Artificial Intelligence in Retail Market Value and Trends Analysis 2027

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Technology, Media and Telecommunications Artificial Intelligence in Market
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Artificial Intelligence in Marketing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Solutions and Services), Application (Social Media Advertising, Search Advertising, Dynamic Pricing, Virtual Assistant, Content Curation, Sales & Marketing Automation, Analytics Platform, and Others), End-Use Industry (BFSI, Retail, Consumer Goods, Media and Entertainment, and Others), and Geography

Publication Month: Apr 2021 | Report Code: TIPRE00002954 | No. of Pages: 214 | Category: Technology, Media and Telecommunications | Status: Published

The artificial intelligence in marketing market was valued at US$ 12,044.46 million in 2020 and is projected to reach US$ 107,535.57 million by 2028; it is expected to grow at a CAGR of 31.6% during 2021–2028.

The rising adoption of customer-centric marketing strategies and increasing use of social media platforms for advertising are among the factors boosting the artificial intelligence in marketing market growth. However, scarcity of personnel well-versed with AI knowledge hinders the market growth. Further, surge in the adoption of cloud-based applications and services creates notable opportunities for the artificial intelligence in marketing market players.

Lucrative Regional Markets for Artificial Intelligence in Marketing

Lucrative Regional Markets for Artificial Intelligence in Marketing

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Market Insights


Rising Adoption of Customer-Centric Marketing Strategies

Many companies, regardless of the industry where they belong, are concentrating on developing long-term, mutually beneficial relationships with their customers, to survive in the rapidly growing competition in the global marketplace. In recent years, customer engagement strategies and actions have shifted from being product-driven to being more customer-centric Customer-centricity enables companies to better understand their customers and predict, as well as address their needs, at any time. It is proved that companies that have successfully shifted to customer-centric engagement, enjoy a major competitive advantage and growth in sales and revenue. According to the Harvard Business Review, more than a third of Fortune 500 companies have reformed around the customer, using preferences, segments, and journeys as the guiding concepts. Nonetheless, many of the high-ranking brands in recent years have successfully adopted customer-centricity. In the US, popular customer-centric companies include American Express, Tumi, and USAA. Traditional models are being discontinued by airlines such as Emirates, Air New Zealand, and Singapore Airlines to switch to new advertising formats. Customer-centricity is a business strategy that emphasizes on providing an excellent customer experience both before and after the purchase to create opportunities of order repetition, along with increasing customer loyalty and fueling business development. For instance, Zappos and Amazon are two outstanding examples of customer-centric companies that have spent decades developing a culture that revolves around customers and their preferences.

Offering-Based Insights

Based on offering, the artificial intelligence in marketing market is segmented into solutions and services. In 2020, the solutions segment held the larger market share, and it is further projected to account for a larger share during 2021–2028. However, the services segment is expected to register a higher CAGR in the market during the forecast period.

Artificial Intelligence in Marketing Market, by Offering – 2020 and 2028

Artificial Intelligence in Marketing Market, by Offering – 2020 and 2028

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Application-Based Insights

Based on application, the artificial intelligence in marketing market is segmented into search advertising, social media advertising, dynamic pricing, virtual assistant, content curation, sales and marketing automation, and others. In 2020, the social media advertising segment secured a dominant market share and is expected continue the same trend during the forecast period. However, the virtual assistance segment is anticipated to register the highest CAGR in the artificial intelligence in marketing market during 2021–2028.

End Use Industry-Based Insights

Based on end-use industry, the artificial intelligence in marketing market is segmented into BFSI, retail, consumer goods, media and entertainment, and others. Artificial intelligence is not a new concept for professionals engaged in digital marketing campaign planning in various industries. AI-enhanced PPC advertising, personalized website experience, AI-powered content creation, and content creation chatbots are among the commonly used features by various small and large enterprises in different end-user industries.

Strategic Insights

Report Coverage - Artificial Intelligence in Market
Report CoverageDetails
Market Size Value inUS$ 12,044.46 Million in 2020
Market Size Value byUS$ 107,535.57 Million by 2028
Growth rateCAGR of 31.6% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages214
No. of Tables89
No. of Charts & Figures88
Historical data availableYes
Segments coveredOffering , Application , End-Use Industry , and Geography
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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The key artificial intelligence in marketing market players—such as IBM, Amazon Web Services, Salesforce, Adobe, and Accenture—have been adopting several organic and inorganic strategies to enhance their revenue and market standings. For instance, in January 2021, Appier launched ARTIFICIAL INTELLIGENCEXPERT, an ARTIFICIAL INTELLIGENCE-powered app-based advertising assistant that helps marketers to easily scale their performance of sales campaigns through campArtificial Intelligencegns. Through its apps, ARTIFICIAL INTELLIGENCEXPERT enables the automation of budget allocation across major advertising platforms such as Facebook, Google, and Apple Search Ads (ASA) as well as assists in making better decisions with ARTIFICIAL INTELLIGENCE-based suggestions.

Artificial Intelligence in Marketing Market – by Offering

  • Solutions
  • Services

Artificial Intelligence in Marketing Market – by Application

  • Social Media Advertising
  • Search Advertising
  • Dynamic Pricing
  • Virtual Assistant
  • Content Curation
  • Sales & Marketing Automation
  • Analytics Platform
  • Others

Artificial Intelligence in Marketing Market – by End User

  • BFSI
  • Retail
  • Consumer Goods
  • Media and Entertainment
  • Others

Artificial Intelligence in Marketing Market – by Geography

  • North America

    • US
    • Canada
    • Mexico

  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe

  • Asia Pacific (APAC)

    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Taiwan
    • Rest of Asia Pacific

  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East &Africa

  • South and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of South and Central America

Company Profiles

  • Affectiva
  • Appier Inc.
  • Bidalgo
  • Novantas (Amplero), Inc.
  • CognitiveScale
  • SAS Institute Inc.
  • SAP SE
  • Salesforce.com, inc.
  • Oracle Corporation
  • IBM Corporation
  • Amazon Web Services
  • Adobe
  • Accenture
  • Microsoft Corporation
  • Xilinx, Inc.

Frequently Asked Questions

What is AI in marketing?
Artificial intelligence in marketing helps the marketers to leverage customer's data to draw important insights like buying behavior of the customer. Artificial Intelligence in marketing makes use of various concepts like machine learning to know the pattern of the consumer which helps the companies to plan their next move accordingly. Artificial Intelligence in marketing is used in various applications such as dynamic pricing, social media advertising, and sales & marketing automation among others.
What are the driving factors for the artificial intelligence in marketing market across the globe?
Rising adoption of customer-centric marketing strategies and increasing use of social media for advertising are among the factors expected to drive the artificial intelligence in marketing market worldwide. However, a limited number of AI experts may restrain the future growth of the market. Despite these limitations, the growth in adoption of cloud-based applications and services creates a huge opportunity for vendors operating in artificial intelligence in marketing market.
What is the regional market scenario of artificial intelligence in marketing?
The artificial intelligence in marketing market is segmented into five major regions: North America, Europe, APAC, MEA, and SAM. Among these regions, North America is expected to dominate the global artificial intelligence in marketing market during the forecast period owing to the well-established economies in the region that include US and Canada. These countries are known for their significant dedicated expenditure toward research and development as well as artificial intelligence-based platforms incorporating technologies that include machine learning, natural language processing (NLP), virtual assistance, and others. Furthermore, the heavy adoption of social media platform in almost all the end-use industries. The US is a developed country in terms of modern technology, the standard of living, infrastructure, and many others.

The List of Companies - Artificial Intelligence in Marketing Market

  1. Affectiva
  2. Appier Inc.
  3. Bidalgo
  4. Novantas (Amplero), Inc.
  5. CognitiveScale
  6. SAS Institute Inc.
  7. SAP SE
  8. Salesforce.com, inc.
  9. Oracle Corporation
  10. IBM Corporation
  11. Amazon Web Services
  12. Adobe
  13. Accenture
  14. Microsoft Corporation
  15. Xilinx, Inc.
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