Artificial Intelligence in Retail Market to Reach USD 85.07 Billion by 2032; Use of AI-based Visual and Voice Search to Boost Market Expansion

The global artificial intelligence in retail market size touched USD 7.14 billion in 2023 and is predicted to reach USD 9.36 billion in 2024. The market is anticipated to touch USD 85.07 billion by 2032, recording a CAGR of 31.8% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Artificial Intelligence in Retail Market Size, Share & COVID-19 Impact Analysis, By Offerings (Solutions and Services), By Function (Operation-Focused, and Customer-Facing), By Type (Online and Offline), By Application (Predictive Analytics, In-Store Visual Monitoring & Surveillance, Customer Relationship Management, Market Forecasting, Inventory Management, and Others), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), and Regional Forecast, 2024-2032”.

Artificial intelligence in retail solutions and services is gaining notable traction across the region sector as they are known to improve the overall efficiency and performance of retail stores. A growing number of retailers are using AI technology to automate their operations, which can help them improve their customers’ experience and expand their profit margins. The retail industry is undergoing a massive digital transformation as more customers are demanding a convenient and smart way of shopping at stores. These factors are expected to boost artificial intelligence in retail market growth.

Use of AI in Retail Sector Rose during COVID-19 to Analyze Changing Customer Behavior

The COVID-19 pandemic had a negative impact on the retail sector as the lockdown and other restrictions imposed by governments across the globe prevented customers from shopping from physical stores. Many retailers had to shut down their brick-and-mortar stores to abide by the social distancing and lockdown rules. However, this period was also instrumental in boosting the demand for online stores as more customers turned to online shopping. This scenario prompted retailers to open their own online platforms, which augmented artificial intelligence in retail market growth.

Antuit.ai Launched AI Demand Modeling Studio for Retailers

In July 2021, Antuit.ai launched AI Demand Modeling Studio for retailers and consumer goods sellers. The new use-case-centric studio helped retailers in forecasting and merchandising as well as gaining a better understanding of their customers. The AI Demand Modeling Studio enables businesses to adopt AI-driven forecasting and other demand modeling practices without the burdensome requirements of generic AI platforms or the limitations of black-box solutions to customize pre-built models. The studio's primary goal is to better understand consumer demand and more accurately forecast future demand.

Use of AI-based Visual and Voice Search to Boost Market Expansion

The concept of virtual stores and e-commerce is gaining significant popularity among customers across the globe. Customers can use these mediums to try new shopping techniques, such as product videos, images, and voice to search for new products and get more information. AI technology can improve the functionalities of visual search by mining the metadata to respond to customers’ unique queries. The visual search engine uses AI’s features to analyze, track, and predict future shopping trends, which can greatly enhance the shopping experience of customers.

Companies to Use Advanced Technologies to Boost Retail Sector Operations

The key players operating in this industry are continuously raising their investments in a wide range of futuristic technologies and solutions. These solutions can assist retailers in adapting to novel services offered by different companies. Since the data volume is consistently growing in the retail sector, the demand for AI solutions has grown tremendously in recent years. This scenario has inspired leading market players to launch tailored solutions that satisfy the specific needs of customers. By using advanced technologies, organizations are trying to strengthen and expand their product offerings to gain a strong competitive edge. These firms are also engaging in partnerships, mergers, and acquisitions to expand their market share.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/artificial-intelligence-ai-in-retail-market-101968

Notable Industry Development:

• March 2021 – Inbenta Technologies announced the launch of a new AI-based solution, Conversational AI Search, to enhance revenue generation by engaging with customers. The new search tool will use Natural Language Processing (NLP) to answer and engage the customer with the right product offering.

List of the Companies Profiled in the Report:

• Amazon.com, Inc. (U.S.)


• Google LLC (U.S.)


• IBM Corporation (U.S.)


• Intel Corporation (U.S.)


• Microsoft Corporation (U.S.)


• Nvidia Corporation (U.S.)


• Oracle Corporation (U.S.)


• SAP SE (Germany)


• Salesforce.com, Inc. (U.S.)


• Talkdesk, Inc. (U.S.)

Further Report Findings

• North America accounted for the biggest artificial intelligence in retail market share during the forecast period. Retail stores across the region are extracting data from metadata to know their customers purchasing behaviors and patterns. The U.S. is known to be among the early adopters of advanced technologies, such as AI, and is continuously investing in this technology.


• Europe is also expected to capture the second largest share in the market as the current large-scale retail stores in the fashion, cosmetics, and apparel sectors are raising their investments in advanced technologies to enhance customer experience.

Table of Segmentation