Pune, India, April 11, 2023 (GLOBE NEWSWIRE) -- The global artificial intelligence in retail market size was valued at USD 3.75 billion in 2020. The market is projected to grow from USD 4.84 billion in 2021 to USD 31.18 billion in 2028, exhibiting a CAGR of 30.5% during the forecast period. The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period. Fortune Business Insights™ presents this information in a report titled, "Artificial Intelligence in Retail Market Forecast, 2023-2028."
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Key Industry Developments:
- Warby Parker declared its plan to offer a virtual Try-On feature to its customers. It will be based completely on artificial intelligence. This system would enable the customers to try out virtual frames by using augmented reality (AR). The computer generated images will be overlaid onto the real world images.
- Verint introduced its latest enterprise chatbots and intelligent virtual assistants (IVAs) powered by a modular and an open AI engine. The company is aiming to provide video-based customer support agents by 2022 that will be capable of sharing the user interface.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 30.5% |
| 2028 Value Projection | USD 31.18 Billion |
| Base Year | 2020 |
| Artificial Intelligence in Retail Market Size in 2020 | USD 3.75 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Offerings, Function, Type, Application, Technology and Geography |
| Artificial Intelligence in Retail Market Growth Drivers | Increasing Usage of AI-powered Chatbots to Augment Growth |
| Emergence of Virtual Trial Rooms to Bolster Healthy Growth |
Key Takeaways
- AI-driven Visual and Voice Search to Propel Market Opportunities
- Artificial intelligence-powered Chatbot assistance is gaining vast popularity across the retail industry owing to its highly efficient customer service.
- By Offering Analysis: Increasing Automation in Retail Industry to Fuel AI-based Solution Segment
- Artificial Intelligence in Retail Market Size in North America was USD 1.45 Billion in 2020
- The retailers in the region are focusing on extracting the available data on customers’ preferences to boost customer service efficiency.
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Drivers and Restraints:
- Increasing Usage of AI-powered Chatbots to Augment Growth
- Several retailers are persistently striving to improve their sales and customer relations with the help of artificial intelligence tools.
- AI-powered chatbots are being used by the retail brands to help in engaging their customers effectively.
- With the help of these chatbots, brands are able to handle a large number of queries without the need for multiple employees.
- Emergence of Virtual Trial Rooms to Bolster Healthy Growth
- The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period.
- virtual trial rooms enable buyers to try different dresses without actually having to wear them with the help of digital mirrors.
- AI allows shoppers to experiment with their outfit by means of a touch-based interface. In addition, the launch of virtual rooms by major companies to create growth opportunities for the market.
- Fitiquette, a fashion Web site uses a ground-breaking technology that allows customers to try on outfits in a virtual 3D world based on the user’s exact body dimensions.
- The trial room gives a 360-degree view of the fit and drape of a garment on the actual body dimensions of the consumer.
Segment-
Natural Language Processing Segment to Grow Steadily Owing to Multiple Applications
In terms of technology, the market is divided into natural language processing, machine learning, computer vision, and others. Out of these, the computer vision segment generated 23.7% AI in retail market share in 2018. The natural language processing segment holds the maximum share at present because of its usage in a wide variety of applications, such as informational retrieval (IR), semantic disambiguation, speech processing, machine translation, and text parsing.
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Regional Analysis
Rising Investments by Reputed Companies to Favor Growth in North America
North America procured USD 1,102.0 million in terms of revenue in 2018. The region is set to dominate throughout the forecast period because of the increasing investments in the development of AI by the industry giants. Many retailers are also rapidly deploying AI-powered solutions for remoulding their product offerings and supply chain operations. The members of European Union (EU), on the other hand, mentioned that they are planning to include AI technology across their borders. It is also set to invest approximately USD 24 billion in conducting AI research by the end of 2020.
Competitive Landscape
Key Players Engage in Product Development to Cater to the Needs of Consumers
The top companies operating in the global AI in retail market are aiming to conduct extensive research and development projects to create advanced AI-based products to propel decision making and information sharing. They are implementing automated reports, collaboration technology, predictive analytics, and cognitive technology to gain positive results.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- CognitiveScale, Inc.
- Amazon Web Services, Inc.
- SAP SE
- Baidu, Inc.
- Microsoft Corporation
- Google LLC
- Nvidia Corporation
- IBM Corporation
- Retail Next, Inc.
- Next IT Corporation
- Style.ai
- Oracle Corporation
- Salesforce.com, Inc.
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Major Table of Contents:
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- Global Artificial Intelligence (AI) in Retail Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Recent Developments
- Overview
- Annexure / Appendix
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Offering (USD)
- By Function (USD)
- By Application (USD)
- Predictive Analytics
- In-Store Visual Monitoring and Surveillance
- Customer Relationship Management (CRM)
- Market Forecasting
- Inventory Management
- Others
- By Type (USD)
- Offline
- Online
- By Technology (USD)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others (Speech Recognition, Deep Learning, and Robotics)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Offering (USD)
- By Function (USD)
- By Application (USD)
- By Type (USD)
- By Technology (USD)
- By Country (USD)
- Europe Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Offering (USD)
- Solution
- Services
- By Function (USD)
- Operations-Focused
- Customer-Facing
- By Application (USD)
- Predictive Analytics
- In-Store Visual Monitoring and Surveillance
- Customer Relationship Management (CRM)
- Market Forecasting
- Inventory Management
- Others
- By Offering (USD)
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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TOC Continued…
FAQ’s
How big is the artificial intelligence in retail market?
Artificial Intelligence (AI) in Retail Market size was USD 3.75 billion in 2020.
How fast is the artificial intelligence in retail market growing?
The Artificial Intelligence (AI) in Retail Market will exhibit a CAGR of 30.5% during the forecast period, 2021-2028
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