According to Fortune Business Insights, the global AI in retail market size is expected to reach USD 31.18 billion by 2028, growing at a CAGR of 30.5% during the forecast period.
/EIN News/ — Pune, India, June 28, 2022 (GLOBE NEWSWIRE) — The world artificial intelligence in retail is expected to gain momentum from the growing use of AI to improve consumer experience, accelerate decision-making, and sharpen quality and operational agility. Supply chain planning is expected to reap maximum benefits in the retail industry through the use of AI-powered data analytics. This information is provided by Fortune Business Insights™ in a recent report, titled “Artificial Intelligence (AI) in Retail Market Forecast, 2022-2026”. The report further mentions that AI in the retail market stood at USD 2,306.8 million in 2018 and is expected to reach $23,426.3 million by 2026posting a CAGR of 33.7% in the coming years.
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One of the crucial factors enabling the growth of AI in the retail market is the continued shift of retailers from a traditional retail experience to AI-powered business solutions. According to an article published by Forbes, 83% believe that AI is a strategic priority for their companies today and 84% of respondents say that AI will allow them to gain or maintain a competitive advantage.
Report scope and segmentation
| Report cover | Details |
| Forecast period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 30.5% |
| 2028 value projection | $31.18 billion |
| Year of reference | 2020 |
| AI in Retail Market Size in 2020 | $3.75 billion |
| Historical data for | 2017 to 2019 |
| Number of pages | 150 |
| Segments Covered | Offers, function, type, application, technology and geography |
| AI in Retail Market Growth Drivers | Increased use of AI-powered chatbots to increase growth |
| The natural language processing segment will grow steadily thanks to multiple applications | |
| Investments on the rise by reputable companies to drive growth in North America |
Although the outbreak of the COVID-19 pandemic seems to come straight out of a science fiction movie, it has indeed seriously affected the real world in recent months. Almost every country in the world is under complete lockdown to control the spread of the deadly coronavirus. Humans will soon be able to get out of this serious situation in the future. However, it has already negatively affected several industries. Our authentic reports consist of detailed information regarding the long and short term impacts of this pandemic on the markets.
This report answers the following questions:
- What are the trends, opportunities, challenges and dynamics of the global market?
- How will the giants of the sector be able to face the Covid-19 pandemic in the years to come?
- Which suppliers are present on the market?
- Which region is expected to hold the largest share in the near future?
Click here for the short and long term impact of COVID-19 on this market:
https://www.fortunebusinessinsights.com/artificial-intelligence-ai-in-retail-market-101968
Drivers and Constraints-
Increased use of AI-powered chatbots to increase growth
Several retailers are constantly striving to improve their sales and customer relationships using artificial intelligence tools. AI-powered chatbots are used by retail brands to help effectively engage their customers. With the help of these chatbots, brands are able to handle a large number of queries without the need for multiple employees. Often, they set up closed chatbots to provide quick suggestions and assistance, as well as to answer shopping-related questions. Hence, the mix of AI chatbots and human support helps them successfully manage their growing consumer bases. It’s also helping them come up with better solutions to their problems. These chatbots engage customers and increase their brand loyalty. These factors are expected to drive AI in retail market growth in the near future.
Emergence of virtual test rooms to support healthy growth
The growing popularity of virtual test rooms and the continuous development in retail supply chains will contribute to the trend of AI in the retail market during the forecast period. For example, virtual try-on rooms allow shoppers to try on different dresses without having to wear them using digital mirrors. Additionally, AI allows shoppers to experiment with their outfit through a touch interface. Additionally, the launch of virtual rooms by large companies is creating growth opportunities for the market. For example, Fitiquette, a fashion website uses revolutionary technology that allows customers to try on outfits in a 3D virtual world based on the exact dimensions of the user’s body. The test room gives a 360 degree view of a garment’s fit and drape over the consumer’s actual body dimensions.
Segment-
The natural language processing segment will grow steadily thanks to multiple applications
In terms of technology, the market is divided into natural language processing, machine learning, computer vision, and others. Among these, the computer vision segment generated 23.7% retail AI market share in 2018. The natural language processing segment currently holds the maximum share due to its use in a wide variety of applications, such as information retrieval (IR), semantic disambiguation, speech processing, machine translation and text analysis.
| AI in Retail Market Segments | By offering |
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Regional Analysis-
Investments on the rise by reputable companies to drive growth in North America
North America generated USD 1,102.0 million in revenue in 2018. The region is expected to dominate throughout the forecast period owing to increasing investments in AI development by tech giants. industry. Many retailers are also rapidly deploying AI-powered solutions to reshape their product offerings and supply chain operations. Members of the European Union (EU), on the other hand, mentioned that they plan to include AI technology beyond their borders. It is also expected to invest around $24 billion in AI research by the end of 2020.
Competitive Landscape-
Key Players Engage in Product Development to Meet Consumer Needs
Leading companies operating in the global retail AI market aim to conduct extensive research and development projects to create advanced AI-based products to propel decision making and information sharing . They implement automated reporting, collaboration technology, predictive analytics, and cognitive technology to drive positive results. Here are some of the latest industry developments:
- April 2019: Warby Parker has announced plans to offer a virtual try-on feature to its customers. It will be entirely based on artificial intelligence. This system would allow customers to try on virtual frames using augmented reality (AR). The computer generated images will be superimposed on the real world images.
- March 2018: Verint introduced its latest enterprise chatbots and intelligent virtual assistants (IVAs) powered by a modular and open AI engine. The company aims to deliver video-based customer support agents by 2022 that will be able to share the user interface.
Fortune Business Insights™ lists the names of all companies in the retail AI market. They are the following:
- CognitiveScale, Inc.
- Amazon Web Services, Inc.
- SAP SE
- Baidu, Inc.
- Microsoft Corporation
- Google LLC
- Nvidia Corporation
- IBM Corporation
- Next Retail, Inc.
- Next IT company
- Style.ai
- Oracle Corporation
- Salesforce.com, Inc.
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Main table of contents:
- Introduction
- Definition, by segment
- Methodology/Research Approach
- Information source
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition Landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of key players
- Global Artificial Intelligence (AI) in Retail Key Players Market Share Insights and Analysis, 2020
- Key market insights and strategic recommendations
- Profiled companies
- Insight
- Key management
- Headquarters, etc.
- Offers/Business Segments
- Key details
- Employee size
- Key financial data
- Past and current income
- Geographic share
- Industry share
- RECENT DEVELOPMENTS
- Insight
- Annex / Appendix
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
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