Artificial Intelligence in Retail Market Introduction and Overview
According to SPER Market Research, the Global Artificial Intelligence in Retail Market is estimated to reach USD 94.21 billion by 2034 with a CAGR of 23.29%.
The report includes an in-depth analysis of the Global Artificial Intelligence in Retail Market, including market size and trends, product mix, Applications, and supplier analysis. Artificial Intelligence (AI) is revolutionizing the retail industry through supply chain management optimization, increased operational efficiency, and tailored shopping experiences. AI-powered tools like recommendation engines, Chatbots, and inventory forecasting are assisting merchants in better understanding consumer preferences and making better decisions. Growing e-commerce penetration, the demand for real-time data insights, and the growing requirement for automation are some of the main factors. High implementation costs, data privacy issues, and the difficulty of integrating AI systems with current infrastructures are some of the ongoing difficulties. Notwithstanding these challenges, AI has the ability to transform customer interaction and optimize processes, making it a crucial factor in determining how retail develops in the future.
By Component Insights: Artificial Intelligence in Retail is classified into two categories: software and services. The market was controlled by the solution segment. It is claimed that the new and creative automated technologies in the retail industry are aided by the growing difficulties in overseeing several retail operations. Over the course of the predicted period, services are probably going to see tremendous expansion. Because of the strong need for managed services that increase productivity, accuracy, and efficiency to optimize corporate operations, artificial intelligence in retail could rise significantly.
By Technology Insights: The market for Artificial Intelligence in Retail is segmented based on Technology, including Machine Learning, Natural Language Processing, Chatbots, Image and Video Analytics, Swarm Intelligence. The market leader with the biggest revenue share was the machine learning section. Customers can receive individualized experiences quickly thanks to machine learning. Moreover, NLP is anticipated to increase rapidly during the course of the projected period. The move toward AI-powered Chatbots and the exponential growth in data analysis will accelerate NLP developments. It is anticipated that the image and video analytics market would develop significantly over the course of the projected period.
By Sales Channel Insights: The market for Artificial Intelligence in Retail is segmented based on Sales Channel, including Omnichannel, Brick and Mortar, Pure-play Online Retailers. The market was led by the Omnichannel category, which held a substantial revenue share. The proliferation of digitization in both developed and emerging nations has led to the enormous popularity of Omnichannel strategy. Pure-play online merchants are expected to advance more quickly as a result of the growing popularity of online and virtual shopping. Global market expansion is anticipated due to the spread of social media, AI, and IoT. A lot of retail sellers are using artificial intelligence solutions to improve their online customer care skills.
By Application Insights: The market for Artificial Intelligence in Retail is segmented based on applications, including Customer Relationship Management (CRM), Supply Chain and Logistics, Inventory Management, Product Optimization, In-Store Navigation, Payment and Pricing Analytics, Virtual Assistant. The market was controlled by the Customer Relationship Management (CRM) category. Due to the high desire to improve customer service and retention, the CRM segment will become more well-known. Following the widespread use of smartphones and other cutting-edge equipment, the virtual help market is predicted to grow at the quickest CAGR. The market is dominated by the supply chain and logistics sector. Large corporations are using this program to streamline and optimize their business processes.
By Regional Insights: The U.S. retail business is dominated by artificial intelligence (AI), and merchants are using AI more and more to provide individualized purchasing experiences. AI solutions that analyse consumer data can make personalized product recommendations, increasing customer loyalty and engagement. Predictive analytics is another way AI is improving inventory management. More precise demand forecasting by retailers reduces excess inventory and out-of-stock scenarios, improving operational efficiency.
Market Competitive Landscape:
The market is highly competitive. Government assistance and industrial circumstances have a direct impact on the companies' growth. These businesses set themselves apart by providing quality and expanding into both target and emerging markets. Additionally, the industry's leading competitors from across the world have chosen several significant development strategies in recent years, which have had a big impact on the dynamics of competition. Some of the key market players are NVIDIA Corporation, Microsoft Corporation, Google LLC, IBM Corporation and SAP SE, Oracle Corporation and Sentient technologies, Intel Corporation, Salesforce, Inc. and Talkdesk, Inc.
Recent Developments:
- In October 2024, a new NVIDIA Business Group was established by Accenture as part of the extended cooperation between NVIDIA and Accenture, which aims to assist multinational corporations in accelerating their adoption of AI.
- In October 2024, Rezolve AI, a pioneer in AI-powered commerce solutions, and Microsoft Corp. have established a strategic alliance to give retailers better digital interaction tools.
- In September 2023, At Cloud World, Oracle highlighted client success by announcing partnerships with Red Hat and Microsoft, new cloud infrastructure capabilities, generative AI, and healthcare workplace management solutions.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Component, By Technology, By Sales Channel, By Application. |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | NVIDIA Corporation, Microsoft Corporation, Google LLC, IBM Corporation, SAP SE, Oracle Corporation, Sentient technologies, Intel Corporation, Salesforce, Inc., Talkdesk, Inc. |
Key Topics Covered in the Report:
- Global Artificial Intelligence In Retail Market Size (FY’2021-FY’2034)
- Overview of Global Artificial Intelligence In Retail Market
- Segmentation of Global Artificial Intelligence In Retail Market By Component (Solution, Service)
- Segmentation of Global Artificial Intelligence In Retail Market By Technology (Machine Learning, Natural Language Processing, Chatbots, Image and Video Analytics, Swarm Intelligence)
- Segmentation of Global Artificial Intelligence In Retail Market By Sales Channel (Omnichannel, Brick and Mortar, Pure-play Online Retailers)
- Segmentation of Global Artificial Intelligence In Retail Market By Application (Customer Relationship Management (CRM), Supply Chain and Logistics, Inventory Management, Product Optimization, In-Store Navigation, Payment and Pricing Analytics, Virtual Assistant)
- Statistical Snap of Global Artificial Intelligence In Retail Market
- Expansion Analysis of Global Artificial Intelligence In Retail Market
- Problems and Obstacles in Global Artificial Intelligence In Retail Market
- Competitive Landscape in the Global Artificial Intelligence In Retail Market
- Details on Current Investment in Global Artificial Intelligence In Retail Market
- Competitive Analysis of Global Artificial Intelligence In Retail Market
- Prominent Players in the Global Artificial Intelligence In Retail Market
- SWOT Analysis of Global Artificial Intelligence In Retail Market
- Global Artificial Intelligence In Retail Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Artificial Intelligence In Retail Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Artificial Intelligence In Retail Market
7. Global Artificial Intelligence In Retail Market, By Component (USD Million) 2021-2034
7.1. Solution
7.2. Service
8. Global Artificial Intelligence In Retail Market, By Technology (USD Million) 2021-2034
8.1. Machine Learning
8.2. Natural Language Processing
8.3. Chatbots
8.4. Image and Video Analytics
8.5. Swarm Intelligence
9. Global Artificial Intelligence In Retail Market, By Sales Channel (USD Million) 2021-2034
9.1. Omnichannel
9.2. Brick and Mortar
9.3. Pure-play Online Retailers
10. Global Artificial Intelligence In Retail Market, By Application (USD Million) 2021-2034
10.1. Customer Relationship Management (CRM)
10.2. Supply Chain and Logistics
10.3. Inventory Management
10.4. Product Optimization
10.5. In-Store Navigation
10.6. Payment and Pricing Analytics
10.7. Virtual Assistant
11. Global Artificial Intelligence In Retail Market, (USD Million) 2021-2034
11.1. Global Artificial Intelligence In Retail Market Size and Market Share
12. Global Artificial Intelligence In Retail Market, By Region, (USD Million) 2021-2034
12.1. Asia-Pacific
12.1.1. Australia
12.1.2. China
12.1.3. India
12.1.4. Japan
12.1.5. South Korea
12.1.6. Rest of Asia-Pacific
12.2. Europe
12.2.1. France
12.2.2. Germany
12.2.3. Italy
12.2.4. Spain
12.2.5. United Kingdom
12.2.6. Rest of Europe
12.3. Middle East and Africa
12.3.1. Kingdom of Saudi Arabia
12.3.2. United Arab Emirates
12.3.3. Qatar
12.3.4. South Africa
12.3.5. Egypt
12.3.6. Morocco
12.3.7. Nigeria
12.3.8. Rest of Middle-East and Africa
12.4. North America
12.4.1. Canada
12.4.2. Mexico
12.4.3. United States
12.5. Latin America
12.5.1. Argentina
12.5.2. Brazil
12.5.3. Rest of Latin America
13. Company Profile
13.1. Google LLC
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. IBM Corporation
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Intel Corporation
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Microsoft Corporation
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. NVIDIA Corporation
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Oracle Corporation
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Salesforce, Inc.
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. SAP SE
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Sentient technologies
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Talkdesk, Inc.
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links