatbots for Improved Customer Experience to Drive Market Growth
- Advent of new business models
- The growing big data and the use of AI-enabled gadgets drive market growth.
Opportunities:
- Increasingly Empowered Consumer
- Rising Disruptive Technologies
Rising Disruptive Technologies
The ascent of disruptive technologies presents a significant opportunity for the Artificial Intelligence (AI) in Retail Market, acting as a catalyst for growth and innovation within the industry. As emerging technologies continue to reshape the business landscape, retailers are realizing the potential of incorporating AI to stay ahead of the curve. Disruptive technologies such as the Internet of Things (IoT), augmented reality, and blockchain offer synergies with AI, creating a fertile ground for retailers to enhance customer experiences and optimize operations. The integration of IoT in the retail ecosystem opens avenues for AI applications to gather real-time data from connected devices, enabling retailers to gain deeper insights into consumer behavior and preferences. For instance, smart sensors on shelves can track inventory levels, triggering AI algorithms to optimize restocking processes and minimize stockouts. This seamless collaboration between AI and IoT enhances operational efficiency, reduces costs, and ultimately improves the overall customer shopping experience.
The market for Artificial Intelligence (AI) in Retail is dominated by North America.
North America is poised to be the predominant force in the artificial intelligence in retail market in 2023. This dominance can be attributed to several factors, including the region's substantial share fueled by increased government initiatives and investments in AI technology. Additionally, the presence of major tech players like Microsoft, Google, and Intel further contributes to North America's leadership in this market. The region benefits from significant advancements in big data & analytics, natural language processing (NLP), machine learning, and deep learning, with a high adoption rate expected to drive the growth of AI in the retail sector in the years to come. Moreover, the escalating demand from e-commerce enterprises to enhance customer shopping experiences and the widespread digitization across the retail industry are anticipated to further propel the AI in retail market in North America. These converging factors position the region as a key player in the global AI in retail landscape, with sustained growth expected as technological innovations and industry digitization continue to unfold.
The online retail Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on type, the artificial intelligence (AI) in retail market is segmented into online retail and offline retail. In 2023, the online retail segment is anticipated to be the dominant force in the Artificial Intelligence (AI) in Retail Market, holding the largest market share. This supremacy can be attributed to the pivotal role that AI plays in revolutionizing the online retail experience. Within the online retail sector, AI serves as a multifaceted tool, enriching customers' purchasing journeys by providing valuable insights, informing about the availability of alternative or new products, streamlining buying processes, identifying untapped markets, and automating workflows. The robust growth of this segment is propelled by AI solutions that effectively overcome geographical constraints, expand customer bases through enhanced search engine visibility, facilitate quicker product location, and empower customers to compare products seamlessly.
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