According to this latest publication from Meticulous Research®, the AI in retail market is projected to reach $57.8 billion by 2030, at a CAGR of 41% from 2023 to 2030.The growth of this market is driven by factors such as growing awareness about AI and big data & analytics, the adoption of multichannel or omnichannel retailing strategies, and the need to enhance end-user experience and improve productivity. However, the high cost of procurement, lack of infrastructure and impact of COVID-19 may hinder the growth of this market to a certain extent. This report provides an in-depth analysis of the artificial intelligence in retail market along with its components, product offerings, applications, and deployment modes across different geographies.
To provide efficient analysis, Meticulous Research® has segmented this market based on offering (solutions and services), application (predictive merchandising, programmatic advertising, in-store visual monitoring & surveillance, market forecasting, location-based marketing), learning technology (machine learning, natural language processing, computer vision), type (online retail, offline retail) end user (food & groceries, health & wellness, automotive, electronics & white goods, fashion & clothing, cosmetics & personal care products, general utility products, others), deployment (cloud, on-premise) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the solutions segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s large share is attributed to retailers’ growing adoption of AI-powered solutions to identify customer needs, provide product recommendations, enhance customer experience, reduce shrinkage by improving loss prevention at points of sale, and reduce shoplifting in the retail industry.
Based on application, the predictive merchandising segment is expected to account for the largest share of the global artificial intelligence in retail market in 2023. The segment’s large share is attributed to the growing demand for better inventory management and the need to enhance customer experience, improve customer engagement, and enable data-driven insights about customers.
Based on learning technology, the machine learning segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s large share is attributed to the increasing use of machine learning technology in customer experience management, customer behavior tracking, and predictive merchandising to engage customers and increase productivity.
Based on the type, the online retail segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s growth is mainly driven by the increasing investments in online platforms, growing consumer preference for online shopping, and the need for technological transformation to boost revenue and profitability.
Based on end user, the food & groceries segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. This is mainly due to increasing consumer spending, the incorporation of advanced technologies, and the need to address consumer demands & enhance the consumer experience.
Based on deployment type, the cloud-based deployment segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. The segment’s large share is attributed to the decrease in the cost of cloud-enabling technology, the growing use of learning analytics, and organizations’ increasing inclination toward cloud computing to enable cost-cutting.
Based on geography, the AI in retail market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the artificial intelligence in retail market in 2023. The large share of the North American region is attributed to the high adoption of advanced technologies, including artificial intelligence (AI), machine learning & natural learning programming (NLP), and the presence of major artificial intelligence technology players & start-ups.
However, the Asia-Pacific region is expected to record the highest CAGR during the forecast period. Factors such as the presence of high-growth economies, growing adoption of AI-based solutions and services among retailers, increasing digitalization in the region, and improving connectivity infrastructure are expected to drive the growth of this regional market. In addition, the growing accessibility of IoT-enabled gadgets, rising disposable incomes, and favorable government initiatives in the region are also supporting the growth of this market in the APAC region.
Key Players
The key players operating in the AI in retail market are Amazon.com, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), and BloomReach, Inc. (U.S.).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of offering, application, learning technology, type, end user, deployment mode, and geography?
- What is the historical market size for AI in retail across the globe?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, and opportunities in the global AI in retail market?
- Who are the major players in the AI in retail market, and what share of the market do they hold?
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