Artificial Intelligence In Retail Market Size, Share, Trends, Growth and Forecast 2032

Artificial Intelligence In Retail Market Insights

According to Zion Market Research, the global Artificial Intelligence In Retail Market was worth USD 9.27 Billion in 2023. The market is forecast to reach USD 157.07 Billion by 2032, growing at a compound annual growth rate (CAGR) of 32.7% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Artificial Intelligence In Retail Market industry over the next decade.

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Artificial Intelligence In Retail Market Size

The report offers a valuation and analysis of Artificial Intelligence In the Retail market on a global as well as regional level.

The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2018 to 2023 along with a forecast from 2023 to 2032 based on value (USD Billion).

Artificial Intelligence In Retail Market: Overview

The integration of artificial intelligence and retail systems helps in enhancing the end-user experience and provides accuracy in forecasting. Apart from this, AI helps in improving the efficacy of inventory management operations in the retail sector.

Furthermore, AI is influencing the retail sector and it makes use of computer vision for customizing real-time promotions across the retail sector. Additionally, retailers can make effective use of AI tools to proficiently interact with the customers and thereby enhance the efficiency of inventory management operations as well as other retail activities.

Furthermore, AI will help in reshaping retail business along with improving the value chain activities. With artificial intelligence projected to create huge growth potential for merchandising, artificial intelligence in the retail industry is likely to grow at an enhanced velocity in the foreseeable future. Apparently, AI also helps in easing product searches for customers in retail stores, and this will enlarge the use of AI in retail business in the coming decade.

Artificial Intelligence In Retail Market: Growth Drivers

Integration of advanced analytics and AI is likely to help the retail ecosystem expand by leaps & bounds over the assessment period. With online shopping replacing brick & mortar retail units, artificial intelligence in retail activities has become a key focus for enterprises. This will not only assist in the creation of a strong platform for AI application in retail business but will also help in laying strong foundations of growth for artificial intelligence in the retail market.

With customers consistently looking for personalized products & services, AI services in the retail business are assisting retail stores in understanding customer preferences, thereby offering new products aligning with customer requirements & tastes. Furthermore, the disruptive effect of AI in the retail industry is also experienced in value chain activities. In addition to this, artificial intelligence is evolving as a robust tool for retail brands in gaining a competitive edge, thereby resulting in an increment in the scope of the use of artificial intelligence in the retail market.

Moreover, some of the major benefits offered by AI to retail stores include automating in-store functionalities and reducing of operational expenditure of retail units. AI also facilitates cashless transactions, offers real-time stock monitoring services, and digitizes store displays. All these aspects are anticipated to steer the expansion of artificial intelligence in the retail industry over the forecast period.

In addition to this, retailers can improve customer service and optimize the time of customers by using AI tools. AI-based interactive Chatbots can facilitate effective two-way communication between customers & retail store executives.

Apparently, AI tools can provide comprehensive information about pricing strategy as well as dynamic pricing & multiple pricing models to retail stores including supermarkets & hypermarkets. This will help the retailers in adjusting product costs as per buying trends of consumers based on different seasons. All these aforementioned factors will help in optimizing the growth of artificial intelligence in the retail sector over the forecast timeframe.

Regional Landscape

North America To Dominate Market Growth Over 2024-2032

The expansion of artificial intelligence in the retail industry over the forecast timeline is attributed to the presence of online shopping such as Amazon, Inc. and retail firms like The Kroger Company in the U.S. Reportedly, Amazon introduced Amazon Go as well as Just Walk Out Shopping tools to reduce queues during payment. Apparently, Kroger, a retail firm based in the U.S., launched Kroger's edge technology that helps in replacing conventional shelves in its retail stores with digital ones, thereby reducing costs. With AI facilitating inventory planning as well as improving & easing logistics & supply chain management operations, the market in the sub-continent is anticipated to witness an increment in growth over the forecast period.

Artificial Intelligence In Retail Market: Report Scope

Competitive Landscape

• Microsoft Corporation
• NVIDIA Corporation
• IBM Corporation
• Intel Corporation
• Google Inc.
• Salesforce
• Sentient Technologies
• Amazon Web Services.  

The global Artificial Intelligence in Retail Market is segmented as follows:

By Application:

• Supply Chain and Logistics
• PRODUCT OPTIMIZATION
• In-Store Navigation
• Payment and Pricing Analytics
• Inventory Management
• Customer Relationship Management

By Deployment:

• Cloud
• On-Premise

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa