Artificial Intelligence (AI) In Retail Industry Outlook 2025-2029: Market Set to Cross $44.43 Billion Milestone

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How Large Will the Artificial Intelligence (AI) In Retail Market Size By 2025?
The market size for artificial intelligence (AI) in the retail sector has seen explosive growth in recent years. Anticipated to expand from $11.9 billion in 2024 to $15.51 billion in 2025, it is set to experience a compound annual growth rate (CAGR) of 30.3%. The surge during the historical period can be credited to the rise in the application of AI in retail, the escalating need for surveillance and monitoring, swift deployment of AI solutions, progress in computer vision, and increasing demand for effective operations.

How Big Is the Artificial Intelligence (AI) In Retail Market Size Expected to Grow by 2029?
In the coming years, the retail industry's artificial intelligence (AI) market size is set to experience significant expansion. This market is projected to rise to $44.43 billion by 2029, with an annual compound growth rate (CAGR) of 30.1%. Factors such as anticipated market expansion, the revolutionary potential of AI, consumer trends, a positive worldwide market forecast, and heightened competition contribute to this growth in the projection period. Key trends throughout this period include the incorporation of machine learning, a rising requirement for AI services, improved user satisfaction and productivity, and growth in regional markets.

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Which Key Market Drivers Powering Artificial Intelligence (AI) In Retail Market Expansion and Growth?
The anticipated digital transition within the retail sector is set to expedite the rise of artificial intelligence (AI) in the retail market. This transformation is characterized by an all-encompassing, thoughtful incorporation of digital technology, methodologies, and abilities into multitudinous facets of a business. Retailers worldwide are choosing to integrate digital strategies and amplify shopper experiences, thereby leading to a heightened requirement for AI interventions. This inclusion of AI in retail, motivated by the necessity of a digital transition, cultivates innovation in activities like automation, bespoke marketing, and trend forecasting, enhancing operational effectiveness and unearthing consumer tendencies. For example, in January 2024, as revealed by a NVIDIA Corporation survey with 400 participants, 69% of retailers witnessed an increase in yearly revenue due to AI adoption, 72% observed a reduction in operating expenses, and over 60% are looking to expand their AI investments in the upcoming 18 months. Hence, the digital transition in the retail sector is fostering the development of artificial intelligence (AI) in the retail market.

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Which Fast-Growing Trends Are Poised to Disrupt the Artificial Intelligence (AI) In Retail Market?
Leading corporations in the AI retail market are creating cutting-edge technologies, such as cloud-based solutions, to foster innovation and improve efficiency in retail. Cloud-based solutions are computing services, like storage, processing, and software applications, provided over the internet (cloud) rather than depending on local servers or conventional computing structure. For example, in October 2023, Flipkart Private Limited, an Indian e-commerce enterprise, introduced Flipkart Commerce Cloud, created to aid global retailers in expanding their ventures and overcoming business challenges through intelligent and AI-powered resolutions. This platform delivers retail tech solutions to international sellers, marketplaces, and e-commerce platforms. The set of solutions comprises a comprehensive marketplace technology stack, retail media solutions, pricing solutions, inventory control, and forecasting solutions, all powered by artificial intelligence and machine learning.

What Are the Emerging Segments in the Artificial Intelligence (AI) In Retail Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Artificial Intelligence (AI) In Retail Industry?
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.

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