The research study involved four major activities in estimating the AI in retail market size. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings and assumptions and size them with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
The market size of the companies offering AI in retail solutions to various end users was arrived at based on the secondary data available through paid and unpaid sources and by analyzing the product portfolios of major companies in the ecosystem and rating the companies based on their performance and quality. In the secondary research process, various sources were referred to identify and collect information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
Secondary research was mainly used to obtain critical information about industry insights, the market’s monetary chain, the overall pool of key players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market-oriented and technology-oriented perspectives.
Primary Research
In the primary research process, various sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report, Such as Chief Experience Officers (CXOs), Vice Presidents (VPs), directors from business development, marketing, and product development/innovation teams, and related key executives from AI in retail solutions vendors, system integrators, professional and managed service providers, industry associations, independent consultants, and key opinion leaders.
Primary interviews were conducted to gather insights, such as market statistics, data on revenue collected from platforms and services, market breakups, market size estimations, market forecasts, and data triangulation. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Finance Officers (CFOs), Chief Strategy Officers (CSOs), and the installation team of end users who use AI in retail solutions, were interviewed to understand buyers’ perspectives on suppliers, products, service providers, and their current usage of AI in retail solutions which is expected to affect the overall AI in retail market growth.
Note 1: Tier 1 companies have revenues over USD 1 billion, Tier 2 companies range between USD 500 million and 1 billion in overall revenues, and Tier 3 companies have revenues less than USD 500 million.
Other designations include sales managers, marketing managers, and product managers.
Source: Industry Experts
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the AI in retail market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
Artificial Intelligence in Retail Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the above estimation process, the AI in retail market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures have been used, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The AI in retail market size has been validated using top-down and bottom-up approaches.
Market Definition
AI in retail is the use of artificial intelligence algorithms and technologies, such as computer vision, natural language processing, and machine learning, in various aspects of the retail industry. Using artificial intelligence helps to improve the operations’ efficiency, enhance decision-making processes, drive business growth, and improve overall customer experience. AI helps retailers understand customer behavior, optimize supply chains, and improve overall operational efficiency.
Stakeholders
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Artificial intelligence software developers
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Cloud service providers
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Consulting service providers
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Enterprise end users
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Distributors and Value-added Resellers (VARs)
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Government agencies
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Independent Software Vendors (ISV)
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Managed service providers
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Support & maintenance service providers
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System Integrators (SIs)/Migration service providers
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Technology providers
Report Objectives
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To determine, segment, and forecast the AI in Retail market based on offering, type, business functions, end-user, and region
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To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
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To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
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To study the complete value chain and related industry segments and perform a value chain analysis of the market landscape
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To strategically analyze the macro and micromarkets with respect to individual growth trends, prospects, and contributions to the total market
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To analyze the industry trends, pricing data, patents, and innovations related to the market
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To analyze the opportunities for stakeholders by identifying the high-growth segments of the market
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To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies
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To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, and collaborations, in the market
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
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Further break-up of the Asia Pacific market into countries contributing 75% to the regional market size
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Further break-up of the North American market into countries contributing 75% to the regional market size
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Further break-up of the Latin American market into countries contributing 75% to the regional market size
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Further break-up of the Middle East African market into countries contributing 75% to the regional market size
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Further break-up of the European market into countries contributing 75% to the regional market size
Company Information
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Detailed analysis and profiling of additional market players (up to 5)
LARGEST MARKET IN 2024- 2029
NORTH AMERICA FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in Artificial Intelligence in Retail Market