Artificial Intelligence (AI) in Retail Market Size, Share, Growth Analysis, By Type, Technology(ML & Deep Learning, NLP, Others), Solution(Product Recommendation, CRM, Visual Search, Virtual Assistant, SCM, Others), Service, Deployment Mode, Application, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45C2052 | Region: Global | Published Date: June, 2024
Pages: 252 |Tables: 180 |Figures: 79

Artificial Intelligence (AI) in Retail Market Insights

Global Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031). 

Global artificial intelligence (AI) in retail market is currently experiencing a profound transformation, which is underlying the nature in which business runs internally and the level of customer engagement. The main aim of this incipient market is to turn retailers into technology-savvy digital giants who use innovative solutions to automate processes and provide tailored services for their customers on a big scale.  

It is the unstoppable demand for customized shopping thanks to users increasingly demanding tailored suggestions and smooth quality browsing both on and offline. As a counteraction, the retailers are looking towards AI-powered solutions to analyze data of the customers in real time so that they can offer personalized recommendations, tells, and promotions according to individual likes and behaviors. Now with e-commerce booming in the front of act and the omnichannel retailing has verified the necessity of Artificial Intelligence technologies to improve e-stores, supply chains logistics and deliver excellent customer's experience.  AI has shown its great capability of helping retail, however, on the other hand, there are many inhibiting factors which prevent it from being widely accepted. 

Advancements in AI technologies, such as machine learning and natural language processing, offer retailers increasingly sophisticated tools for demand forecasting, pricing optimization, and customer segmentation. Moreover, the proliferation of Internet of Things (IoT) devices and sensors in retail environments generates vast streams of data that can be leveraged to gain actionable insights and drive operational efficiencies across the value chain.

US Artificial Intelligence In Retail Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 5.59 Billion

Largest Segment

Offline Retail

Fastest Growth

Online Retail

Growth Rate

32.68% CAGR

Artificial Intelligence (AI) in Retail Market ($ Bn)
Country Share for North America Region (%)

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Artificial Intelligence (AI) in Retail Market Segmental Analysis

The global artificial intelligence in retail market is segmented based on type, technology, solution, service, deployment mode, application and region. Based on type, the market is segmented into online retail, and offline retail. Based on technology, the market is segmented into Machine Learning and Deep Learning (Facial Recognition, Emotion Detection), Natural Language Processing, Chatbots, Image and Video Analytics, and Swarm Intelligence. Based on solution, the market is segmented into product recommendation and planning, customer relationship management, visual search, virtual assistant, chatbots, price optimization, payment services management, supply chain management and demand planning, and others. Based on service, the market is segmented into professional services and managed services. Based on deployment mode, the market is segmented into cloud and on-premises. Based on application, the market is segmented into predictive merchandising, predictive merchandising, market forecasting, in-store visual monitoring and surveillance, location-based marketing, others (Real-time Pricing and Incentives, Real-time Product Targeting). Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. 

Analysis by Type 

In 2023, the offline retail by type has emerged as the dominating segment within the AI in retail market. This dominance is mainly attributed due to its vast physical retail infrastructure even though e-commerce is gaining more ground. AI technology has become a necessary element for improving customer interaction in traditional brick-and-mortar stores and also for making inventory management and business operations more convenient. Investments in AI have led to advancements like individualized in-store experiences using customer insights that are driven by AI and automation of checkouts. This has been done by major retail players whose roots are offline owing to huge capital base turning to AI in order to keep up with rivals and develop loyalty by such offline groups. In addition, AI has become increasingly integrated with physical stores’ IoT systems, leading to innovations that draw in even greater numbers of customers.  

In 2023, the online retail segment has emerged as the fastest growing market segment within the AI in Retail Market. The rapid growth of e-commerce can be mainly attributed to the changing behaviors of consumers as they seek more convenient ways in order to avoid human contact when making their purchases which would have otherwise led them back into IRL stores. This includes online merchants using AI which helps them with their own suggestions tailored precisely as per individual customers’ needs among many others; such us: AI chatbots available around clock time often provide personalized responses/care packages (such as useful articles, blog posts etc.), e-mail address recognition (it helps in locating/responding); product recommendation engine with real-time data feed based on customer clicks (based on this information). 

Analysis by Technology 

In 2023, The ML and DL segment has dominated the market holding a market share of 54.54% and is expected to maintain its dominance over the forecast year. Our study reveals that the dominance of this segment is attributed to the increasing adoption of these technologies within the growing industries. This technology serves various applications such as facial recognition, emotion detection, particularly enhancing the customer experience (CX) through its personalized recommendations, inventory management, and demand forecasting.  The more widely it is adopted for various retail applications, the more AI will grow in the retail market in the coming years. 

Based on SkyQuest analysis, we found that in recent years, it has been seen that the Natural Learning Processing (NLP) technology has grown at a significant CAGR of 14.9% and is expected to grow exponentially over the forecast year. The NLP technology is enhancing the capability of the retail industry with various serving application such as customer interaction and support, providing instant and accurate responses to customer inquiries. NLP helps retailers to analyze trends by measuring customers feedback and reviews into a deeper insight to gain overall performance and stay forefront in the market.

Artificial Intelligence (AI) in Retail Market By Type

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Artificial Intelligence (AI) in Retail Market Regional Insights

Based on SkyQuest in-depth study, we found that the retailers in North America, especially in the United States, employ AI algorithms to extract crucial information from various patterns in data acquired by them. The United States employs the most artificial intelligence in its retail business. For a long time, AI technology was predominantly accepted by the United States, allowing for the formation of new start-ups in the technology field that provide AI services to the retail market. Patenting activity was driven by the US with a 55% share of total patent filings. The largest share of artificial intelligence related patent filings in the retail industry was in the US with 55% of the total retail AI patent filled.

Europe emerges as the fastest-growing region in the adoption of artificial intelligence (AI) within the retail sector. However, the continent is well endowed with diverse markets, which are mixture of the conventional retail chains and the green pastures of e-commerce trading sites, offer the right ground for the AI-led innovations. European shopkeepers are becoming increasingly aware of the fact AI can provide them with a competitive edge, they use AI to ease supply chains processes, they use AI to personalize customer interaction, and they use AI to predict consumer demand. Additionally, supportive legal frameworks, as well as promotion programs geared toward AI implementation in some segments of European retailing, have breathed new air into this sector.

Artificial Intelligence (AI) in Retail Market By Region
  • Largest
  • Fastest

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Artificial Intelligence (AI) in Retail Market Dynamics

Drivers

Rising Use of AI-powered Chatbots for Improved Customer Experience 

  • AI-based chatbot recruiting is now being spread widely in the retail market. This is attributed to its greatly improving customer service quality. The chatbot gives a purposeful and customized reaction to clients to have them stay with your service. Take upliance.ai, for example, as they ventured into ChatGPT at the start of May 2023. DelishUp, a smart cooking companion, managed cooking in smooth manner by making cooking process automated. Moreover, the business projects at entering the home appliances class and thereby making a formidable base in Artificial Intelligence among the outdoor markets. Through NLP and ML technologies, AI chatbots have become more humanized. Using them, companies can gain actual data about customer preferences now and in real time. Besides, they help the chatbot understand customers' attitudes and feelings as well as a behavior pattern that tests his responsiveness to customer queries and his ability to build relationships. 

Personalized Customer Experience 

  • Providing a tailored shopping experience is one of the most important factors influencing artificial intelligence application in the retail industry. Algorithms of artificial intelligence process big quantities of consumer data for individual recommendations and sales. The relevance of such offers creates purchasers’ loyalty because they feel appreciated and can easily find what they need in the store. Retailers will foresee, forecast inventories, analyze customer needs properly. Consequently, this will result in currency escalation and putting other market players at a disadvantage. Enhancing customer experience is becoming a game changer software for the operational and strategic facets of business in retail. 

Restraint 

Lack of Infrastructure and Higher Implementation Costs to Limit Adoption of AI in the Retail Sector 

  • Usually, well known retail brands are always looking for the newest technologies for creating an improved genuinely engage of customers clients; but in developing markets many factors may limit a growing market. Masses and web-level retailers like Walmart have likely shifted to artificial intelligence (AI) powered managing both the in-shop and internet platforms. Before the advent of blockchain technology, SMEs and startups were facing a unique set of barriers hindering their coming to terms and adoption of modern technology due to absence of necessary infrastructure and inadequate technical skills. According to the IBM cloud-data service, whichever realistic value is known as 37% of practitioners thinks that the existence of AI expertise is a barrier while implementing these technologies (AI). 

Data Security and Privacy Issues Present Contradiction 

  • As one of the main restraints for AI systems in retail is customer database with huge amounts of data, there appear the problem about data security and privacy. Retailers must comply with the strict regulations of GDPR and, among other things, make sure the robust cybersecurity measures are in place to prevent customer information from leaking out or unauthorized access, which may imply a loss of consumers' trust in form of a breach and retailer's reputation at stake.

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Artificial Intelligence (AI) in Retail Market Competitive Landscape

Global Artificial Intelligence (AI) in the Retail Market is competitive, with many major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Amazon.com Inc, Google LLC, Intel Corporation, and Nvidia Corporation, among others who are driving the market.

Top Players in the Artificial Intelligence in Retail Market

 

  • Amazon Web Services (AWS) (US) 
  • Google LLC (US) 
  • Microsoft Corporation (US) 
  • IBM Corporation (US) 
  • SAP SE (Germany) 
  • Oracle Corporation (US) 
  • Salesforce.com, Inc. (US) 
  • Infosys Limited (India) 
  • Capgemini SE (France) 
  • Alibaba Group Holding Limited (China) 
  • Baidu, Inc. (China) 
  • HCL Technologies Limited (India) 
  • Wipro Limited (India) 
  • Tata Consultancy Services Limited (TCS) (India) 
  • Accenture plc (Ireland) 
  • Intel Corporation (US) 
  • NVIDIA Corporation (US) 
  • Cognizant Technology Solutions (US) 
  • Fujitsu Limited (Japan) 
  • Symphony RetailAI (US)

Artificial Intelligence In Retail Market Recent Developments

  • In June 2024, parcelLab announced the launch of parcelLab Returns Forecast AI tool. This new tool leverages AI to estimate inbound parcels for retailer warehouses, that allows retailers to forecast returns volumes and identify trend changes more accurately, plans for warehouse resources, reduce processing times and operational costs. Returns Forecast AI is purpose-built for retailers to strengthen their ability to anticipate and mitigate the financial impact of returns, providing more stability.   

  • In May 2024, Google launched a new tool for retailers integrated with generative AI. This tool is mainly proposed for E-commerce retailers for ad purposes. Using generative AI features retailers can enhance their customer reach with more effective product imagery and new immersive ad formats. 

  • In January 2024, Microsoft introduced new capabilities through Microsoft Copilot. Using these new capabilities, retailers bring AI to the shopper journey and enhance store associate experiences. Upgraded Copilot templates for building applications, and retail data solutions in Microsoft Fabric, Microsoft makes AI implementation more accessible to retailers of all sizes.

Artificial Intelligence (AI) in Retail Key Market Trends

  • AI-driven Visual and Voice Search will Speed Up Booming Market Indicators: The e commerce channels, and online shops supply markets are experiencing a surge in demand. Nowadays consumers can use the new methods of product description e.g. images, videos and voice (mobile internet; smartphone with assistant) to search for new products or brands. AI in visual search manages to be more effective by using two functions which are data collection and data mining. The AI shopping app (visual searching engine) works through the advent of AI features such as the ability to analyze, track, and predict growing shopping trends which, therefore, enhances shopper’s experience and engagement.  
  • Integration of the Computer Vision Technology: An increase in the adoption of computer vision technology is observed especially among retail stores by providing them with tools that facilitate picture-based data analysis allowing for automated processes such as inventory management, cashier-less checkout, and personalized marketing. IT technologies are nowadays in full swing and are being implemented to enhance the effectiveness of operations, improve workflow management and ensure merchants’ online and off-line customers receive an impeccable service.

Artificial Intelligence (AI) in Retail Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. 

According to SkyQuest analysis, Artificial Intelligence is driving rapid business decisions in marketing, e-commerce, product management, and different business areas by lowering the gap from insights to action. AI in retail develops alongside other wearable technologies and robots are also gaining popularity, which means that the demand for AI in retail is constantly increasing. AI technology influences every corner of the retail duties these days. Optimizing the supply chain, helping in product recommendation, and personalizing the consumer experience are a few aspects that have truly shaped the market in many respects. Retailers who use AI-based data analytics get good results and can help push the forecasting demand to be more precise, use back-end data to run typical business traffic, and make the best of inventory management. In addition, AI armed time recommendations are changing users search for products, empowering shoppers to greater interaction and conversion. More sales are needed to remain competitive as digital brings innovation to the marketplace. That’s why AI is key for the automation of business processes and the creation of a unique shopping experience for the customer. On the other hand, issues such as data privacy and shortage of AI talent may also arise and call for comprehensive strategies that ensure that AI innovation is done in a manner that considers ethical issues while at the same time fostering them. Eventually, AI in Retail industry will continue to gain grounds as vendors will play their part in applying AI technology to boost their business and to shape the landscape of commerce.

Report Metric Details
Market size value in Retail USD 5.59 Billion
Market size value in 2031 USD 71.23 Billion
Growth Rate 32.68%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Online Retail, Offline Retail
  • Technology
    • Machine Learning & Deep Learning (Facial Recognition, Emotion Detection), Natural Language Processing, Chatbots, Image and Video Analytics, Swarm Intelligence
  • Solution
    • Product Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant, Chatbots, Price Optimization, Payment Services Management, Supply Chain Management and Demand Planning, Others
  • Service
    • Professional Services, Managed Services
  • Deployment Mode
    • Cloud, On-Premises
  • Application
    • Predictive Merchandising, Programmatic Advertising, Market Forecasting, In-Store Visual Monitoring & Surveillance, Location-Based Marketing, and Others (Real-Time Pricing and Incentives, Real-Time Product Targeting)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Amazon Web Services (AWS) (US) 
  • Google LLC (US) 
  • Microsoft Corporation (US) 
  • IBM Corporation (US) 
  • SAP SE (Germany) 
  • Oracle Corporation (US) 
  • Salesforce.com, Inc. (US) 
  • Infosys Limited (India) 
  • Capgemini SE (France) 
  • Alibaba Group Holding Limited (China) 
  • Baidu, Inc. (China) 
  • HCL Technologies Limited (India) 
  • Wipro Limited (India) 
  • Tata Consultancy Services Limited (TCS) (India) 
  • Accenture plc (Ireland) 
  • Intel Corporation (US) 
  • NVIDIA Corporation (US) 
  • Cognizant Technology Solutions (US) 
  • Fujitsu Limited (Japan) 
  • Symphony RetailAI (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Artificial Intelligence (AI) in Retail Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Artificial Intelligence (AI) in Retail Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Artificial Intelligence (AI) in Retail Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence (AI) in Retail Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

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FAQs

Global Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031). 

Global Artificial Intelligence (AI) in the Retail Market is competitive, with many major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Amazon.com Inc, Google LLC, Intel Corporation, and Nvidia Corporation, among others who are driving the market. 'Amazon Web Services (AWS) (US) ', 'Google LLC (US) ', 'Microsoft Corporation (US) ', 'IBM Corporation (US) ', 'SAP SE (Germany) ', 'Oracle Corporation (US) ', 'Salesforce.com, Inc. (US) ', 'Infosys Limited (India) ', 'Capgemini SE (France) ', 'Alibaba Group Holding Limited (China) ', 'Baidu, Inc. (China) ', 'HCL Technologies Limited (India) ', 'Wipro Limited (India) ', 'Tata Consultancy Services Limited (TCS) (India) ', 'Accenture plc (Ireland) ', 'Intel Corporation (US) ', 'NVIDIA Corporation (US) ', 'Cognizant Technology Solutions (US) ', 'Fujitsu Limited (Japan) ', 'Symphony RetailAI (US)'

AI-based chatbot recruiting is now being spread widely in the retail market. This is attributed to its greatly improving customer service quality. The chatbot gives a purposeful and customized reaction to clients to have them stay with your service. Take upliance.ai, for example, as they ventured into ChatGPT at the start of May 2023. DelishUp, a smart cooking companion, managed cooking in smooth manner by making cooking process automated. Moreover, the business projects at entering the home appliances class and thereby making a formidable base in Artificial Intelligence among the outdoor markets. Through NLP and ML technologies, AI chatbots have become more humanized. Using them, companies can gain actual data about customer preferences now and in real time. Besides, they help the chatbot understand customers' attitudes and feelings as well as a behavior pattern that tests his responsiveness to customer queries and his ability to build relationships. 

AI-driven Visual and Voice Search will Speed Up Booming Market Indicators: The e commerce channels, and online shops supply markets are experiencing a surge in demand. Nowadays consumers can use the new methods of product description e.g. images, videos and voice (mobile internet; smartphone with assistant) to search for new products or brands. AI in visual search manages to be more effective by using two functions which are data collection and data mining. The AI shopping app (visual searching engine) works through the advent of AI features such as the ability to analyze, track, and predict growing shopping trends which, therefore, enhances shopper’s experience and engagement.  

Based on SkyQuest in-depth study, we found that the retailers in North America, especially in the United States, employ AI algorithms to extract crucial information from various patterns in data acquired by them. The United States employs the most artificial intelligence in its retail business. For a long time, AI technology was predominantly accepted by the United States, allowing for the formation of new start-ups in the technology field that provide AI services to the retail market. Patenting activity was driven by the US with a 55% share of total patent filings. The largest share of artificial intelligence related patent filings in the retail industry was in the US with 55% of the total retail AI patent filled.

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