Global Artificial Intelligence in Retail Market Size to Reach USD 103.82 Billion in 2032 | Emergen Research
Rising demand for superior surveillance and monitoring at retail stores is a major factor driving artificial intelligence in retail market revenue growth
Vancouver, Sept. 12, 2023 (GLOBE NEWSWIRE) — The global artificial intelligence in retail market size is expected to reach USD 103.82 Billion in 2032 and register a revenue CAGR of 34.2% during the forecast period, according to the latest analysis by Emergen Research. Increasing awareness of Artificial Intelligence (AI) in the retail industry is a major factor driving the market revenue growth. AI enables retailers to provide a unified customer experience across numerous online, mobile, and in-store platforms. Retailers provide 24/7 customer assistance, answer customer questions, and provide personalized suggestions with AI-powered chatbots and virtual assistants. AI assists marketers in creating better consumer segmentation based on insights from audience data by sifting through massive amounts of data. Chatbots and virtual assistants powered by AI enable retailers to communicate with customers in real time, enhancing customer satisfaction and loyalty. Hence all these factors are driving the market revenue growth. AI helps retailers understand their customers’ preferences, predict their behavior, and offer personalized deals.
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Growing strategic initiatives taken by the companies is another factor driving the market revenue growth. For instance, on 30 June 2022, Google Cloud announced a new relationship with H&M Group, a major fashion store. The Swedish company uses Google Cloud’s enormous data analytics capabilities and safe, long-term global infrastructure to improve its customer experience and supply chain enablement. Google Cloud works with H&M Group to build a corporate data backbone, which includes a core data platform, data products, and advanced Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
However, AI relies on data to generate accurate insights and make informed decisions, but data quality is a major challenge in retail which is a major factor restraining the market revenue growth. There is a risk that inaccurate data or algorithms can cause automated systems to make incorrect conclusions.
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Scope of Research
|Market size in 2022||USD 5.50 Billion|
|Revenue forecast to 2032||USD 103.82 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Solution type, deployment mode, retail segment, application, technology, functionality, payment solutions, and region.|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Amazon.com, Inc., Google, IBM, Intel Corporation, Microsoft, Salesforce, Inc., SAP, Oracle, Visenze, SymphonyAI.|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global artificial intelligence in retail market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Amazon.com, Inc.
- Intel Corporation.
- Salesforce, Inc.
- On 13 January 2023, Google Cloud announced four new and upgraded AI solutions to assist retailers in transforming their in-store shelf-checking operations and improving their e-commerce sites to provide customers with more fluid and natural online shopping experiences. Furthermore, Google Cloud added a new personalization AI capability and an AI-powered browse tool to its Discovery AI solutions to assist retailers in modernizing their digital storefronts with more dynamic and intuitive buying experiences.
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Some Key Highlights From the Report
- The customer service and support segment accounted for largest revenue share in 2022. Artificial intelligence assists retailers in providing an enhanced customer experience which in turn is driving revenue growth of this segment. AI-driven customer service solutions operate round-the-clock, addressing customer problems at any time, even outside regular business hours which as a result satisfy the need for immediate assistance to the customers. These solutions made it easier to exceed client expectations, resulting in increased satisfaction and brand loyalty hence contributing to revenue growth of this segment.
- The cloud-based segment accounted for a significantly large revenue share in 2022. Rising demand for cloud services in the retail industry owing to its various benefits such as reduced IT and storage costs, real-time access to operational and inventory data, faster time to market, and ability to scale up and down as needed are major factors driving revenue growth of this segment. Keeping inventory in the cloud enables businesses to view inventory data and make informed decisions from any location. Cloud computing is important for managing enormous volumes of sales data, inventory/stock data, customer data, and others.
- The computer vision segment accounted for a significantly large revenue share in 2022. Rising demand for computer vision in retail since it is used to improve geofencing, allowing shoppers to recognize specific customers as they enter the store and offer them discounts which is driving revenue growth of this segment. They also get recommendations on what goods to buy based on their previous purchases. Computer vision allows retailers to improve the in-store experience of their customers, which as a result leads to increased customer loyalty. Computer vision data are used to optimise the layout of store shelves, making it easier for customers to buy items which is driving revenue growth of this segment.
- The market in North America accounted for largest revenue share in 2022. AI enables retailers to deliver personalized experiences to customers by analyzing their preferences and behavior which is a major factor driving the market revenue growth in this region. AI-powered chatbots enhanced customer services. Moreover, the growing collaboration among the key companies is also driving the market revenue growth in this region.
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For the purpose of this report, Emergen Research has segmented the global artificial intelligence in retail market on the basis of solution type, deployment mode, retail segment, application, technology, functionality, payment solutions, and region:
- Solution Type Outlook (Revenue, USD Billion; 2019–2032)
- Customer Service & Support
- Inventory Management
- Visual Search & Recommendation
- Price Optimization
- Fraud Detection & Prevention
- Supply Chain Management
- Virtual Assistants & Chatbots
- Predictive Analytics
- Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
- Retail Segment Outlook (Revenue, USD Billion; 2019–2032)
- Fashion & Apparel
- Electronics & Gadgets
- Grocery & Supermarkets
- Home & Furniture
- Beauty & Cosmetics
- Sports & Fitness
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Brick-and-Mortar Stores
- Supply Chain & Logistics
- Marketing & Advertising
- Customer Insights & Personalization
- Payment & Checkout Processes
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
- Robotic Process Automation (RPA)
- Neural Networks
- Deep Learning
- Functionality Outlook (Revenue, USD Billion; 2019–2032)
- Data Analysis & Insights
- Automation of Routine Tasks
- Customer Behavior Analysis
- Inventory Tracking & Management
- Customer Service Enhancement
- Payment Solutions Outlook (Revenue, USD Billion; 2019–2032)
- AI-powered Fraud Detection in Payments
- Personalized Payment Recommendations
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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