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Redding, California - September 24, 2024

Artificial Intelligence in Retail Market to Reach $92.7 Billion by 2031

Artificial Intelligence (AI) in Retail Market Size, Share, Forecast, & Trends by Offering (Solutions (Supply Chain Management, Predictive Merchandising, Others), Services), Technology, Type (Online Retail, Offline Retail), Deployment Mode, End User, Geography— Global Forecasts to 2031

Meticulous Research®—a leading global market research company, published a research report titled ‘Artificial Intelligence in Retail Market—Global Opportunity Analysis and Industry Forecast (2024-2031).’ According to this latest publication from Meticulous Research®, the artificial intelligence in retail market is expected to reach $92.7 billion by 2031, at a CAGR of 38.6% from 2024 to 2031.

The growth of the artificial intelligence (AI) in retail market is driven by the increasing number of smart stores, the growing need to enhance customer experience and improve productivity, and the rising use of AI for inventory management. However, the low technology adoption rate in the unorganized retail sector and a shortage of skilled professionals restrain this market’s growth.

Additionally, the increasing adoption of AI-powered voice-enabled devices and the growing demand for AI-driven personal shopping services are expected to offer growth opportunities for market players. However, challenges such as legal concerns, data privacy issues, and the complexities of integrating AI systems with existing infrastructure are expected to impact market growth.

Key Players:

The artificial intelligence in retail market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The major players operating in the artificial intelligence in retail market are Amazon.com, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), BloomReach, Inc. (U.S.), Salesforce.com, Inc. (U.S.), ViSenze (Singapore), SymphonyAI LLC (U.S.), Daisy Intelligence Corporation (Canada), Conversica (U.S.), and RetailNext Inc. (U.S.).

The global artificial intelligence in retail market is segmented by offering, technology, type, deployment mode, and end user. The report also evaluates industry competitors and analyzes the market at the regional and country levels.

By offering, in 2024, the solutions segment is expected to account for the largest share of over 72.0% of the global artificial intelligence in retail market. The large market share of this segment is attributed to the increasing adoption of AI solutions in retail to enhance operations, create personalized shopping experiences, and unify retail data, enabling brands to more effectively reach their audiences. Additionally, key market players are focusing on launching innovative AI solutions for the retail sector. For instance, in January 2024, Microsoft Corporation (U.S.) announced new generative AI capabilities and data solutions for retailers. These include new copilot templates on the Azure OpenAI Service, which allow retailers to develop personalized shopping experiences and improve store operations.

By type, in 2024, the online retail segment is expected to account for a larger share of artificial intelligence in retail market. The large market share of this segment is attributed to the increasing use of AI-based shopping assistants and AI-powered solutions by online retailers to enhance customer interactions, reduce returns, detect and prevent fraud, and optimize the overall shopping experience.

By technology, in 2024, the machine learning segment is expected to account for the largest share of over 36.0% of the artificial intelligence in retail market. The large market share of this segment is attributed to the increasing adoption of machine learning by retailers to track customer movements, product interactions, and foot traffic patterns. This data helps optimize store layouts, product placements, and marketing strategies.

By deployment mode, in 2024, the on-premise deployments segment is expected to account for the larger share of the artificial intelligence in retail market. On-premise solutions provide organizations with a high level of security and control over their data. These deployments often offer better protection compared to cloud-based solutions, as security can be managed locally without relying on external networks. On-premise streaming analytics solutions can be implemented in a layered approach, enhancing defenses against network threats. As a result, many enterprises prefer on-premise deployments for their streaming analytics needs, contributing to the large market share of this segment.

By end user, in 2024, the food & groceries segment is expected to account for the largest share of over 22.0% of the artificial intelligence in retail market. The large market share of this segment is attributed to the increasing adoption of AI-powered solutions by food & grocery retailers, including automated shelf scanning, smart shopping carts, and automated payment systems.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Netherlands and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, and Rest of Middle East & Africa)

By geography, in 2024, North America is expected to account for the largest share of over 32.0% of the artificial intelligence in retail market, followed by Asia-Pacific and Europe. North America’s large market share is attributed to the significant investments in AI R&D by major technology companies and the increasing efforts by retailers to provide more personalized experiences to customers, create interactive environments, and optimize supply chains.

Download Free Sample PDF Copy Here: https://www.meticulousresearch.com/download-sample-report/cp_id=4979

Key Questions Answered in the Report:

What is the revenue generated from the artificial intelligence in retail market?
At what rate is the global demand for artificial intelligence in retail projected to grow for the next five to seven years?
What is the historical market size and growth rate for the artificial intelligence in retail market?
What are the major factors impacting the growth of this market at the global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which segments in terms of offering, technology, type, deployment mode, and end user are expected to create traction for market players?
What are the key geographical trends, and which regions or countries are expected to provide significant growth opportunities for companies in the AI in retail market?
Who are the major players in the AI in retail market, and what are their specific product offerings?
What recent developments have taken place in the artificial intelligence in retail market? What are the impacts of these developments on the market?

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Redding, California - September 24, 2024

Artificial Intelligence in Retail Market to Reach $92.7 Billion by 2031

Artificial Intelligence (AI) in Retail Market Size, Share, Forecast, & Trends by Offering (Solutions (Supply Chain Management, Predictive Merchandising, Others), Services), Technology, Type (Online Retail, Offline Retail), Deployment Mode, End User, Geography— Global Forecasts to 2031

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