Westford USA, May 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Artificial Intelligence (AI) in Retail Market will attain a value of USD 94.55 Billion by 2031, with a CAGR of 32.68% over the forecast period (2024-2031). The increase in use of AI chatbot support is a major trend within the global artificial intelligence in retail market as it provides incredibly effective customer service capabilities. By naturally corresponding with consumers using personal and positive responses, chatbots greatly improve consumer happiness in general. Notably, technical innovations like computer vision are becoming increasingly popular in physical stores, creating a lot of chances for the industry. These potentials include demand forecasting, inventory management, and overall customer experience optimisation.
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- Tables - 95
- Figures – 76
Artificial Intelligence (AI) in Retail Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $7.42 Billion |
| Estimated Value by 2031 | $94.55 Billion |
| Growth Rate | Poised to grow at a CAGR of 32.68% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology and Application |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Integration of the Computer Vision and Advance AI Technology in Retail |
| Key Market Opportunities | AI-driven Visual and Voice Search to Propel Market Opportunities |
| Key Market Drivers | Rising Use of AI-powered Chatbots for Improved Customer Experience |
Multifaceted Solution Component Allows Solution to Dominate the Market
AI's diverse solution component is the driving force behind its success in the global retail business. This implies that artificial intelligence plays an important role in guiding the retail sector through bettering inventory control, personalized advice generation, and complex data interpretation, thus facilitating consumer satisfaction, operational efficiency, and income.
Ability to Anticipate Market Trends Accurately to Help Predictive Analysis Sub-Segment Dominant
The capacity of predictive analysis apps to precisely forecast consumer behaviour and market trends accounts for their dominance in the worldwide AI retail sector. Somehow or another, merchants can make quick data-driven decisions aided by big data integration, machinery learning algorithms and real-time data processing. The use of predictive analysis in the adoption of artificial intelligence by businesses across the retail industry is increasingly becoming important as result of how it enhances consumer targeting, makes inventory management more seamless, and increases sales.
Employ AI Algorithms to Extract Crucial Information from Various Patterns in Data Helps North America Dominate
North American retailers, particularly those in the US, use AI algorithms to mine their data for important insights from a variety of patterns. In terms of artificial intelligence used in retail, the United States leads the world. For a considerable amount of time, the United States was the primary adopter of AI technology, which facilitated the emergence of new technological start-ups offering AI services to the retail sector.
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Artificial Intelligence (AI) in Retail Market Insight
Drivers:
- Rising Use of AI-powered Chatbots for Improved Customer Experience
- Artificial Intelligence Enables Smooth Integration Between Several Sales Channels
- Artificial Intelligence Algorithms are Capable of Instantly Identifying Fraudulent Activity
Restraints:
- Lack of Infrastructure and Higher Implementation Costs to Limit Adoption of AI in the Retail Sector
- Data Security and Privacy Issues Present Contradiction
- AI Systems Abide by the Laws and Rules
Prominent Players in Global Artificial Intelligence (AI) in Retail Market
- Wipro Limited (India)
- Cognizant Technology Solutions Corporation (US)
- Oracle Corporation (US)
- HCL Technologies Limited (India)
- Tata Consultancy Services Limited (India)
- Infosys Limited (India)
- Capgemini SE (France)
- SAP SE (Germany)
- Accenture plc (Ireland)
- Happiest Minds Technologies (India)
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Key Questions Answered in Global Artificial Intelligence (AI) in Retail Market Report
- What will be the valuation of the global artificial intelligence in retail market by 2031?
- What role does North America's retail integration of AI algorithms play in the region's leadership in the AI retail market?
- What are the main factors that the market insight section highlighted as barriers to AI adoption in the retail industry?
This report provides the following insights:
- Analysis of key drivers (Greatly improving customer service quality, chatbot gives a purposeful & customized reaction, NLP & ML technologies have become more humanized and gaining actual data about customer preferences), restraints (Adoption of modern technology due to absence of necessary infrastructure, inadequate technical skills and comply with the strict regulations of GDPR), opportunities (E-commerce platforms & virtual shops are growing rapidly, visual search optimization and predict growing shopping trends), and challenges (Security concerns about proprietary data and no standard frameworks to secure data stored & shared using healthcare apps) influencing the growth of artificial intelligence (AI) in retail market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the artificial intelligence (AI) in retail market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the artificial intelligence (AI) in retail market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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