AI In Retail Market: Current Analysis and Forecast (2022-2028)

Global AI in retail market is expected to grow at a significant rate of around 32% during the forecast period. AI in Stores is using AI and advanced algorithms to understand what a customer might be interested in based on things like demographic data, social media behavior, and purchase patterns. Using this data, they can further improve the shopping experience and personalized service, both online and in stores.

The growing adoption of AI in retail is attributed to growing internet users and smart devices, increasing awareness about AI and big data & analytics, and government initiatives towards digitization. Furthermore, the adoption of the multichannel or omnichannel retailing strategy, untapped opportunities to increase sales efficiency, enterprises' demands for streamlining the business process, and the growing need to enhance end-user experience and take advantage of market dynamics are also contributing to the growth of the global artificial intelligence in the retail market. Moreover, the growing AI investments is also expected to significantly influence AI in Retail Market growth. For instance, in 2021, the global corporate AI investment reached 93.5 billion USD.

Amazon.com Inc, Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc, and BloomReach Inc, are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst type, online category to witness robust CAGR during the forecast period"

Based on type the market is segmented into online and offline. The online segment is expected to grow with a robust CAGR during the forecast period. This is mainly because of the growing prominence of e-commerce around the globe. Online retailing includes FMCG, CPG, appeals, electronics goods, and others. Online retailing(E-commerce) offers various benefits to consumers such as convenience, due to e-commerce they don't have to physically reach the retail stores, they can make purchases whenever they feel like it.

"Amongst technology, machine learning, and deep learning to hold a significant share in the market in 2020"

On the basis of technology, the market is segmented into machine learning & deep learning, and natural language processing (NLP). The machine learning and deep learning segment are expected to grow significantly during the forecast period. This is mainly due to the growing adoption of chatbots in online retail stores around the world. Chatbots offer various benefits such as cost savings, and contextual, AI-driven support, chatbots also help organizations to analyze consumer data in a more refined manner.

"North America to hold a significant share in the market"

In 2020, the North American region is expected to grow with a significant CAGR during the forecast period. This is mainly due to the presence of major players in the region such as Google Inc, Microsoft Corporation IBM Corporation, Salesforce, and Amazon Web Services. Moreover, the United States and Canada are the countries in the region that are the early adopters of AI technology. Also, the growing number of AI startups in the USA and Canada is expected to significantly influence the market. Furthermore, the growing investments in the research and development of AI technology in the region is expected to drive the market.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global AI in retail market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.