Press release
Artificial Intelligence (AI) In Retail Market Poised for 30.1 % Growth, Set to Hit $44.43 Billion by 2029
Artificial Intelligence AI In Retail Market
The progressive digitization in the retail sector is set to stimulate the expansion of artificial intelligence (AI) within the retail market. The term digitization encompasses the broad and strategic assimilation of digital technologies, systems, and proficiencies within various parts of an organization. Retailers worldwide are embracing this digital shift, thereby contributing to a growing need for AI-based solutions. This infusion of AI within retail - powered by the necessity for digitization - encourages progress in areas like automation, personalized marketing, and trend forecasting, thereby enhancing operational efficacy and offering customer behavior insights. For example, a survey in January 2024 conducted by NVIDIA Corporation, a U.S.-based manufacturing and technology company, revealed that 69% of retailers acknowledged an increase in annual revenue upon adopting AI, while 72% saw a dip in operating costs and over 60% are set to upgrade their AI investments over the subsequent 18 months. As such, the digital transformation in the retail industry is facilitating the advancement of artificial intelligence (AI) within the retail market.
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What growth opportunities are expected to drive the artificial intelligence (ai) in retail market's CAGR through 2034?
In the past few years, the retail market size for artificial intelligence (AI) has been expanding greatly. It is projected to progress from $11.9 billion in 2024 to $15.51 billion in 2025, marking a compound annual growth rate (CAGR) of 30.3%. The growth observed in the past can be linked to the expansion of AI in retail, heightened need for surveillance and monitoring, quick execution of AI solutions, advancements in computer vision technology, and an increasing need for effective operations.
The retail market for artificial intelligence (AI) is anticipated to witness remarkable expansion in the years to come, reaching a market valuation of $44.43 billion in 2029, growing at a compound annual growth rate (CAGR) of 30.1%. This surge during the forecast period can be credited to expected market growth, the transformative ability of AI, demand-side tendencies, a positive worldwide market perspective, and intensified competition. Key trends within this forecasted timeframe encompass the embrace of machine learning, a rising requisition for AI services, improved user interaction and efficiency, along with regional market development.
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How are the latest trends influencing the growth of the artificial intelligence (ai) in retail market?
Leading firms in the AI retail sector are pioneering advanced tech systems like cloud-based solutions, a key driver of innovation and an enhancer of efficiency in the retail industry. Cloud-based solutions encompass computing services such as storage, processing, and application software, delivered via the internet (cloud), without the need for local servers or conventional computing infrastructures. For instance, Flipkart Private Limited, an e-commerce company from India, unveiled its Flipkart Commerce Cloud in October 2023. This venture was designed to aid global retailers in expanding their businesses and resolving business requirements through smart, AI-backed solutions. This platform provides retail tech solutions for worldwide retailers, marketplaces, and e-commerce platforms. It includes an all-inclusive marketplace technology stack, a retail media solution, a pricing canal, inventory control, and prediction solutions, all created using AI and machine learning.
Which growth-oriented segments of the artificial intelligence (ai) in retail market are leading the industry's development?
The artificial intelligence (AI) in retail market covered in this report is segmented -
1) By Component: Solution, Service
2) By Technology: Machine Learning, Natural Language Processing, Chatbots, Image And Video Analytics, Swarm Intelligence
3) By Deployment: Cloud, On-Premise
4) By Channel: Omnichannel, Brick And Mortar, Pure-Play Online Retailers
5) By Application: Customer Relationship Management, Supply Chain And Logistics In-Store, Navigation Inventory Management, Product Optimization, Payment And Pricing Analytics
Subsegments:
1) By Solution: Predictive Analytics, Customer Relationship Management (CRM), Inventory Management, Visual Search, Personalization Engines, Fraud Detection
2) By Service: Consulting Services, Implementation Services, Support And Maintenance, Managed Services
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What regions are leading the charge in the artificial intelligence (ai) in retail market?
North America was the largest region in the artificial intelligence (AI) in retail market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the artificial intelligence (ai) in retail market?
Major companies operating in the artificial intelligence (AI) in retail market are Google LLC, Microsoft Corporation, Amazon Web Services, Intel Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Presto, NVIDIA Corporation, Salesforce Inc., Baidu Inc., ViSenze, Travelport, Databricks, DATAIKU, Symbotic, BloomReach Inc., Trax, Interactions LLC, Featurespace, RetailNext Inc., Trigo, Standard Cognition, CognitiveScale Inc., BrainBox AI, Inbenta Technologies, Next IT Corp., Infinite Analytics, Lexalytics Inc., Sentient Technologies
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What Is Covered In The Artificial Intelligence (AI) In Retail Global Market Report?
• Market Size Forecast: Examine the artificial intelligence (ai) in retail market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence (ai) in retail market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence (ai) in retail market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence (ai) in retail market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence (ai) in retail market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence (ai) in retail market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence (ai) in retail market.
• Competitive Landscape: Review strategic developments in the artificial intelligence (ai) in retail market, including expansions, agreements, and new product launches.
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