USD 3.12 billion
Report ID: SQSG45C2004 | Region: Global | Published Date: December, 2022 | Pages: 252 | Tables: 141 | Figures: 68
Global Artificial Intelligence in Retail Market was valued at USD 3.12 billion in 2021 and it is expected to reach at USD 19.57 billion by 2028, with CAGR of 30% over the forecast period (2022–2028).
Artificial intelligence (AI) is being used in the retail sector as a result of the industry's upheaval, which is being driven by digital transformation in technology. Brands and merchants from all around the world are collaborating to improve intelligent automation techniques and deploy AI in retail outlets. Technology aids retailers in driving automation in both the physical and online service area, as well as customer-facing components. According to the IBM Institute of Business Study 2020, the industry's use of AI in intelligent automation is expected to reach 80% by 2023.
Covid-19 allowed for quick changes in client purchasing habits all across the world. As a result, AI use has exploded in order to better understand client purchase trends. The pandemic and lockdown have had a profound impact on customer behavior, product demand, and in-store operations. According to TATA communication, US expenditure fell by around 7.5 percent in March 2020, according to a study provided by TATA. The impact of this decline is then amplified by the company's use of AI technology to boost online sales and improve user experience.
Global Market Size
USD 3.12 billion
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Global artificial intelligence in retail market is segmented based on offerings, function, application, type, technology, and region. Based on offering, it is categorized into solutions, services. Based on function, it is categorized into operation-focused, and customer-facing. Based on type, it is categorized into Online and offline. Based on application, it is categorized into predictive analysis, in-store visual monitoring and surveillance, customer relationship management, and market forecasting. Based on technology, it is categorized into computer vision and machine learning. Based on region, it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Offerings
The automation-based solution segment is dominating the artificial intelligence in retail market. AI divides the artificial intelligence in retail market into two types of offerings: solutions and service-based offerings. Smart shops, e-commerce, intelligent customer insights, smart delivery, intelligent supply chain, and other services leverage the other offering. Many causes are pushing the development of new novel automation solutions for a variety of difficulties, including managing retail outlets in various locations, logistics, warehouse management, and increasing customer experience. As a result, AI deployment in the retail industry will accelerate.
The store will require further assistance in the form of services to handle the AI module's installation, management, and server maintenance, among other things. As a result, major expansion in the service will be aided as well.
Analysis by Application
To read quick changes in consumer behavior, predictive analysis is performed. In the retail industry, AI applications include predictive analytics, in-store visual monitoring and surveillance, customer relationship management, and artificial intelligence in retail market forecasting. Predictive analysis, demographic segmentation, shelf management, labor optimization, and many other tasks are accomplished utilizing solution-based AI approaches. AI activities are conducted based on region, geography, culture, gender, and age to understand future retail demand and profit on such chances.
Chatbots, virtual assistants, search engines, and other AI-based apps help shops maintain a good customer connection, which leads to increased brand loyalty. Another popular market use right now is market forecasting, which anticipates price and volume based on previous market patterns. Continuous surveillance employing AI applications provides fraud control, consumer insight tracking, and shelf replenishment warnings.
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North America holds the majority of the global revenue. To improve customer service efficiency, retailers in the region are focusing on extracting available data on customer preferences. The United States is the early adopter of AI technology and is currently investing heavily in AI technology. Owing to increased demand for technology, the country is also seeing the emergence of new startups and small businesses. This is expected to boost the growth of artificial intelligence (AI) in the retail industry.
During the projection period, the Asia Pacific market is expected to grow at a fastest CAGR due to increased digitization and acceptance of new technologies in the region. According to SAP data, China has won a 23.4 percent share of Artificial Intelligence investments in the retail business through the use of new technologies for better customer experience and enhanced operations. India is predicted to have the highest CAGR during the forecast period.
Europe is likely to come in second in terms of market share dominance. The region's current big retailers in the cosmetics, fashion, and apparel sectors, among others, are actively investing in advanced technologies to improve customer experience.
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Global artificial intelligence in retail market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of artificial intelligence in retail market platforms.
Top Players in the Global Artificial Intelligence in Retail Market
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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, growing product launches in artificial intelligence in retail market through regulatory government and key players, are predicted to boost the market growth over the forecast period. Furthermore, growing R&D sports in artificial intelligence in retail market is anticipated to useful resource in driving the global artificial intelligence in retail market, over the forecast period.
|Market size value in Retail||USD 3.12 billion|
|Market size value in 2028||USD 19.57 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Artificial Intelligence 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 Global Artificial Intelligence 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.
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