The global AI in retail market is estimated to occupy a large revenue by growing at a CAGR of ~35% during the forecast period, i.e., 2022 – 2030, attributing to the rising investments in AI for developing applications to improve customer experience and increasing funding in various AI applications across the globe. Apart from these, growing advent of business models is also expected to provide growth opportunities to the market in the upcoming years.
The market is segmented by technology, component, deployment and application. Based on technology, the natural language processing segment is anticipated to grab the largest market share during the forecast period on the back of the escalating funding to leverage voice-based technologies for developing interactive online conversational AI platforms. Additionally, by application, the product optimization segment is projected to occupy the largest share in view of the growing focus of retailers on product planning and recommendation.
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Geographically, the global AI in retail market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific region is evaluated to witness noteworthy growth in the market during the forecast period attributing to the rising number of retail companies taking up AI-based initiatives, and surge in adoption of intelligent algorithms among retailers in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Investments in AI to Develop Applications for Enhancing Consumer Experience to Expand Market
In today’s world, every retail company is making efforts to strengthen its customer base for gaining an edge in the market. Companies are prioritizing to offer a more personalized experience to each customer. This is giving rise to the increase in the usage of several AI technologies such as AI-powered chatbots, which in turn is assessed to drive growth to the market in the near future.
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However, privacy issues regarding with the usage of artificial intelligence is expected to operate as key restraint to the growth of the global AI in retail market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global AI in retail market which includes company profiling of Baidu Inc., Amazon Web Services, Inc., Intel Corporation, Interactions LLC, Google LLC, Microsoft Corporation, NEXT IT Corporation, Nvidia Corporation, Oracle Corporation, SAP SE, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global AI in retail market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
