A recent report by Meticulous Research® forecasts that the artificial intelligence (AI) in retail market will surge to $57.8 billion by 2030, expanding at a compound annual growth rate (CAGR) of 41% from 2023 to 2030. This impressive growth is fueled by heightened awareness of AI technologies, the widespread adoption of big data and analytics, and the implementation of omnichannel retail strategies aimed at enhancing customer experiences and boosting productivity.

Drivers and Challenges

Several key factors are driving the market's expansion:

1. Increased Awareness and Adoption: The growing recognition of AI’s potential and the integration of big data analytics are compelling retailers to embrace these technologies.

2. Omnichannel Strategies: Retailers are increasingly implementing multichannel approaches to connect with customers across various platforms.

3. Enhanced Customer Experience: There is a strong emphasis on improving customer satisfaction and engagement, which is driving the adoption of AI.

Nonetheless, the market faces obstacles such as high initial costs, insufficient infrastructure, and the lingering effects of the COVID-19 pandemic, which may slow down growth to some extent.

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Market Segmentation

Meticulous Research® has categorized the AI in retail market based on several criteria:

• Offering: Solutions and services.

• Application: Predictive merchandising, programmatic advertising, in-store visual monitoring and surveillance, market forecasting, and location-based marketing.

• Learning Technology: Machine learning, natural language processing, and computer vision.

• Type: Online retail and offline retail.

• End User: Food & groceries, health & wellness, automotive, electronics & white goods, fashion & clothing, cosmetics & personal care products, general utility products, and others.

• Deployment: Cloud and on-premise.

• Geography: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Key Insights

• Offering: The solutions segment is anticipated to capture the largest market share in 2023, driven by retailers’ increasing use of AI-powered solutions for customer identification, product recommendations, and loss prevention.

• Application: Predictive merchandising is expected to lead the application segment due to the need for efficient inventory management and improved customer engagement.

• Learning Technology: Machine learning is predicted to dominate the learning technology segment, driven by its applications in customer experience management and predictive merchandising.

• Type: Online retail is set to witness significant growth, propelled by rising investments in online platforms and consumer preference for e-commerce.

• End User: The food & groceries segment is forecasted to hold the largest share, attributed to rising consumer spending and the adoption of advanced technologies.

• Deployment: Cloud-based deployment is expected to dominate, owing to the declining costs of cloud technology and the increasing inclination towards cloud computing.

• Geography: North America is poised to lead the market, while the Asia-Pacific region is expected to record the highest CAGR due to rapid economic growth and digitalization.

Regional Outlook

• North America: The region's leadership is attributed to the high adoption rate of AI technologies and the presence of major industry players.

• Asia-Pacific: This region is projected to experience the highest growth rate, driven by robust economic expansion, increasing digitalization, and supportive government policies.

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Leading Market Players

Prominent players in the AI in retail market include: Amazon.com, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Salesforce.com, Inc. (U.S.), and BloomReach, Inc. (U.S.).

These leading players are driving market growth through continuous innovation and strategic collaborations, solidifying their positions in the AI retail sector.

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