Rockville, March 02, 2023 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, reveals that the global artificial intelligence (AI) in retail market is set to achieve a valuation of US$ 85 billion by 2033, expanding at a noteworthy 30.3% CAGR from 2023 to 2033.
Artificial intelligence in retail is ushering in a new era of how businesses track their operations to improve business strategies, give better outcomes, and communicate with customers in the digital world. Many established retailers around the world are dealing with rising costs, dissatisfied consumers, dwindling sales, and growing competition. As a result, retailers are implementing technology solutions to boost operational efficiency and improve customer interactions.
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The global artificial intelligence in retail market is rising rapidly due to factors such as greater knowledge of AI and big data analytics, increasing smart devices and internet users, growing amount of data in the retail industry, and strong government digitization programs. Moreover, the acceptance of an omnichannel or multichannel retailing strategy, enterprise requirements for streamlining business processes, untapped possibilities to boost sales efficiency, and the expanding need to improve end-user experience and capitalize on market dynamics are all contributing to global market growth.
Key Takeaways from Market Study
- The global artificial intelligence in retail market stands at US$ 6 billion in 2023.
- Worldwide demand for artificial intelligence technology in retail is anticipated to increase at a CAGR of 30.3% from 2023 to 2033.
- The global AI in retail market is forecasted to reach US$ 85 billion by 2033.
- North America captured 38.5% share of the global market in 2022.
- Machine learning accounted for 30% of the global market share in 2022.
“AI is rapidly altering the retail industry by enabling businesses to personalize customer experiences, streamline supply chains, and boost operational efficiency. AI is also helping businesses obtain important insights into customer behavior and preferences, which can then be utilized to build more targeted and efficient marketing efforts,” says a Fact.MR analyst.
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Market Titans
- Amazon Web Services
- Salesforce.Com, Inc
- Bloomreach, Inc
- Google LLC
- Intel Corporation
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
Winning Strategy
Leading companies are concentrating on launching innovative solutions to broaden their presence and gain market share.
- For example, Talkdesk, Inc. released an AI-based Talkdesk Retail Smart Service in June 2021, which provides automated self-service to customers and support personnel to focus on other significant revenue generation duties.
Competitive Landscape
Key providers of artificial intelligence for retail are constantly investing in innovative solutions. Furthermore, key players are using partnership, merger, and acquisition tactics to increase market share. Moreover, many start-ups are focusing on new developments to provide novel AI-driven solutions.
- Niflr, an Indian start-up, is creating an automated platform for cashier-less checkout in retail businesses. The start-up’s software tracks customers and detects their interactions with shop merchandise using computer vision and AI. For example, when a customer selects an item off a shelf, the platform immediately scans and adds that information to the store bill. Customers save time by not having to line at checkout points, which improves in-store experiences.
- Tiliter, an Australian start-up, is creating AI-powered product recognition software for retail grocery stores. The system integrates with existing POS systems and store cameras to allow accurate recognition of organic product marks. It also allows customers to check whether perishable items such as vegetables, fruits, and sandwiches are still fresh. Tiliter’s simple integration and capabilities, such as shopping bag identification and fraud prevention, enable shops to enhance their customers’ experiences.
- Microsoft partnered with Infosys in September 2022. Under this partnership, the organizations hoped to enable enterprises to swiftly reinvent customer experiences, boost systems with cloud and data, and modernize processes.
Key Segments of AI in Retail Industry Research
- By Offering :
- By Type :
- By Technology :
- Machine Learning
- Natural Language Processing
- Computer Vision
- Other Technologies
- By Deployment :
- By Application :
- Customer Relationship Management (CRM)
- Supply Chain and Logistics
- Inventory Management
- Product Optimizations
- In-Store Navigation
- Payment and Pricing Analytics
- Virtual Assistants
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
Regional Analysis
North America controls the majority of global revenue. To improve customer service efficiency, retailers in the region are concentrating on extracting accessible data on customer preferences. The United States is the leading market in North America. The country is currently investing heavily in AI technology. Due to the increased demand for technology, the United States is also seeing the emergence of new small businesses and start-ups.
Asia Pacific and Europe are following North America in terms of development. The retail industry in Asia Pacific is undergoing a fast transformation. As a result, there is a greater demand for modern technologies to enhance operations and the customer experience.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global artificial intelligence (AI) in retail market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on offering (solutions, services), type (offline, online), technology (machine learning, natural language processing, computer vision, other technologies), deployment (cloud, on-premise), and application (customer relationship management (CRM), supply chain and logistics, inventory management, product optimizations, in-store navigation, payment and pricing analytics, virtual assistants), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
Key Questions Covered in the Artificial Intelligence (AI) in Retail Market Report
- What is the projected value of the Artificial Intelligence (AI) in Retail Market in 2023?
- At what rate will the global Artificial Intelligence (AI) in Retail Market grow until 2033?
- Which are the factors hampering the growth in the Artificial Intelligence (AI) in Retail Market?
- Which region is expected to lead in the global Artificial Intelligence (AI) in Retail Market during 2023 to 2033?
- Which are the factors driving the Artificial Intelligence (AI) in Retail Market during the forecast period?
- What is the expected market value of the Artificial Intelligence (AI) in Retail Market during the forecast period?
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