Artificial Intelligence (AI) In Retail Market to Hit $40.74 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Sept. 20, 2022 /PRNewswire/ -- The global AI in retail market size is anticipated to reach USD 40.74 billion by 2030, expanding at a CAGR of 23.9% from 2022 to 2030, according to a new study by Grand View Research, Inc. The rising prominence of advanced technologies, such as chatbots and voice recognition programs, has furthered the growth potential. Moreover, the emerging online retail sales, increasing focus of retailers on improving customers' shopping experience, rising reliance on digital marketing, and growing investments in AI, accompanied by supportive government regulations, are the crucial factors contributing to the progress of the industry worldwide.
Key Industry Insights & Findings from the report:
Read 145 page full market research report for more Insights, "AI In Retail Market Size, Share & Trends Analysis Report By Component, By Technology (Chatbots, Natural Language Processing), By Sales Channel, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
AI In Retail Market Growth & Trends
AI algorithms play a pivotal role in assessing a considerable amount of data collated from consumers' online behavior. Moreover, AI-driven image and video analytics have become trendier to help filter out and classify images and less important visual content, expediting investments across developed and developing economies.
Adopting AI in retail helps provide better outcomes and engage customers in the virtual world, which is expected to increase demand for AI in retail in the coming years. For instance, in January 2021, Google LLC launched Product Discovery Solutions for Retail. This product is a suite of services created to improve retailers' e-commerce potential and aid them in delivering personalized consumer experiences.
The image and video analytics segment is poised to gain a significant share in the AI in retail market during the assessment period, partly due to the growing prominence of in-store promotional strategies and image search. To illustrate, eBay uses AI to streamline image searches, enhance buyer-seller trust, and boost shipping and delivery times. Meanwhile, Amazon prioritizes AI to expand visual search and facial recognition, among others.
Stakeholders anticipate the virtual assistant segment to contribute significantly to the global market. The trend is mainly attributed to the growing prominence of voice-powered search queries and personalized shopping experiences. Prominently, intelligent virtual assistants have reshaped the industry dynamics, helping retailers handle customr queries seamlessly.
Major players in the market are consistently investing in advanced technologies and introducing customer targeting and tailored solutions to stay ahead of the competition. For instance, in August 2020, Kenco, a company that provides logistics services based in the U.S., launched DaVinci AI to create predictive insights, boosting supply chain and prescriptive actions.
AI In Retail Market Segmentation
Grand View Research has segmented the global AI in retail market based on component, technology, sales channel, application, and region:
AI In Retail Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
AI In Retail Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
AI In Retail Market - Sales Channel Outlook (Revenue, USD Million, 2017 - 2030)
AI In Retail Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
AI In Retail Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the AI In Retail Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.