Global Artificial Intelligence in Retail Market Poised for Explosive Growth, Reaching Nearly USD 37 Billion by 2030
The global Artificial Intelligence (AI) in Retail market is on a fast track to reach nearly USD 36.87 billion by 2030, fueled by a projected CAGR of 23.87% from 2024, according to a new report by Maximize Market Research. This growth is attributed to the increasing adoption of AI solutions by retailers to personalize the customer experience, optimize inventory management, and gain a competitive edge.
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Market Driven by Machine Learning and Natural Language Processing
The report highlights Machine Learning (ML) as the dominant technology within the AI in Retail market, currently holding a substantial share. ML's ability to analyze vast amounts of data empowers retailers to deliver targeted product recommendations and enhance customer satisfaction. Additionally, Natural Language Processing (NLP) is expected to witness significant growth due to the rise of AI-powered chatbots and the increasing demand for sentiment analysis from customer reviews and social media interactions.
Segmentation Unveils Diverse Applications of AI in Retail
- By Type: Online and Offline solutions cater to both e-commerce and brick-and-mortar stores.
- By Solution: Product recommendations, customer relationship management (CRM), visual search, virtual assistants, price optimization, payment services management, supply chain management, and more.
- By Technology: Machine Learning Deep Learning, Natural Language Processing, and others.
- By Deployment Mode: Cloud and On-Premises options provide flexibility for retailers.
- By Application: Predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring, location-based marketing, and various other applications.
AI in Retail Navigates the Post-Pandemic Landscape
The report acknowledges the impact of COVID-19 on the market but emphasizes the resilience of AI in Retail. As retailers adapted to changing consumer behavior, AI solutions proved valuable in managing online operations and contactless payments.
Global AI in Retail Landscape: A Competitive Arena
The report offers a comprehensive analysis of key players in the AI in Retail market, including:
- North America: IBM Corporation, Microsoft Corporation, Amazon Web Services (AWS), Oracle, SAP, Google Inc., NVIDIA Corporation, Intel Corporation, and more.
- Asia Pacific: Baidu Inc.
- Global: BloomReach Inc., CognitiveScale Inc., NEXT IT Corp., RetailNext Inc., Salesforce.com Inc., and others.
Regional Analysis Identifies Growth Opportunities
The report provides a detailed regional breakdown, with North America anticipated to remain at the forefront of AI in Retail adoption. However, Asia Pacific is expected to experience the fastest growth rate due to rapid digitalization and a booming retail sector.
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