Artificial Intelligence in Retail Market Size Worth USD 103.82 Billion in 2032 | Emergen Research

The global artificial intelligence in retail market size is expected to reach USD 103.82 Billion in 2032 and register a revenue CAGR of 34.2% during the forecast period, according to the latest analysis by Emergen Research. Increasing awareness of Artificial Intelligence (AI) in the retail industry is a major factor driving the market revenue growth. AI enables retailers to provide a unified customer experience across numerous online, mobile, and in-store platforms.

Retailers provide 24/7 customer assistance, answer customer questions, and provide personalized suggestions with AI-powered chatbots and virtual assistants. AI assists marketers in creating better consumer segmentation based on insights from audience data by sifting through massive amounts of data. Chatbots and virtual assistants powered by AI enable retailers to communicate with customers in real time, enhancing customer satisfaction and loyalty. Hence all these factors are driving the market revenue growth. AI helps retailers understand their customers' preferences, predict their behavior, and offer personalized deals.

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Growing strategic initiatives taken by the companies is another factor driving the market revenue growth. For instance, on 30 June 2022, Google Cloud announced a new relationship with H&M Group, a major fashion store. The Swedish company uses Google Cloud's enormous data analytics capabilities and safe, long-term global infrastructure to improve its customer experience and supply chain enablement.

Some Key Highlights From the Report

• The customer service and support segment accounted for largest revenue share in 2022. Artificial intelligence assists retailers in providing an enhanced customer experience which in turn is driving revenue growth of this segment. AI-driven customer service solutions operate round-the-clock, addressing customer problems at any time, even outside regular business hours which as a result satisfy the need for immediate assistance to the customers. These solutions made it easier to exceed client expectations, resulting in increased satisfaction and brand loyalty hence contributing to revenue growth of this segment.

• The cloud-based segment accounted for a significantly large revenue share in 2022. Rising demand for cloud services in the retail industry owing to its various benefits such as reduced IT and storage costs, real-time access to operational and inventory data, faster time to market, and ability to scale up and down as needed are major factors driving revenue growth of this segment. Keeping inventory in the cloud enables businesses to view inventory data and make informed decisions from any location. Cloud computing is important for managing enormous volumes of sales data, inventory/stock data, customer data, and others.

Leading companies profiled in the report:

Google, IBM, Intel Corporation, Microsoft, Salesforce, Inc., SAP, Oracle, Visenze, and SymphonyAI.

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For the purpose of this report, Emergen Research has segmented the global artificial intelligence in retail market on the basis of solution type, deployment mode, retail segment, application, technology, functionality, payment solutions, and region:

• Solution Type Outlook (Revenue, USD Billion; 2019-2032)
o Customer Service & Support
o Inventory Management
o Visual Search & Recommendation
o Price Optimization
o Fraud Detection & Prevention
o Supply Chain Management
o Virtual Assistants & Chatbots
o Predictive Analytics
• Deployment Mode Outlook (Revenue, USD Billion; 2019-2032)
o Cloud-based
o On-premises
• Retail Segment Outlook (Revenue, USD Billion; 2019-2032)
o Fashion & Apparel
o Electronics & Gadgets
o Grocery & Supermarkets
o Home & Furniture
o Beauty & Cosmetics
o Sports & Fitness
• Application Outlook (Revenue, USD Billion; 2019-2032)
o E-commerce
o Brick-and-Mortar Stores
o Supply Chain & Logistics
o Marketing & Advertising
o Customer Insights & Personalization
o Payment & Checkout Processes
• Technology Outlook (Revenue, USD Billion; 2019-2032)
o Machine Learning
o Natural Language Processing (NLP)
o Computer Vision
o Robotic Process Automation (RPA)
o Neural Networks
o Deep Learning
• Functionality Outlook (Revenue, USD Billion; 2019-2032)
o Data Analysis & Insights
o Automation of Routine Tasks
o Customer Behavior Analysis
o Inventory Tracking & Management
o Customer Service Enhancement
• Payment Solutions Outlook (Revenue, USD Billion; 2019-2032)
o AI-powered Fraud Detection in Payments
o Personalized Payment Recommendations
• Regional Outlook (Revenue, USD Billion, 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. U.K.
3. France
4. Spain
5. BENELUX
6. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. Israel
4. Rest of MEA

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