Artificial Intelligence (AI) In Retail Global Market Report 2024: Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Artificial Intelligence (AI) In Retail Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ — The artificial intelligence (AI) in the retail market size has grown exponentially in recent years, projected to grow from $9.12 billion in 2023 to $11.9 billion in 2024, at a compound annual growth rate (CAGR) of 30.4%. The market is expected to continue its rapid expansion, reaching $34.09 billion by 2028, with a CAGR of 30.1%. This growth is driven by the increasing adoption of AI technologies to enhance and automate various aspects of the retail industry, including inventory management, personalized customer experiences, and operational efficiency.
Digital Transformation Propels Market Growth
The digital transformation in the retail industry is a significant factor driving the growth of artificial intelligence (AI) in the retail market. Digital transformation involves the comprehensive and strategic integration of digital technologies, processes, and capabilities across various aspects of an organization. Retailers globally are adopting digital processes and enhancing customer experiences, leading to a surge in demand for AI solutions. This integration fosters innovation in automation, personalized marketing, and trend prediction, thereby improving operational efficiency and providing valuable insights into customer behavior.
For instance, according to a January 2024 survey by NVIDIA Corporation, 69% of retailers reported increased annual revenue with AI adoption, 72% experienced lower operating costs, and over 60% plan to boost AI investments in the next 18 months. Therefore, the digital transformation in the retail industry is a key driver for the growth of artificial intelligence (AI) in the retail market.
Explore comprehensive insights into the global AI in retail market with a detailed sample report:
Key Players and Market Trends
Major companies operating in the artificial intelligence (AI) in retail market include Google LLC, Microsoft Corporation, Amazon Web Services, Intel Corporation, and International Business Machines Corporation. These companies are focusing on developing advanced technologies, such as cloud-based solutions, to drive innovation and enhance efficiency in the retail sector. Cloud-based solutions refer to computing services delivered over the internet, which offer storage, processing, and software applications without relying on local servers or traditional computing infrastructure.
For instance, in October 2023, Flipkart Private Limited launched Flipkart Commerce Cloud, a platform designed to help retailers worldwide grow their businesses through intelligent and AI-driven solutions. This platform includes a comprehensive marketplace technology stack, retail media solutions, pricing solutions, inventory management, and forecasting solutions, all built using artificial intelligence and machine learning.
Segments:
• By Component: Solution, Service
• By Technology: Machine Learning, Natural Language Processing, Chatbots, Image And Video Analytics, Swarm Intelligence
• By Deployment: Cloud, On-Premise
• By Channel: Omnichannel, Brick And Mortar, Pure-Play Online Retailers
• By Application: Customer Relationship Management, Supply Chain And Logistics In-Store, Navigation Inventory Management, Product Optimization, Payment And Pricing Analytics
Geographical Insights: North America Leading the Market
North America was the largest region in the artificial intelligence (AI) in retail market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Artificial Intelligence (AI) In Retail Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Artificial Intelligence (AI) In Retail Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on artificial intelligence (AI) in retail market size, artificial intelligence (AI) in retail market drivers and trends, artificial intelligence (AI) in retail market major players, competitors’ revenues, market positioning, and market growth across geographies. The artificial intelligence (AI) in retail market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Artificial Intelligence (AI) In Retail Market Segments, Driver, Restraints, And Trends