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Artificial Intelligence

Artificial Intelligence in Retail Market Size to Reach USD 31.18 billion in 2028 while Exhibiting a Stellar CAGR of 30.5%

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Pune, India, April 11, 2023 (GLOBE NEWSWIRE) — The global artificial intelligence in retail market size was valued at USD 3.75 billion in 2020. The market is projected to grow from USD 4.84 billion in 2021 to USD 31.18 billion in 2028, exhibiting a CAGR of 30.5% during the forecast period. The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period. Fortune Business Insights™ presents this information in a report titled, “Artificial Intelligence in Retail Market Forecast, 2023-2028.”

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Key Industry Developments:

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  • Warby Parker declared its plan to offer a virtual Try-On feature to its customers. It will be based completely on artificial intelligence. This system would enable the customers to try out virtual frames by using augmented reality (AR). The computer generated images will be overlaid onto the real world images.
  • Verint introduced its latest enterprise chatbots and intelligent virtual assistants (IVAs) powered by a modular and an open AI engine. The company is aiming to provide video-based customer support agents by 2022 that will be capable of sharing the user interface.

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 30.5%
2028 Value Projection USD 31.18 Billion
Base Year 2020
Artificial Intelligence in Retail Market Size in 2020 USD 3.75 Billion
Historical Data for 2017 to 2019
No. of Pages 150
Segments covered Offerings, Function, Type, Application, Technology and Geography
Artificial Intelligence in Retail Market Growth Drivers Increasing Usage of AI-powered Chatbots to Augment Growth
Emergence of Virtual Trial Rooms to Bolster Healthy Growth

Key Takeaways

  • AI-driven Visual and Voice Search to Propel Market Opportunities
  • Artificial intelligence-powered Chatbot assistance is gaining vast popularity across the retail industry owing to its highly efficient customer service.
  • By Offering Analysis: Increasing Automation in Retail Industry to Fuel AI-based Solution Segment
  • Artificial Intelligence in Retail Market Size in North America was USD 1.45 Billion in 2020
  • The retailers in the region are focusing on extracting the available data on customers’ preferences to boost customer service efficiency.

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Drivers and Restraints:

  • Increasing Usage of AI-powered Chatbots to Augment Growth
  • Several retailers are persistently striving to improve their sales and customer relations with the help of artificial intelligence tools.
  • AI-powered chatbots are being used by the retail brands to help in engaging their customers effectively.
  • With the help of these chatbots, brands are able to handle a large number of queries without the need for multiple employees.
  • Emergence of Virtual Trial Rooms to Bolster Healthy Growth
  • The increasing popularity of virtual trial rooms and ongoing development across retail supply chains will aid the AI in retail market trend during the forecast period.
  • virtual trial rooms enable buyers to try different dresses without actually having to wear them with the help of digital mirrors.
  • AI allows shoppers to experiment with their outfit by means of a touch-based interface. In addition, the launch of virtual rooms by major companies to create growth opportunities for the market.
  • Fitiquette, a fashion Web site uses a ground-breaking technology that allows customers to try on outfits in a virtual 3D world based on the user’s exact body dimensions.
  • The trial room gives a 360-degree view of the fit and drape of a garment on the actual body dimensions of the consumer.

Segment-

Natural Language Processing Segment to Grow Steadily Owing to Multiple Applications

In terms of technology, the market is divided into natural language processing, machine learning, computer vision, and others. Out of these, the computer vision segment generated 23.7% AI in retail market share in 2018. The natural language processing segment holds the maximum share at present because of its usage in a wide variety of applications, such as informational retrieval (IR), semantic disambiguation, speech processing, machine translation, and text parsing.

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Regional Analysis

Rising Investments by Reputed Companies to Favor Growth in North America 

North America procured USD 1,102.0 million in terms of revenue in 2018. The region is set to dominate throughout the forecast period because of the increasing investments in the development of AI by the industry giants. Many retailers are also rapidly deploying AI-powered solutions for remoulding their product offerings and supply chain operations. The members of European Union (EU), on the other hand, mentioned that they are planning to include AI technology across their borders. It is also set to invest approximately USD 24 billion in conducting AI research by the end of 2020.

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Competitive Landscape

Key Players Engage in Product Development to Cater to the Needs of Consumers

The top companies operating in the global AI in retail market are aiming to conduct extensive research and development projects to create advanced AI-based products to propel decision making and information sharing. They are implementing automated reports, collaboration technology, predictive analytics, and cognitive technology to gain positive results.

LIST OF KEY COMPANIES PROFILED IN THE REPORT

  • CognitiveScale, Inc.
  • Amazon Web Services, Inc.
  • SAP SE
  • Baidu, Inc.
  • Microsoft Corporation
  • Google LLC
  • Nvidia Corporation
  • IBM Corporation
  • Retail Next, Inc.
  • Next IT Corporation
  • Style.ai
  • Oracle Corporation
  • Salesforce.com, Inc.

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Major Table of Contents:

      • Global Artificial Intelligence (AI) in Retail Key Players Market Share Insights and Analysis, 2020     
      • Key Market Insights and Strategic Recommendations
      • Companies Profiled
        • Overview
          • Key Management
          • Headquarters etc.
        • Offerings/Business Segments
        • Key Details
          • Employee Size
          • Key Financials
        • Recent Developments
      • Annexure / Appendix
        • Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
          • By Offering (USD)
          • By Function (USD)
          • By Application (USD)
            • Predictive Analytics
            • In-Store Visual Monitoring and Surveillance
            • Customer Relationship Management (CRM)
            • Market Forecasting
            • Inventory Management
            • Others
          • By Type (USD)
            • Offline
            • Online
          • By Technology (USD)
            • Computer Vision
            • Machine Learning
            • Natural Language Processing
            • Others (Speech Recognition, Deep Learning, and Robotics)
          • By Region (USD)
            • North America
            • Europe
            • Asia Pacific
            • Middle East & Africa
            • Latin America
        • North America Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
          • By Offering (USD)
          • By Function (USD)
          • By Application (USD)
          • By Type (USD)
          • By Technology (USD)
          • By Country (USD)
        • Europe Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
          • By Offering (USD)
            • Solution
            • Services
          • By Function (USD)
            • Operations-Focused
            • Customer-Facing
          • By Application (USD)
            • Predictive Analytics
            • In-Store Visual Monitoring and Surveillance
            • Customer Relationship Management (CRM)
            • Market Forecasting
            • Inventory Management
            • Others

TOC Continued…

FAQ’s

How big is the artificial intelligence in retail market?

Artificial Intelligence (AI) in Retail Market size was USD 3.75 billion in 2020.

How fast is the artificial intelligence in retail market growing?

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The Artificial Intelligence (AI) in Retail Market will exhibit a CAGR of 30.5% during the forecast period, 2021-2028

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Artificial Intelligence

Huawei Wen Tong: 6G Needs to Embrace AI for Shaping Future Network

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SHENZHEN, China, Sept. 29, 2024 /PRNewswire/ — At the 6G Conference held in Istanbul, on September 24, 2024, Dr. Wen Tong, Huawei Wireless CTO, delivered a keynote speech on 6G standardization and innovation. With the release of the ITU-R 6G vision framework, the 3GPP will start 6G standardization in 2025. “6G is a new generation of mobile technology, not a simple upgrade of 5G, it should bring new value to users,” said Dr. Tong, “6G is a true intergenerational technological disruption. 6G standard, key technologies, and network architecture should be re-defined based on application scenarios and requirements from 2030 to 2040. 6G should not be another way to implement 5G. Instead, 6G should embrace the AI revolution with a quantum leap and generate new values for the consumers. In this way, 3GPP standards can truly realize the 6G vision and create greater value for the entire industry.”

Centered “6G Standardization Direction” and “6G Innovation Driving Force”, Dr. Tong shared important views on the future architecture, terminal development, and key technologies of 6G.
In terms of architecture design, 6G should go beyond Service-Based Architecture and move towards Application-Driven Network.
5G has already achieved market success and continues to evolve towards 5G-Advanced. 6G will not simply reuse 5G network architecture, without generational and fundamental innovations, which will limit the mobile industry’s aspiration and imagination to dive the innovation in the 6G era. 6G must have obvious cross-generational characteristics and technical breakpoint.
On the core side, reusing the 5G core network will hinder the innovation in AI. We should use Agentic-AI based technology to re-architect 6G Core that goes beyond 5G Service-Based Architecture and support the foundational capabilities of AI, Sensing and NTN , and thus evolve towards the Application Driven Network .
In terms of terminal evolution, 6G user device calls for a breakthrough to lead the success of the entire industry chain.
It is the law of the mobile industry to drive the evolution of the market with the pioneering technology. The 6G networks and 6G terminals must meet the requirements of consumers and vertical industries in the 6G market phase from 2030 to 2040.
Currently, smartphones are evolving to AI terminals to usher in the mobile AI era. In post-MBB era, breakthroughs in terminal technologies will be the key to the evolution of the mobile industry. Therefore, 6G user device calls for a breakthrough towards “Full-AI”, thus to drive 6G network upgrade and the success of the entire industry ecosystem.
In terms of technology development, AI will become a key enabler for 6G with network paradigm shifting.
Twenty years ago, the Internet was the enabler of the technology innovations. Mobile communications embraced the Internet and achieved great business success. Today, AI maybe the disruptive enabler of the latest technology innovations.
6G should embrace the AI revolution with a quantum leap. However, 6G networks should not be limited to generative AI, Artificial General Intelligence (AGI) and Embodiment-AI are the main directions of future AI development. Therefore, AGI should run through the whole process of sensing, reasoning, decision, and action of terminals, wireless networks, and core networks of 6G, to welcome the arrival of a new network paradigm.
At the end, Dr. Tong Wen emphasized the relationship between 5G and 6G: “The global 5G deployment is on the rise and evolving to 5G-Advanced, which not only meets the current requirements of operators, but also protects their investment. Therefore, 6G technologies should not overlap with 5G in technologies and market space. The specifications, technologies, and architecture of 6G must be based on the scenarios and requirements from 2030 to 2040. We should focus on true generational technology disruption, embrace the new opportunities brought by AI, expand the mobile industry in the next generation.”
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Artificial Intelligence

How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024

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HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.

Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence

Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.

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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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