What is the global market size of Artificial Intelligence In Retail Market?

Artificial Intelligence In Retail Market size was valued at USD 7.1 billion in 2021 and is poised to grow from USD 8.41 billion in 2022 to USD 45.74 billion by 2030, growing at a CAGR of 18.45% in the forecast period (2023-2030).

Who are the key vendors in the Global Artificial Intelligence In Retail Market?

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. 'Amazon.com Inc. (US)', 'Salesforce.com, Inc. (US)', 'IBM Corporation', 'Microsoft Corporation', 'Google LLC', 'Intel Corporation', 'NVIDIA Corporation', 'SAP SE', 'Oracle Corporation', 'Infosys Limited', 'Wipro Limited', 'Happiest Minds Technologies', 'HCL Technologies Limited', 'Capgemini SE', 'Tata Consultancy Services Limited', 'Cognizant Technology Solutions Corporation', 'Accenture plc', 'Deloitte Touche Tohmatsu Limited', 'PTC Inc.', 'Zebra Technologies Corporation'.

What is the key driver of Global Artificial Intelligence In Retail Market?

Artificial intelligence-powered chatbot assistance is gaining widespread popularity in the retail industry owing to its highly efficient customer service. To improve the customer experience, the chatbot provides dedicated and personalized responses. According to Accenture insights, 91% of customers were more interested in shopping for brands that provided personalized recommendations and services in 2018. Natural language processing (NLP) and machine learning technologies are used to power the AI chatbots. These technologies provide real-time information about customer preferences. It also assists the chatbot in understanding the customers' sentiments and behavioral patterns, which aids in responding to customer queries and building relationships. Levis, for example, has implemented a chatbot platform, Levi's Virtual Stylist, to provide customer recommendations. To provide quick suggestions, the bot asks users for basic information such as size, fit, material, and even preferred brands. As a result, the AI-powered chatbot is expected to propel artificial intelligence in the retail industry sector.

What is the key market trend for Global Artificial Intelligence In Retail Market?

Artificial Intelligence is driving quick business decisions in marketing, e-commerce, product management, and different business areas by lowering the gap from insights to action. According to the United States Department of Commerce, retail sales in the United States are expected to reach USD 5,990,000 million in 2023.

Which region accounted for the largest share in Global Artificial Intelligence In Retail Market?

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.

Global Artificial Intelligence (AI) in Retail Market Size, Share, Growth Analysis, By Component(Solution, and Service), By Technology(Image & Video Analytics, Machine Learning), By Application(In-Store Navigation, Payment and Pricing Analytics) - Industry Forecast 2024-2031

Report ID: SQMIG45C2052 | Region: Global | Published Date: February, 2024
Pages: 252 | Tables: 95 | Figures: 76

Global Artificial Intelligence (AI) in Retail Market News

In January 2024, Google Cloud introduced new findings from a study on the perception and adoption plans of generative AI among retail decision makers in the US. The research, which surveyed 274 executives including C-suite members, IT leads, and business development managers, revealed that 81% of respondents express a pressing need to integrate generative AI technologies, with 72% poised to implement them within the next year.
In November 2023, Amazon Web Services Inc. has announced a new assistant powered by AI generative technology that can be customized to set it into the customer’s company specifications. As a result, Amazon Q could supply workers with data, ideas and explanations. This, in turn, makes tasks easier to perform even faster, decisions are made and problem-solving leaves more room for creativity that allows the worker to innovate.
In January 2023, Microsoft collaborated with AiFi, a tech start-up, to launch Smart Store Analytics. It is a cloud-tracking service for smart & cashier-less outlets that aids retailers with shopping and operational analytics.

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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 94.55 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.com Inc. (US)', 'Salesforce.com, Inc. (US)', 'IBM Corporation', 'Microsoft Corporation', 'Google LLC', 'Intel Corporation', 'NVIDIA Corporation', 'SAP SE', 'Oracle Corporation', 'Infosys Limited', 'Wipro Limited', 'Happiest Minds Technologies', 'HCL Technologies Limited', 'Capgemini SE', 'Tata Consultancy Services Limited', 'Cognizant Technology Solutions Corporation', 'Accenture plc', 'Deloitte Touche Tohmatsu Limited', 'PTC Inc.', 'Zebra Technologies Corporation'

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.

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.

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Global Artificial Intelligence (AI) in Retail Market Size, Share, Growth Analysis, By Component(Solution, and Service), By Technology(Image & Video Analytics, Machine Learning), By Application(In-Store Navigation, Payment and Pricing Analytics) - Industry Forecast 2024-2031

Global Artificial Intelligence (AI) in Retail Market News

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What is the global market size of Artificial Intelligence (AI) in Retail Market?

Who are the key vendors in the Global Artificial Intelligence (AI) in Retail Market?

What is the key driver of Global Artificial Intelligence (AI) in Retail Market?

What is the key market trend for Global Artificial Intelligence (AI) in Retail Market?

Which region accounted for the largest share in Global Artificial Intelligence (AI) in Retail Market?

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