Global Artificial Intelligence (AI) In Retail Market Size to Touch USD 51.4 Billion by 2030

 Posted on: Mar-2023 | ICT & Telecommunications

The global Artificial Intelligence (AI) In Retail market size is expected to touch USD 51.4 Billion by 2030, growing at a CAGR of 30.67% between 2022 and 2030.

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Artificial Intelligence (AI) is a rapidly growing field that involves the development of intelligent machines capable of performing tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation. In recent years, AI has gained significant attention and adoption in various industries, including retail.

AI in retail refers to the use of AI-powered technologies and solutions to enhance various aspects of the retail industry, from customer experience to supply chain management. AI can help retailers to gain valuable insights into consumer behavior, preferences, and purchase patterns, enabling them to personalize the shopping experience and offer targeted marketing and advertising campaigns. It can also help retailers to optimize inventory management, pricing, and supply chain operations, leading to increased efficiency and cost savings.

One of the most significant benefits of AI in retail is its ability to improve the customer experience. AI-powered chatbots and virtual assistants can provide instant support and recommendations to customers, enhancing their shopping experience and increasing customer satisfaction and loyalty. AI can also help retailers to offer personalized product recommendations and offers based on a customer's past purchase history and preferences.

Overall, the adoption of AI in retail is transforming the industry by enabling retailers to leverage big data and advanced analytics to improve their operations and drive growth. As AI technology continues to advance, it is expected to play an increasingly significant role in the future of retail.

Growth factors

The global artificial intelligence (AI) in retail market is expected to experience significant growth in the coming years, driven by various factors. One major growth driver is the increasing demand for personalized shopping experiences, which AI can provide by analyzing consumer behavior and preferences. Additionally, AI-powered chatbots and virtual assistants can enhance customer service by providing instant support and recommendations, leading to higher customer satisfaction and loyalty.

Another factor driving the growth of AI in retail is the need for improved inventory management and supply chain optimization. AI-powered systems can help retailers forecast demand, track inventory levels, and streamline the supply chain process, leading to cost savings and improved efficiency.

However, the adoption of AI in retail also faces several challenges and restraints. One such challenge is the high implementation and maintenance costs of AI systems, which may be prohibitive for small and medium-sized retailers. Additionally, concerns around data privacy and security may also hinder the adoption of AI in retail.

Despite these challenges, there are several opportunities for the growth of AI in retail. The increasing availability of big data and the development of advanced AI algorithms and technologies offer immense potential for retailers to leverage AI to improve their operations and customer experience. Furthermore, the growth of e-commerce and the increasing trend towards omnichannel retailing provide retailers with more channels to incorporate AI and enhance their overall business strategies

AI in Retail Market Scope:

Attribute

Details

Market Size in 2022

USD 8.1 Billion

Estimated Market Size in 2030

USD 51.4 Billion

CAGR Growth Rate

30.67% CAGR

Base Year

2021

Forecast Years

2022-2030

Segment covered

by Component, by Type, by Technology, by Application

 

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East & Africa

Largest Region

  • North America is the largest segment and accounted for more than 40% of revenue share in 2021.

Companies Covered

  • IBM Corporation
  • Microsoft
  • SAP SE
  • Intel
  • NVIDIA
  • Google LLC
  • Sentient Technology
  • ViSenze
  • Amazon Web Services
  • Oracle
  • Salesforce Inc.

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Report Highlights:

 Based on Component: Based on Component, the market is further segmented into solutions and services.

 By Type: the market is segmented into offline and online. In future the offline segment will lead the market.

By Technology Analysis: The market is segmented into Computer Vision, Machine Learning (ML), Natural Language Processing, Swarm Intelligence, Others. Of these, Machine Learning segment holds a major share of over 31.9% in 2021.

Based on Application: The market is further segmented into customer relationship management (CRM), inventory management, supply chain & logistics, product optimization, payment & pricing analytics, in-store navigation, virtual assistant (VA), and others. 

Regional Insights

North America is a mature market for AI in retail, with a large number of companies operating in this space and a high level of adoption among retailers. The US is the largest market in North America, driven by the presence of large technology companies and a high level of investment in AI. Moreover, the United States is the first country to use Artificial Intelligence technology and is also gaining high on the investment on AI technology. The United States is noticing the emergence of small enterprises and startups. This is owing to the rising demand for technology, which is projected to boost the Artificial Intelligence in Retail market growth in upcoming years.

Europe is a growing market for AI in retail, with countries such as the UK, Germany, and France leading the way. The EU has been supportive of AI research and development, providing opportunities for companies to access funding and resources to develop new solutions.

Asia-Pacific is a rapidly growing market for AI in retail, driven by the growth of e-commerce in countries such as China, India, and Japan. The region is home to a large and growing population of tech-savvy consumers, providing a significant opportunity for companies operating in this space.

List of Key Players in the Global AI in Retail:

  • IBM Corporation
  • Microsoft
  • SAP SE
  • Intel
  • NVIDIA
  • Google LLC
  • Sentient Technology
  • ViSenze
  • Amazon Web Services
  • Oracle
  • Salesforce Inc.

Market Segmentation

By Component 

  • Solution 
  • Service 

By Type

  • Offline
  • Online 

By Technology 

  • Computer Vision 
  • Machine Learning 
  • Natural Language Processing 
  • Swarm Intelligence 
  • Others

By Application 

  • Customer Relationship Management (CRM)
  • Inventory Management 
  • Supply Chain and Logistics
  • Product Optimization 
  • Payment and Pricing Analytics 
  • In-Store Navigation
  • Virtual Assistant 
  • Others

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