Global Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031).
Artificial intelligence (AI) is influencing almost all industry verticals in a direct or indirect manner and the retail industry is no exception to this. Retailers are deploying AI solutions to improve their efficiency, maximize sales, and enhance customer experience. The high availability of multiple novel retail solutions powered by AI technology will foster market growth over the coming years.
The retail industry is also being digitized quickly with the launch of newer retail technologies thereby setting a lucrative tone for artificial intelligence (AI) in retail adoption. Growing emphasis on maximizing retail sales whilst improving consumer shopping experience is projected to promote the demand for novel AI in retail solutions in the future. Companies can target the development of new solutions that not only use AI but also other advanced technologies such as IoT (Internet of Things) and machine learning to provide additional capabilities. Personalization of retail shopping experience is also a key trend that artificial intelligence (AI) in retail companies could target to stay relevant in the long term.
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Power of Insights to Favor the Demand for AI Solutions in the Retail Industry
Artificial intelligence (AI) in retail providers will focus on the development and launch of new solutions and platforms that help retailers optimize their operations. The use of AI to get better insights regarding purchasing patterns, consumer behavior, and checkout patterns will also help retailers bolster artificial intelligence (AI) in retail market growth going forward. Companies can also target the creation of new AI-based tools and solutions that help resolve issues associated with the current retail landscape. Partnerships and collaborations to deliver better AI-based solutions will also help shape the future of global artificial intelligence (AI) in the retail market.
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- Microsoft partnered with SymphonyAI, a leading provider of AI-based solutions, to offer retail AI software applications for retailers back in January 2024. The applications are available to CPGs and retailers that are currently using Microsoft Azure OpenAI service to help facilitate better decision-making in the retail space.
- In January 2024, to resolve the issue of checkout shrinkage at retail establishments Diebold Nixdorf announced the launch of a new AI-based checkout solution. Vynamic Smart Vision I Shrink Reduction is aimed at promoting a positive shopping experience for customers whilst managing the risk of shrinkage at self-checkout terminals.
- In March 2024, a company focusing on decoding the data behind physical retail experiences called Standard AI launched a new analytics platform to help retailers understand their business better with improved insights. The new Vision Analytics platform utilizes machine vision as well as artificial intelligence to function efficiently.
- x-hoppers, a renowned name in the retail communications business, launched its new AI-enabled retail communication platform in the United States and United Kingdom in April 2024. The new solution is intended to enhance retail operations and customer experience by blending AI with different communication solutions.
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The use of AI in retail is a relatively new trend and is still in its nascent stages, which is why global artificial intelligence (AI) in retail market is seen as highly opportune for all companies. Innovation is what will help artificial intelligence (AI) in retail providers stand out from the competition and gain impressive market share in the future.
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