The Artificial Intelligence (AI) in retail market will exceed US$94.55 billion by 2031.

SkyQuest Technology Consulting Pvt. Limited

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WESTFORD, USA, May 20, 2024 (GLOBE NEWSWIRE) — SkyQuest's plans Artificial Intelligence (AI) in the Retail Market It will attain a value of USD 94.55 billion by 2031, with a CAGR of 32.68% during the forecast period (2024-2031). The increased use of AI chatbot support is an important trend within the global artificial intelligence in the retail market as it provides incredibly effective customer service capabilities. By naturally interacting with customers using personal and positive responses, chatbots generally greatly improve customer happiness. In particular, technological innovations such as computer vision are becoming increasingly popular in physical stores, creating enormous potential for the industry. These capabilities include demand forecasting, inventory management, and overall customer experience optimization.

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Browse the in-depth TOC on “Artificial Intelligence (AI) in the Retail Market”.

  • Pages – 252

  • Tables – 95

  • Statistics – 76

Artificial Intelligence (AI) in Retail Market Overview

Report coverage


Market Revenue in 2023

$7.42 billion

Estimated value by 2031

$94.55 billion

growth rate

Set to grow at a CAGR of 32.68%

Forecast period


Predictive units

Value (USD billion)

Report coverage

Revenue forecasts, competitive landscape, growth factors, and trends

Sections are covered.

Components, Technology and Application

Geography covered.

North America, Europe, Asia Pacific, and the rest of the world

Highlights of the report

Integration of computer vision and advanced AI technology in retail

Key market opportunities

AI-powered visual and audio search to drive market opportunities

Key market drivers

Increasing use of AI-powered chatbots for better customer experience

A multifaceted solution allows component solutions to dominate the market.

The diverse solution component of AI is the driving force behind its success in the global retail business. This means that artificial intelligence can play an important role in guiding the retail sector by improving inventory control, generating personalized advice, and interpreting complex data, thereby improving customer satisfaction, operational efficiency, and revenue. Is.

Ability to accurately predict market trends to help the predictive analytics sub-segment dominate

The ability of predictive analytics apps to accurately predict consumer behavior and market trends accounts for their dominance in the AI ​​retail sector worldwide. Somehow, merchants can make quick data-driven decisions with the help of big data integration, machine learning algorithms and real-time data processing. The use of predictive analytics is becoming increasingly important in the adoption of artificial intelligence by businesses in the retail industry because of how it enhances customer targeting, streamlines inventory management, and increases sales. does.

Use AI algorithms to extract important information from various patterns in data Help North America dominate

North American retailers, especially those in the US, use AI algorithms to mine their data for key insights from different patterns. The US is leading the world in terms of artificial intelligence used in retail. For a long time, the United States was the primary adopter of AI technology, facilitating the emergence of new tech startups offering AI services to the retail sector.

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Artificial Intelligence (AI) in Retail Market Insights


  1. Increasing use of AI-powered chatbots for better customer experience

  2. Artificial intelligence enables seamless integration between multiple sales channels

  3. Artificial intelligence algorithms have the ability to quickly identify fraudulent activity


  1. Lack of infrastructure and high implementation costs limit the adoption of AI in the retail sector

  2. Data security and privacy issues present controversy

  3. AI systems obey rules and regulations.

A leading player in the global artificial intelligence (AI) in retail market

  • Wipro Limited (India)

  • Cognizant Technology Solutions Corporation (US)

  • Oracle Corporation (USA)

  • HCL Technologies Limited (India)

  • Tata Consultancy Services Limited (India)

  • Infosys Limited (India)

  • Capgemini SE (France)

  • SAP SE (Germany)

  • Accenture plc (Ireland)

  • Happiest Minds Technologies (India)

View the report's summary and table of contents (TOC):

Key Questions Answered in Global Artificial Intelligence (AI) in Retail Market Report

  • What will be the estimated global artificial intelligence in retail market by 2031?

  • What role does North America's retail integration of AI algorithms play in the region's leadership in the AI ​​retail market?

  • What key factors has the market insight segment highlighted as barriers to AI adoption in the retail industry?

This report provides the following insights:

  • Analysis of key drivers (greatly improving the quality of customer service, chatbots give a targeted and customized response, NLP and ML technologies have become more human and are capturing real data about customer preferences) , limitations (adoption of modern technology due to absence of necessary infrastructure, insufficient technical skills and compliance with strict GDPR regulations, opportunities (e-commerce platforms and virtual shops are growing rapidly, optimization of visual search and increased shopping forecast trends), and challenges (security concerns about proprietary data and no standard framework for securing data. Use of healthcare apps influencing the growth of artificial intelligence (AI) in the retail market Stored and shared while doing

  • Market Penetration: Comprehensive information on product portfolios offered by top Artificial Intelligence (AI) players in the retail market

  • Product Development/Innovation: Detailed insights into upcoming trends, R&D activities and product launches in Artificial Intelligence (AI) in the retail market

  • Market Development: Comprehensive information on profitable emerging regions

  • Market Diversification: Complete information on new products, growing geographies and recent developments in the market

  • Competitive Assessment: In-depth analysis of the market segments, growth strategies, revenue analysis, and products of the leading market players.

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all about us:

SkyQuest is an IP-focused research and investment bank and accelerator of technology and assets. We provide access to technologies, markets and finance in various sectors. Life Sciences, Clean Tech, Agri Tech, Nano Tech and Information and Communication Technology.

We work closely with innovators, inventors, innovators, entrepreneurs, companies and investors in leveraging R&D outsourcing. In addition, we help them improve the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have extended our reach to North America, Europe, ASEAN and Asia Pacific.


Mr. Jigraj Singh

SkyQuest Technology

1 Apache Way,


Massachusetts 01886

USA (+1) 351-333-4748


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