Artificial Intelligence (AI) in Retail Market | 2023-2028

Market Insights

The artificial intelligence in retail market is estimated to grow from USD 5.79 billion in 2022 to USD 20.46 billion by 2028 at a CAGR of 23.20% during the forecast period.

Wish to Get a Free Sample? Click here.

What is artificial intelligence in retail?

The implementation of artificial intelligence (AI) in retail is revolutionizing the industry in a new era of how organizations and companies track their operations to boost business developments, offer better outcomes, and involve customers in the digital world. The companies involved in the retail sector are using AI to provide the best customer experience.

COVID-19 Impact Analysis

The COVID-19 pandemic has positively impacted the industry. The rapid spread of the virus has led to several thousands of hospital admissions. There was an increase in the popularity of virtual fitting rooms, allowing shoppers to have a better shopping experience, amid the pandemic, as it does not involve any physical contact with the products, thus promulgating the market growth.

Key Players

The following are the key players operating in the artificial intelligence (AI) in retail market-

• Oracle Corporation (US)
• Salesforce.com Inc. (US)
• IBM Corporation (US)
• Microsoft Corporation (US)
• Google LLC (US)
• Amazon Web Services Inc. (US)
• SAP SE (Germany)
• ViSenze Pte Ltd (Singapore)
• BloomReach, Inc. (US)
• Symphony RetailAI (US).

Market Dynamics

The market is driven by a host of factors, some of which are noted below:

• Significantly increasing internet users & smart devices, favorable government initiatives towards digitization, and growing awareness regarding AI and big data & analytics.
• The rising adoption of multichannel or omnichannel retailing strategy, growing enterprise demands for streamlining the business process, and untapped opportunities to improve sales efficiency.
• Increasing need to enhance the end-user experience further bolster the industry growth.

To Get the full scope of the report, Register Here.

Segment Analysis

Application Trends

The market has been classified into supply chain and logistics, product optimization, in-store navigation, payment and pricing analytics, inventory management, and Customer Relationship Management (CRM).

Under these, the customer relationship management (CRM) segment held a significant market share of more than 15% in 2022 & is expected to maintain its dominance during the forecast period.

Product recommendation and planning is the key area for AI in the retail sector. The developments in Big Data analytics will spur the adoption of artificial-enabled devices and services across different retail end-users, which boosts the segment growth.

Technology Trends

The market has been classified into Machine Learning, Natural Language Processing, Chatbots, Image and Video Analytics, and Swarm Intelligence.

Under these, the machine Learning segment accounted for a market share of more than 25% IN 2022 & is likely to dominate the market during the forecast period.

Regional Trends

The North American market held the highest revenue share of more than 35% in 2022 and is projected to grow at the fastest CAGR in the coming years.

Want to know which region offers the best growth opportunities? Register Here.

This is ascribed to the large presence of major players, early adoption of new and emerging technologies such as Big Data and AI, surging need for intelligent business processes, and increasing adoption of digital technologies, which bolsters the regional market growth during the review period.

Target Audience

The target audience of  artificial intelligence in retail market includes-

• AI in Retail companies
• AI in Retail distributors
• Retails companies
• Government organizations

Critical Questions Answered in the Report

• What are the key trends in market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next the five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players) 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.