Artificial Intelligence (AI) in Retail: Market Growth and Trends
Exponential Market Growth
The AI in retail market has seen rapid growth recently. It’s projected to expand from $9.12 billion in 2023 to $11.9 billion in 2024. By 2028, it is expected to reach $34.09 billion, with a CAGR of 30.1%. This growth can be attributed to the increasing adoption of AI technologies in inventory management, personalized customer experiences, and operational efficiency.
Digital Transformation Propels Market Growth
The retail industry’s digital transformation is significantly driving AI market growth. Retailers globally are integrating digital processes and enhancing customer experiences. According to a January 2024 survey by NVIDIA Corporation, 69% of retailers saw increased annual revenue with AI adoption, and over 60% plan to boost AI investments in the next 18 months.
Key Players and Market Trends
Major companies like Google LLC, Microsoft Corporation, Amazon Web Services, and Intel Corporation lead the AI in retail market. Cloud-based solutions are a focal point for these companies. In October 2023, Flipkart launched Flipkart Commerce Cloud to help retailers worldwide grow their businesses using AI.
Segmentation and Regional Insights
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 leads the AI in retail market as of 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. For an in-depth analysis, visit: https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-in-retail-global-market-report.
Comprehensive Market Insights
The Business Research Company’s comprehensive report offers insights into AI market size, drivers, trends, major players, competitors’ revenues, and market positioning across geographies. It helps companies to tap into segments with the highest growth potential. Explore more here: https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-in-retail-global-market-report.
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