New York, USA, May 11, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Artificial Intelligence in Retail Market Research Report Information By Application, By Technology, By Component, By Deployment - Forecast 2030", the market is anticipated to acquire a valuation of approximately USD 34.52 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 26.30% during the assessment timeframe.
Market Analysis:
Global artificial intelligence in retail market is likely to garner significant revenue growth. Artificial intelligence is driving rapid transformations across the retail landscape.
Artificial Intelligence in Retail Market Key Players:
Key players in the AI in retail market are
- NVIDIA Corporation (US)
- Intel Corporation (US)
- Salesforce (US)
- Sentient Technologies (US)
- Microsoft Corporation (US)
- Google Inc (US)
- IBM Corporation (US)
- Amazon Web Services (US)
- Oracle Corporation (US),
- SAP SE (Germany)
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Artificial Intelligence in Retail Market Report Scope:
| Report Metric | Details |
| Artificial Intelligence in Retail Market Revenue Forecast in 2030 | USD 34.52 Billion |
| Artificial Intelligence in Retail Market Growth Rate | CAGR of 26.30% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The emergence of machine learning, deep learning, and Natural Language Processing (NLP) technology are expected to develop the AI-based solution for retail, creating opportunities for the growth of this market. |
| Key Market Drivers | The major factors that drive the growth of artificial intelligence market in retail is the advancement in big data, and adoption of artificial intelligence enabled devices and services across various different domains. |
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AI technology has tremendous potential to transform retail sectors with integrated digital technologies. Besides, rising developments of built-in AI network chips are estimated to boost the AI market growth over the assessment period. Security systems, speech recognition, recommendation systems, better supply-chain management, and medical imaging are key areas in retail.
With the tools, algorithms, and computing power, AI technology has enabled organizations to execute their work efficiently. Solution providers are investing hugely in fostering R&D activities to develop and improve the technology. Governments are taking up new AI initiatives to position their countries as global leaders in artificial intelligence.
Industry Trends
Advancements in 5G and IoT technologies contribute to the artificial intelligence in retail market. Moreover, growing government initiatives to drive the development of IoT-based modules create significant market opportunities. The increasing demand for connected wearable devices would influence market revenues.
With more digitization, connected and advanced technologies like AI will gain significant prominence. This will enable AI technology to emerge as a solution for large-scale data processing. As the demand for leading-edge AI technologies continues to surge, many industry players are fostering investments to stay ahead of the competition.
With companies becoming more data-driven, the market will witness vast demand over the next few years. These governments also adopt various measures to support research and development of retail tech and encourage companies to introduce AI technology by executing subsidy and public-private partnership (PPP) programs.
The COVID-19 pandemic fostered digitization and automation across the global retail sector. Increasing IT & telecom and digital transformations of economies influenced the already-competitive retail sector. The automation trend boosted the need for improved Internet connectivity with high reliability, cloud-based apps, and connected devices & IoT services.
Many industries currently employ highly reliable, low-latency wireless links that can power new and existing IoT applications. Besides, the rising demand for AI-integrated retail technology and related industries, such as logistics and transportation, kept the market demand high. Resultantly, the AI in retail market has been witnessing a constant uptick since 2020.
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Artificial Intelligence in Retail Market Segments
The AI in retail market is segmented into components, technologies, deployments, applications, and regions. The component segment is bifurcated into software (customer relationship management, product planning, visual search, supply chain management, and virtual assistant) and services (managed, professional, installation, and maintenance services).
The technology segment is bifurcated into neural networks, deep learning, facial recognition, natural language processing, voice assistance, and others. The deployment segment is bifurcated into on-premise and on-cloud. The application segment is bifurcated into advertising, market forecast, merchandizing, surveillance, and analytics. The region segment is bifurcated into the Americas, Asia-Pacific, Middle East & Africa, Europe, and others.
Regional Analysis
North America accounts for the largest market for artificial intelligence in retail globally. The strong presence of leading AI technology providers and increasing investments in retail sector development bolster the region's market share. Moreover, the growing focus on building in-house development centers, rising AI applications, and preference for retail automation in the region substantiate the market size.
High sales of AI-enabled wearable devices and instruments boost market revenues. The US plays a significant role in developing the regional market and acquires the maximum market share early adoption of innovative technologies. The North American AI in retail market is also estimated to maintain its leading position in the future.
Competitive Analysis
The artificial intelligence in retail market witnesses several strategic approaches, such as partnerships, collaboration, mergers & acquisitions, expansion, and product launches. Key industry players also invest significantly in research and development activities and expansions.
For instance, on Apr. 24, 2023, Cosmose AI, a leading technology company, announced that it has received an investment worth US$500 million to innovate the Web3 ecosystem. The company has partnered with Near Foundation to gain access to Near's blockchain technology, the Near Protocol. The company has made excellent AI innovations that will help retailers to intensify their technology penetration and strengthen market positions.
Cosmose AI will leverage the full potential of Web3 to drive sustainable, transparent, and infinitely scalable technology. The firm will use this investment for the Web3 technology-focused AI integration and Web3 capabilities to predict and influence how consumers shop offline. Near and Cosmose AI will support the ecosystem where more and more users can benefit from AI-driven personalization to control their data and have a superior shopping experience.
Cosmose AI's technology connects offline and online retail, enabling retailers to offer AI-driven recommendations to shoppers that encourage them to shop at nearby brick-and-mortar stores. The firm plans to scale its technology rapidly to enable retailers to offer customers the most seamless offline and online shopping experiences. Web3 technology is being deployed for or by retailers.
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In another instance, on Mar.20, 2023, Aéropostale, a leading retailer, announced a partnership with MetaversePlus to offer an immersive metaverse experience in shopping, socializing, and gaming. The plan's first phase includes offering non-fungible tokens (NFTs) to provide access to limited-edition apparel and promotions to be featured on one of the retailer's digital channels.
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