The value of the global artificial intelligence (AI) in retail market is predicted to increase from $720.0 million in 2018 to $4,337.1 million by 2024. The market is expected to advance at a CAGR of 35.4% during the forecast period (2019—2024). The most widely adopted AI-powered technologies in the retail industry are— natural language processing (NLP), machine learning, and computer vision.

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Amongst these, the machine learning technology recorded the highest incorporation in retail operations in 2018. One of the prominent trends currently being observed in the AI in retail market is the rising incorporation of AI technology by the retail companies for multi-channel marketing.

AI-based solutions and systems help in the analysis of the huge volumes of data that are being generated from campaign management, in-store consumer behavior, and e-mail marketing, which in turn, helps in identifying consumption patterns and developing customized campaigns. Globally, the Asia-Pacific (APAC) region is predicted to register the fastest growth in the adoption of AI-based solutions and systems in the retail industry during the forecast period.

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This is mainly ascribed to the rising integration of machine learning technology in online retail operations in the region, especially in China. In addition to this, the flourishing e-commerce industry, presence of well-established e-commerce companies such as Amazon.com Inc., Alibaba Group Holding Limited, and JD.com Inc., and increasing price optimization solutions are further pushing the adoption of AI in retail operations in the region.