The global AI in retail market is expected to grow at a CAGR of 36.5% during the forecast period with its market size predicted to reach USD 6.4 billion by 2030. The Increasing e-retail industry, growing investments by retail companies in AI technology, and growing mobile internet penetration are the major factors leading to the high demand of AI in retail market.
Solution category accounted for the largest revenue share in the AI in retail market
Based on offering, the global AI in retail market is categorized into solution and service, wherein solution category accounted for larger share in 2020. The category is expected to lead throughout the forecast period owing to the mounting adoption of AI technology by e-commerce companies.
Solution category is further sub-segmented into chatbot, CRM, price optimization, recommendation engine, SCM, visual search, and others.
Service category is further sub-categorized into managed and professional.
On the basis of technology, the global AI in retail market is segmented into machine learning, NLP, computer vision, and others. Among these categories, the machine learning category accounted for largest share in 2018, and also it is expected to witness fastest growth in the market during the forecast period. Companies in the retail business are utilizing machine learning solution to offer an increasingly customized involvement to the end clients just as to give an intelligent domain to them. Besides, the developing pattern of rising technology adoption can be related with the requirement for streamlining retail tasks, limiting endeavors, and expanding income for the most part for web-based business retailers.
Browse Market Insight and In-depth TOC on "Global AI in Retail Market – Analysis and Forecast (2022-2030)"
Geography Insight
Geographically, North America is the largest AI in retail market owing to the presence of several developed economies, such as the United States and Canada, concentrating on improving the current arrangements in the retail space. North America has the essential AI solution suppliers and is an early adopter of AI solution. Numerous US-based organizations like IBM Corporation, Amazon Web Services, Microsoft Corporation, Google Inc., NVIDIA Corporation, Intel Corporation, Salesforce, Sentient Technologies are widely including themselves in the product advancement and enhancement.
Competitive Insight
The increasing adoption of IoT, Big Data analytics, and online business promoting give rewarding chances to AI in the retail market. AI in retail market is fragmented in nature. In general, the focused competition among existing players is high. Market players in the global AI in retail industry are majorly focusing on mergers & acquisitions, product launches, and partnerships to expand their market share.
Some of the key players operating in the global AI in retail market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.
Key Takeaway from the Report:
The Report Offers:
Benefits of Report Purchase from VynZ:
Detailed Research
We provide accurate data and in-depth analysis with all-inclusive coverage.
Robust Research Methodology
Robust research methodology and data triangulation to ensure high quality report.
Analyst Support
24*7 analyst support – Pre and post purchase of the report as well as during the project tenure.
Sales Support
24*7 sales support – Hassle free delivery of the report and quick response and support by sales team.
Free Customization
20% post purchase free customization to meet your requirements.
Customer Satisfaction
We claim full customer satisfaction as our core values lie in building long term relationship.
Security
High level of data security and confidentiality of your information.
The report provides the market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue (USD Million). The report segments the global AI in retail market on the basis of offering, technology, and region.
Global AI in Retail Market Coverage
Offering Insight and Forecast 2018-2030
Technology Insight and Forecast 2018-2030
Geographical Segmentation
AI in Retail Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)