Overview and Scope
Artificial intelligence (AI) in retail refers to the application of advanced computing technologies that simulate human intelligence to enhance and automate various aspects of the retail industry. This includes leveraging AI algorithms and machine learning techniques to analyze vast amounts of data, predict consumer behavior, optimize inventory management, personalize customer experiences, and streamline operational processes.
Sizing and Forecast
The artificial intelligence (AI) in the retail market size has grown exponentially in recent years. It will grow from $9.12 billion in 2023 to $11.9 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to growth of AI in retail, increased necessity for surveillance and monitoring, rapid implementation of AI solutions, advancements in computer vision, growing demand for efficient operations.
The artificial intelligence (AI) in the retail market size is expected to see exponential growth in the next few years. It will grow to $34.09 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period can be attributed to projected market growth, AI’s transformative power, demand-side trends, favorable global market outlook, increasing competition. Major trends in the forecast period include adoption of machine learning, growing demand for ai services, enhanced user experience and productivity, regional market expansion.
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The artificial intelligence (AI) in retail market covered in this report is segmented –
1) By Component: Solution, Service
2) By Technology: Machine Learning, Natural Language Processing, Chatbots, Image And Video Analytics, Swarm Intelligence
3) By Deployment: Cloud, On-Premise
4) By Channel: Omnichannel, Brick And Mortar, Pure-Play Online Retailers
5) By Application: Customer Relationship Management, Supply Chain And Logistics In-Store, Navigation Inventory Management, Product Optimization, Payment And Pricing Analytics
North America was the largest region in the artificial intelligence (AI) in retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The digital transformation in the retail industry is expected to propel the growth of artificial intelligence (AI) in the retail market going forward. Digital transformation refers to the comprehensive and strategic integration of digital technologies, processes, and capabilities across various aspects of an organization. Retailers globally are adopting digital processes and enhancing customer experiences, resulting in an increased demand for AI solutions. This integration of AI in retail, driven by the imperative of digital transformation, fosters innovation in tasks such as automation, personalized marketing, and trend prediction, improving operational efficiency and providing insights into customer behavior. For instance, in January 2024, according to a survey of 400 respondents conducted by NVIDIA Corporation, a US-based manufacturing and technology company, 69% of retailers reported increased annual revenue with AI adoption, 72% experienced lower operating costs, and over 60% plan to boost AI investments in the next 18 months. Therefore, the digital transformation in the retail industry is driving the growth of artificial intelligence (AI) in the retail market.
Key Industry Players
Major companies operating in the artificial intelligence (AI) in retail market are Google LLC, Microsoft Corporation, Amazon Web Services, Intel Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Presto, NVIDIA Corporation, Salesforce Inc., Baidu Inc., ViSenze, Travelport, Databricks, DATAIKU, Symbotic, BloomReach Inc., Trax, Interactions LLC, Featurespace, RetailNext Inc., Trigo, Standard Cognition, CognitiveScale Inc., BrainBox AI, Inbenta Technologies, Next IT Corp., Infinite Analytics, Lexalytics Inc., Sentient Technologies
The artificial intelligence (ai) in retail market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) In Retail Market Characteristics
3. Artificial Intelligence (AI) In Retail Market Trends And Strategies
4. Artificial Intelligence (AI) In Retail Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) In Retail Market Size and Growth
…..
32. Global Artificial Intelligence (AI) In Retail Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) In Retail Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Retail Market
35. Artificial Intelligence (AI) In Retail Market Future Outlook and Potential Analysis
36. Appendix
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