The Rise of Artificial Intelligence in Retail Market: A $164.74 billion Industry Dominated by Tech Giants – Microsoft, Google, Oracle, Servicenow | MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Nov. 29, 2024 (GLOBE NEWSWIRE) -- The Artificial Intelligence in Retail Market size is projected to grow from USD 31.12 billion in 2024 to USD 164.74 billion by 2030 at a CAGR of 32.0% during the forecast period, according to a new report by MarketsandMarkets™. AI-driven solutions are transforming inventory management and supply chain processes, making them more efficient and cost-effective. By utilizing predictive analytics and machine learning models, retailers can forecast demand accurately, reduce stockouts, and optimize stock levels. AI systems help detect inefficiencies in the supply chain, enabling businesses to adjust their operations in real-time, reducing waste, and improving overall efficiency. This optimization is crucial in a competitive retail environment, where customer satisfaction depends heavily on product availability and timely deliveries.

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Artificial Intelligence in Retail Market Dynamics:

Drivers:

• Increasing adoption of conversational AI in retail for advice and recommendations
• Operational Efficiency and Cost Reduction
• Enhanced Decision-Making

Restraints:

• High Implementation Costs
• Data Privacy Concerns

Opportunities:

• Expansion of Omnichannel Retailing
• Growth in AI-Powered Visual and Voice Search
• Inventory and Supply Chain Optimization

List of Key Companies in Artificial Intelligence in Retail Market:

• Microsoft (US)
• IBM (US)
• Google (US)
• Amazon (US)
• Oracle (US)
• Salesforce (US)
• NVIDIA (US)
• SAP (Germany)
• Servicenow (US)
• Accenture (Ireland)

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Based on the business functions, the cybersecurity segment is expected to hold the highest CAGR during the forecast period.

With the growing reliance on digital platforms and data, Al is becoming crucial in maintaining cybersecurity in retail. Al algorithms analyze the account activity and flag any suspicious account activity as well as those that it considers fraudulent. By employing machine learning algorithms, these systems can learn from previous incidents and adapt to new, evolving threats. It is also used in vulnerability management, where Al scans networks as well as systems for vulnerabilities that attackers may exploit. Companies such as Target and Walmart leverage Al to watch their networks and counter cyber threats, making sure that individual customer data is not leaked. Al also enhances the authentication system by using biometrics to stop alternative identity crimes as well as payment fraudulence. Some examples of cybersecurity companies using AI techniques to protect the retail sector are Palo Alto Networks, Fortinet, and Darktrace.

Based on region, North America holds the largest market size during the forecast period.

In the Artificial intelligence in retail market, North America dominates due to the high adoption of these platforms in the United States and Canada. The region has large technological companies, research facilities, and start-ups actively developing AI technologies. The AI in retail market in North American enterprises is experiencing high growth due to the rising AI awareness and the need for better customer experiences and operational productivity. Investments from major tech companies and favorable government policies propel this region to dominate the AI retail landscape. A well-developed AI ecosystem, combined with innovation and venture capital infusion, fosters overall economic expansion. Retailers are forming strategic partnerships to incorporate AI tools, as seen in Macy's collaboration with Rokt to enhance customer engagement through personalized AI-driven technologies.

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Key players in the Artificial intelligence in retail market are Microsoft (US), IBM (US), Google (US), Amazon (US), Oracle (US), Salesforce (US), NVIDIA (US), SAP (Germany), Servicenow (US), Accenture (Ireland), Infosys (India), Alibaba (China), Intel (US), AMD (US), Fujitsu (Japan), Capgemini (France), TCS (India), Talkdesk (US), Symphony AI (US), Bloomreach (US), C3.AI (US), Visenze (Singapore), Pathr.ai (US), Vue.AI (US), Nextail (Spain), Daisy Intelligence (Canada), Cresta (US), Mason (US), Syte(Israel), Trax(Singapore), Feedzai(US) and Shopic(Israel). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative artificial intelligence in retail market technologies and offerings owing to the emergence of new application areas for artificial intelligence in retail markets. These companies offer several product offerings and have operations around the globe. These companies focus on product launches, acquisitions, and partnerships to strengthen their footprint through product innovations and extend their business reach.

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