Artificial Intelligence in Retail Global market 2021–2027

AI is one of the fastest-growing technologies in the present scenario. It is associated with human intelligence with almost similar characteristics such as reasoning, problem-solving, understanding, language, and learning. Retailers can use artificial intelligence (AI) to create data models based on their customers’ buying habits, which helps them estimate demand and make data-driven decisions. It also enables retailers to offer clients a more personalized buying experience

According to a market report published by Bizwit Research & Consulting, LLP, Global Artificial Intelligence in the Retail market is valued at approximately USD 3902.6 Million in 2020 and is anticipated to grow with a healthy growth rate of nearly 33.9% over the forecast period 2021-2027.

Increasing investment in AI, growing application of AI in the retail industry, and increasing emphasis on improving end-user experience, productivity, and revenue generation are some of the factors that are expected to significantly contribute to the growth of global Artificial Intelligence in the Retail market during the forecast period. In addition, new product innovation and optimization are expected to inject growth opportunities into the market. However, Privacy issues associated with the use of AI are expected to hamper the growth of global Artificial Intelligence in the Retail market during the forecast years.

In this era of Artificial Intelligence and Big Data, the efficiency of AI will pave the way for retailers to become smarter to deliver customer satisfaction, better services, better responsiveness to consumer demands, and supply to compete. Whether online or offline, AI can process massive amounts of complicated data from wide sources, including photographs and videos, as well as customer behavior and responses, which will transform the retail industry.  For instance, As per the survey conducted by Statista with 1000+ respondents in 2020, Approximately half of the respondents in the consumer goods and retail industries believe that the use of artificial intelligence can assist improve customer service. Furthermore, 47 percent of respondents believe that AI may significantly improve inventory management by assisting in the effective management of expenses and buyer needs.

Global Artificial Intelligence in Retail Market Size study, by Type (Powder, Ready to Drink, and Protein Bar), By Distribution Channel (Online and Offline), and Regional Forecasts 2021-2027

The total market revenue is calculated based on revenue generated through the sales of artificial intelligence solutions and services used in the retail industry. However, any revenue generated through the hardware cost incurred during the integration of artificial intelligence in retail stores is excluded from the report. Major companies covered under the report include IBM, Microsoft, Amazon Web Services, Oracle, SAP, Intel, NVIDIA, Google, Sentient technologies, and Salesforce. Other popular regional players across various countries are also considered for revenue calculation.

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