Mon, Apr-2024

Artificial Intelligence In Retail Market Demand, Size, Share & Forecast | USD 300 Billion By 2028

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theinsightpartners Sep 06, 2023 05:35 PM

The Report Artificial Intelligence In Retail Market study by “Premium Market Insights” provides details about the market dynamics affecting the market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.

The artificial intelligence in retail market was valued at US$ 5,195.94 million in 2022 and is expected to grow at a CAGR of 30.6% during the forecast period of 2022 to 2028 to reach US$ 25,830.55 million by 2028.

Market Insights – Artificial Intelligence in Retail Market

The proliferation of enhanced technological awareness and varied product choices among consumers has resulted in a noteworthy shift in the global retail industry landscape. Artificial intelligence has empowered retail businesses with high-level data and information to improve retail operations and explore new business opportunities. AI tools in the retail forecast industry shift and proactively change an organization's marketing, merchandising, and business strategies. Artificial intelligence in retail includes functions such as inventory management, adaptive homepage, interactive chat, visual curation, conversational support, and customer engagement. The growth of the artificial intelligence in retail market is fueled by factors such as increasing number of internet users and smart devices, rising need for surveillance and monitoring at physical stores, and increasing digitization in the retail industry.

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Kay Players:  

  1. Sentient Technologies Holdings Limited
  2. Manthan Software Services Pvt. Ltd
  3. Focal Systems Inc
  4. Microsoft Corporation
  5. ViSenze
  6. Tata Consultancy Services Limited
  7. com, Inc
  8. Plexure Ltd.
  9. Google,Inc
  10. IBM Watson Group

The report segments the Artificial Intelligence In Retail Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the Artificial Intelligence In Retail Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.

The report provides the current market size for Distributed Control Systems, defines trends and presents growth forecasts for nine years from 2022 to 2028. 2020 is considered as the base year, and 2022 to 2028 is forecast year for the entire report. All the market numbers for revenue are provided in US dollars. The market is analyzed by the supply side, considering the market penetration of Artificial Intelligence In Retail Market for all the regions globally.

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In Europe, major automakers like Navistar, PACCAR, BMW, Daimler, Toyota, Volvo, and General Motors are present. The EU's Zero Emission by 2050 initiative aims to promote electric vehicle adoption and the use of EV airbag ECUs in the region. However, the ongoing Russia-Ukraine War has disrupted the European Artificial Intelligence In Retail market, with automakers struggling to acquire necessary wiring harnesses. Production has been halted at German car factories, and suppliers from Western Ukraine have ceased operations due to the conflict. Despite this, the UN's Decade of Action for Road Safety, launched in October 2021, aims to reduce fatalities from road accidents.

The COVID-19 pandemic had an adverse impact on the production of airbag ECUs worldwide in 2020; however, the increasing demand for electric vehicles (EVs) is expected to create lucrative opportunities for market players in the Artificial Intelligence In Retail industry during the forecast period. The Global Electric Vehicle Outlook indicates that electric car sales, including fully electric and plug-in hybrid vehicles, rose to a record high of 6.6 million units in 2021. China's electric car sales increased significantly to 3.3 million units, accounting for roughly 50% of global sales, while EV sales in Europe and the US increased by 65% and doubled, respectively, in 2021. The growing scale of EV production is expected to drive demand for Artificial Intelligence In Retails in the coming years. Electric cars are equipped with advanced airbags and seatbelts to ensure a better travel experience.

The scope of the Artificial Intelligence In Retail Market Report:

The research report focuses on the current market trends, opportunities, future potential of the market, and competition in the Distributed Control Systems. The study also provides market insights and analysis of the Distributed Control Systems, highlighting the technological market trends, adoption rate, industry dynamics, and competitive analysis of major players in the industry.

The global Artificial Intelligence In Retail Market is segmented based on deployment, component, solution, application, and geography. The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of products offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.

Major highlights of the report:

  • All-inclusive evaluation of the parent market
  • Evolution of significant market aspects
  • Industry-wide investigation of market segments
  • Assessment of market value and volume in past, present, and forecast years
  • Evaluation of market share
  • Tactical approaches of market leaders
  • Lucrative strategies to help companies strengthen their position in the market

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Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Artificial Intelligence In Retail Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2030, factoring the impact of Covid -19 Situation.

Reason to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Artificial Intelligence In Retail Market.
  • Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
  • The key findings and recommendations highlight crucial progressive industry trends in the Artificial Intelligence In Retail Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue. 
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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