Press release
Emerging Growth Patterns Driving the Expansion of the Artificial Intelligence (AI) in Retail Market
Artificial Intelligence (AI) In Retail Market
Projected Expansion of the Artificial Intelligence in Retail Market
The artificial intelligence in retail market is anticipated to expand dramatically, reaching a valuation of $57.06 billion by 2030. This surge represents a compound annual growth rate (CAGR) of 30.0%. The expansion is driven by several key factors, including the broad adoption of omnichannel retail strategies, increased investments in AI-powered analytics, a growing need for real-time insights into consumer behavior, the ongoing automation of retail processes, and the scalability offered by cloud-native AI solutions. Significant trends expected to shape the market include highly personalized customer interactions, dynamic pricing models powered by AI, optimized inventory management in real time, in-store analytics enabled by computer vision, and the rise of conversational commerce.
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Top Players Leading the Artificial Intelligence in Retail Industry
Several prominent corporations are at the forefront of the AI in retail sector, including Alphabet Inc, Microsoft Corporation, Amazon.com Inc, International Business Machines Corporation, Oracle Corporation, SAP SE, NVIDIA Corporation, Salesforce Inc, Baidu Inc, and C3.ai Inc. Other notable players comprise Databricks, Dataiku, Shopify Inc, Ocado Group, Trigo, Standard AI, Trax, ViSenze, Bloomreach Inc, Featurespace, Interactions LLC, Symbotic Inc, RetailNext, Pathr.ai, Graymatics, Focal Systems, Afresh Technologies, Standard Cognition, Brain Corp, and Cortexica Vision Systems. These companies are driving innovation and expanding the capabilities of AI applications within retail environments.
Significant Acquisition Enhancing AI Capabilities in Retail
In July 2023, ServiceNow Inc., a provider of digital workflow solutions based in the US, acquired G2k Group Gmbh for approximately $0.5 billion. This strategic move aims to strengthen ServiceNow's AI expertise and extend its presence in the retail Internet of Things (IoT) market. G2k Group Gmbh, headquartered in Germany, specializes in AI and IoT technologies for the retail sector. Through this acquisition, ServiceNow plans to develop an AI-powered, end-to-end workflow platform that links real-time data and intelligence, revolutionizing retail experiences and opening new opportunities across multiple industries.
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Emerging Trends Shaping the Artificial Intelligence in Retail Market
Retail companies are increasingly focusing on cloud-based AI solutions as a way to boost innovation and improve operational efficiency. Cloud computing delivers various services over the internet-including storage, processing power, and software-eliminating the need for traditional on-site IT infrastructure. For example, in October 2023, Flipkart Private Limited, an India-based e-commerce leader, introduced Flipkart Commerce Cloud. This platform is designed to help global retailers scale their businesses and address challenges through AI-driven technology. Flipkart Commerce Cloud offers a comprehensive suite of retail tools, including marketplace management, retail media, dynamic pricing, inventory oversight, and demand forecasting, all powered by artificial intelligence and machine learning.
Key Segments Defining the Artificial Intelligence in Retail Market
The global AI in retail market is categorized into distinct segments to cover its diverse applications and technologies:
1) By Component: Solutions and Services
2) By Technology: Machine Learning, Natural Language Processing, Chatbots, Image and Video Analytics, and Swarm Intelligence
3) By Deployment Mode: Cloud-based and On-Premise solutions
4) By Retail Channel: Omnichannel, Brick-and-Mortar stores, and Pure-Play Online Retailers
5) By Application: Customer Relationship Management (CRM), Supply Chain and Logistics, In-Store Navigation, Inventory Management, Product Optimization, and Payment and Pricing Analytics
Further subsegments include:
- Solutions such as Predictive Analytics, CRM, Inventory Management, Visual Search, Personalization Engines, and Fraud Detection
- Services comprising Consulting, Implementation, Support and Maintenance, and Managed Services
This detailed segmentation highlights the breadth and depth of AI adoption in retail, illustrating how various technologies and applications come together to modernize the industry.
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