Global Artificial Intelligence in Retail Market Trends, Applications, Analysis, Growth, and Forecast to 2028

Global Artificial Intelligence in Retail Market: Overview

The Artificial Intelligence in Retail Market was valued at $42.4 billion in 2021 & is projected to reach $84.9 billion by 2028. It is expected to grow at an 8.3% CAGR between 2021 and 2028.

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The Artificial Intelligence in the Retail Market report has been segmented on the basis of components, deployment models, technology, application, and region.

Artificial intelligence (AI), also known as machine intelligence is the simulation of human intelligence demonstrated by machines, especially computers.

These processes involve learning, reasoning, and self-correction. Artificial intelligence is used in the retail industry in order to improve customer experience, guarantee authenticity, smooth logistics & delivery, and reduce human error.

Global Artificial Intelligence in Retail Market: Dynamics

Increasing demand for artificial intelligence in the retail industry, owing to increasing investments and growing business sales opportunities is a major factor expected to drive the growth of the global artificial intelligence in the retail market in years to come.

Additionally, increasing awareness of AI as it enables speed, security, and easy transactions is another factor anticipated to support the revenue growth of artificial intelligence in the retail market.

Moreover, the increasing necessity to optimize supply chain transactions, and maintain inventory accuracy are among some of the other factors expected to further fuel growth of the artificial intelligence in the retail market to a significant extent.

However, lack of technical expertise and regulatory standards to reduce counterfeits and breaching of data are factors that may restrain the growth of the target market.

Increasing adoption of cloud-based solutions in the e-commerce sector, coupled with growing trade activities globally are factors anticipated to create new revenue opportunities for manufacturers operating in the target market in the next coming years.

Global Artificial Intelligence in Retail Market: Segment Analysis

Among the component segments, the solutions segment is projected to register significant revenue share in the potential market in years to come, owing to increasing demand for product recommendation and planning solutions.

Among the deployment mode segments, the cloud-based segment is expected to account for significant growth in terms of revenue in the target market, owing to low-maintenance services.

Among the technology segments, the machine learning and deep learning segment are projected to register for the highest revenue share in the global market.

Among applications, the in-store visual monitoring and surveillance segment is expected to account for the maximum share in terms of revenue in the target market in the next years come.

Global Artificial Intelligence in Retail Market: Regional Analysis

The North American market is expected to account for the highest revenue share and is projected to dominate the global artificial intelligence in the retail market in years to come.

Increasing incidences of breaching data and counterfeits, the presence of prominent players in countries such as the US and others, and the adoption of new technologies are factors anticipated to drive the growth of the target market in the North American region.

Europe artificial intelligence in the retail market is projected to register a moderate share in the global market.

The market in the Asia Pacific is projected to register the fastest growth rate in the artificial intelligence in retail market in years to come, owing to the increasing usage of artificial intelligence-based services and solutions among retailers.

Global Artificial Intelligence in Retail Market Segmentation:

Segmentation on the Basis of Component:

• Solutions
• Services

Segmentation on the Basis of Deployment mode:

• Cloud
• On-premise

Segmentation on the basis of Technology:

• Machine Learning and Deep Learning
• Natural Language Processing
• Others (Analytics and Process Automation)

Segmentation on the basis of Application:

• Predictive Merchandising
• Programmatic Advertising
• Market Forecasting
• In-Store Visual Monitoring and Surveillance
• Location-Based Marketing
• Others (Real-Time Pricing and Incentives, and Real-Time Product Targeting)

Segmentation on the Basis of Region:

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