Product ID: SQMIG45C2052
Global Artificial Intelligence (AI) in Retail Market Size, Share, Growth Analysis, By Component(Solution, and Service), By Technology(Image & Video Analytics, Machine Learning), By Application(In-Store Navigation, Payment and Pricing Analytics) - Industry Forecast 2024-2031
Report ID:
SQMIG45C2052 |
Region:
Global |
Published Date: February, 2024
Pages:
252
|
Tables:
95 |
Figures:
76
Global Artificial Intelligence (AI) in Retail Market Insights
Global Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 94.55 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031).
Global artificial intelligence (AI) in retail is a market that is currently experiencing a profound transformation, which is underlying the nature in which business runs internally and the level of customer engagement. The main aim of this incipient market is to turn retailers into technology-savvy digital giants who use innovative solutions to automate processes and provide tailored services for their customers on a big scale. With the help Artificial Intelligence, retailers can dig out the needed insights from the huge data and this will help them in detecting consumer preferences, optimizing inventory levels, and tailoring marketing campaigns to meet different customers’ needs. These factors include market size and growth, competitive landscape, key players, barriers to entry, and drivers and restraints. It is the unstoppable demand for customized shopping thanks to users increasingly demanding tailored suggestions and smooth quality browsing both on and offline. As a counteraction, the retailers are looking towards AI-powered solutions to analyze data of the customers in real time so that they can offer personalized recommendations, tells, and promotions according to individual likes and behaviors. Now with e-commerce booming in the front of act and the omnichannel retailing has verified the necessity of AI technologies to improve e-stores, supply chains logistics and deliver excellent customer's experience. AI has shown its great capability of helping retail, however, on the other hand, there are many inhibiting factors which prevent it from being widely accepted.
The significant startup expenses are what most of the AI solution-implementing techniques are confronted with such as the infrastructure installation, software development, and employee training. Furthermore, data privacy and security problems pose great challenges as retailers must deal with compliance with regulations and maintain the security of sensitive buyer information against cyber-related attacks. Amidst these challenges, the AI in retail market also presents a myriad of opportunities for innovation and growth. Advancements in AI technologies, such as machine learning and natural language processing, offer retailers increasingly sophisticated tools for demand forecasting, pricing optimization, and customer segmentation. Moreover, the proliferation of Internet of Things (IoT) devices and sensors in retail environments generates vast streams of data that can be leveraged to gain actionable insights and drive operational efficiencies across the value chain.
US Artificial Intelligence In Retail Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Artificial Intelligence (AI) in Retail Market Report Snapshots
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