Artificial Intelligence in Retail Market

Artificial Intelligence in Retail Market

Market Synopsis

Global Artificial Intelligence in Retail market is valued at USD 3931.04 Million in 2022 and is projected to reach a value of USD 40379.07 Million by 2030 at a CAGR of 33.80% over the forecast period. The rising adoption of multichannel retailing strategy, the demand of enterprises for streamlining business process, and increasing requirement to enhance customers experience in order to take the advantage of market dynamics are the factors contributing to the growth of global artificial intelligence in the retail market during the forecast period. Moreover, the adoption of Artificial Intelligence in Retail sector is converting industry in a new era such as providing better outcome and engaging the customers in the digital world which is expected to increase the demand of Artificial Intelligence in Retail in upcoming years. The increasing requirement for monitoring and surveillance at a physical store, growth in the awareness and app of AI in the retail sector, improved productivity, return on investments, maintaining accuracy of inventory, and optimization of supply chain are some of the key-factors the fueling the growth of Artificial Intelligence in Retail market during the forecast period. The rising focus on blockchain and increasing adaptation of 5G technology in retail sector are the new trends in the Artificial Intelligence in Retail market which is expected to increase the demand of AI in upcoming years. Moreover, the government initiatives towards digitalization are also one of the reasons for the growth of Artificial Intelligence in Retail market during the forecast period.

Market Segmentation:

The Artificial Intelligence in Retail Market is segmented on the basis of Type, technology, solution, services, deployment model, and application. On the basis of types, the market is segmented on the basis of online, and offline. Ob the basis of technology, the market is segmented on the basis of Machine Learning and Deep Learning, Natural Language Processing, and Others (Analytics and Process Automation). Based on solution the market is segmented as Product Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant, Price Optimization, Payment Services management, Supply chain management and Demand Planning, and Others (Website and Content Optimization, Space Planning, Fraud Detection, and Franchise Management). On the basis of services, the market is segmented as Professional Services, and Managed Services. Based on deployment model the market is segmented as Cloud, and On-Premises. On the basis of application, the market is segmented as Predictive Merchandising, Programmatic Advertising, Market Forecasting, In-Store Visual Monitoring and Surveillance, Location-Based Marketing, and Other (Real-Time Pricing and Incentives, and Real-Time Product Targeting).

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The predictive merchandising segment holds the largest market share during the forecast period

The predictive merchandising segment acquires the largest market share in the Artificial Intelligence in retail market during the forecast period. The largest share of the predictive merchandising sector is primarily assigned to increasing demand for better inventory management, improve customer engagement, need to enhance customer experience, and enable data driven insights about the customers, which further increases the demand for Artificial Intelligence in retail sector during the forecast period. Moreover, Artificial Intelligence in Retail sector provides retailers with valuable customers insights such as recognizing high value customers, the reason behind their purchasing, their behavior of buying pattern in the retail industry that drives the Artificial Intelligence in Retail market growth during the forecast period.

Machine learning segment holds the largest market share during the forecast period

Based on technology the machine learning segment acquires the largest share of the Artificial Intelligence in Retail market during the forecast period. The largest share of this segment is primarily attributed to growth in the use of machine learning technology in customer experience management, predictive merchandising to engage customers, customer behavior tracking, and increasing productivity which is expected to increase the demand of Artificial Intelligence in Retail market in the upcoming years. Moreover, machine learning provides better prediction of sales, and personalized product advices for promotions and advertising which is projected to enhance the growth of Artificial Intelligence in Retail market in years to come.

North America region dominated the Artificial Intelligence in Retail market during the forecast period

In 2021, North America dominates the market during the forecast period. The retailers in the North America are concentrating on taking out the available data on the preference of consumers in order to boost the customer service efficiency. Moreover, the United States is the first adopted of Artificial Intelligence technology and is also gaining high on the investment on AI technology. The United States is noticing emergence of small enterprises and startups owing to the rising demand for technology this is projected to boost the Artificial Intelligence in Retail market growth in upcoming years.

Asia Pacific region is experiencing rapid growth during the forecast period owing to the growth in digitalization. Currently, the retail industry is going through a rapid transition phase which is driving the demand for advanced technology to improve customer experience and improve operations in the Artificial Intelligence in Retail market in upcoming years. India has estimated to gain the highest CAGR owing to increasing demand for automation tools in order to improve the operations and decision-making capability.

Europe is ranking second in dominating the Artificial Intelligence in retail market share during the forecast period. The current major retailers across fashion, cosmetics, apparels sectors are largely investing in advanced technologies in order to boost the experience of customers and which is expected to drive the Artificial Intelligence in Retail market growth in Europe during the forecast period.