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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 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031). 

Global Artificial Intelligence (AI) in the Retail Market is competitive, with many major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Inc, Google LLC, Intel Corporation, and Nvidia Corporation, among others who are driving the market. 'Amazon Web Services (AWS) (US) ', 'Google LLC (US) ', 'Microsoft Corporation (US) ', 'IBM Corporation (US) ', 'SAP SE (Germany) ', 'Oracle Corporation (US) ', ', Inc. (US) ', 'Infosys Limited (India) ', 'Capgemini SE (France) ', 'Alibaba Group Holding Limited (China) ', 'Baidu, Inc. (China) ', 'HCL Technologies Limited (India) ', 'Wipro Limited (India) ', 'Tata Consultancy Services Limited (TCS) (India) ', 'Accenture plc (Ireland) ', 'Intel Corporation (US) ', 'NVIDIA Corporation (US) ', 'Cognizant Technology Solutions (US) ', 'Fujitsu Limited (Japan) ', 'Symphony RetailAI (US)'

AI-based chatbot recruiting is now being spread widely in the retail market. This is attributed to its greatly improving customer service quality. The chatbot gives a purposeful and customized reaction to clients to have them stay with your service. Take, for example, as they ventured into ChatGPT at the start of May 2023. DelishUp, a smart cooking companion, managed cooking in smooth manner by making cooking process automated. Moreover, the business projects at entering the home appliances class and thereby making a formidable base in Artificial Intelligence among the outdoor markets. Through NLP and ML technologies, AI chatbots have become more humanized. Using them, companies can gain actual data about customer preferences now and in real time. Besides, they help the chatbot understand customers' attitudes and feelings as well as a behavior pattern that tests his responsiveness to customer queries and his ability to build relationships. 

AI-driven Visual and Voice Search will Speed Up Booming Market Indicators: The e commerce channels, and online shops supply markets are experiencing a surge in demand. Nowadays consumers can use the new methods of product description e.g. images, videos and voice (mobile internet; smartphone with assistant) to search for new products or brands. AI in visual search manages to be more effective by using two functions which are data collection and data mining. The AI shopping app (visual searching engine) works through the advent of AI features such as the ability to analyze, track, and predict growing shopping trends which, therefore, enhances shopper’s experience and engagement.  

Based on SkyQuest in-depth study, we found that the retailers in North America, especially in the United States, employ AI algorithms to extract crucial information from various patterns in data acquired by them. The United States employs the most artificial intelligence in its retail business. For a long time, AI technology was predominantly accepted by the United States, allowing for the formation of new start-ups in the technology field that provide AI services to the retail market. Patenting activity was driven by the US with a 55% share of total patent filings. The largest share of artificial intelligence related patent filings in the retail industry was in the US with 55% of the total retail AI patent filled.

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Global Artificial Intelligence in Retail Market

Product ID: SQMIG45C2052