AI / MACHINE LEARNING

Artificial Intelligence in Retail Market worth $164.74 billion by 2030- Exclusive Report by MarketsandMarkets™

As customer expectations evolve towards instant, seamless interactions across various platforms such as websites, mobile apps, and social media, AI chatbots play a critical role in maintaining such engagement. Advanced natural language processing (NLP) capabilities enable these AI-driven assistants to understand complex queries and provide accurate responses, further enhancing their effectiveness in improving customer satisfaction and loyalty, making them a key driver of AI adoption in retail.

(Image Source)

GLO

The Artificial Intelligence in Retail Market is expected to reach USD 164.74 billion by 2030 from USD 31.12 billion in 2024, at a CAGR of 32.0 % during 2024–2030, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “Artificial Intelligence in Retail Market”

350 – Tables
  50 – Figures
300 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36255973

Scope of the Report

AI-powered chatbots and virtual assistants are reshaping customer service by providing quick and efficient responses to inquiries, enabling a 24/7 customer support system without the need for human intervention. These AI solutions handle a wide range of tasks, such as answering common customer questions, guiding users through purchase processes, resolving complaints, and providing personalized product recommendations. Their ability to manage multiple customer interactions reduces operational costs and significantly improves the customer experience by delivering fast and consistent service. As customer expectations evolve towards instant, seamless interactions across various platforms such as websites, mobile apps, and social media, AI chatbots play a critical role in maintaining such engagement. Moreover, advanced natural language processing (NLP) capabilities enable these AI-driven assistants to understand complex queries and provide accurate responses, further enhancing their effectiveness in improving customer satisfaction and loyalty, making them a key driver of AI adoption in retail.

Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=36255973

The Generative AI segment is projected to register the highest CAGR during the forecast period.

Gen Al has revolutionized retail operations by streamlining operations, improving decision-making, and personalizing customer experiences. Retailers are experimenting with Al in many areas of the retail value chain, from image-generation tools to intelligent shopping assistants. Various retailers are now beginning to understand Gen Al’s potential. With the involvement of Gen Al in advertising, Amazon has achieved higher click-through rates in the images generated through its AI image generation tool. Similarly, Lindex’s “Lindex Copilot” assists store employees with personalized advice and guidance, showing the possibilities of improving human abilities with the help of Gen Al.

Online end users are estimated to contribute the largest market share of artificial intelligence in the retail market.

Al is set to reinvent online retail by enhancing customer experience through custom-built, smart inventory and customer support services. Amazon, Alibaba, and Coupang employ Al-based algorithms that allow users to see products related to their past purchase history, preferences, and recent browsing. This recommendation system is likely to boost conversion since it provides customized recommendations to users. The consumer engagement presence in the form of chatbots and virtual assistants provides clients with round-the-clock access to assist them in answering queries, following up on orders, and providing information on products.

Based on region, Middle East & Africa is projected to register the highest CAGR during the forecast period.

The retail sector in the Middle East is experiencing a notable shift fueled by rapid digital transformation, changing consumer behaviors, and a strong emphasis on omnichannel experiences. This evolution is supported by government initiatives and rising investments to integrate AI into retail operations. Leading nations, such as the UAE, Saudi Arabia, and South Africa, are at the forefront of implementing national AI strategies and enhancing their AI infrastructure. A recent report, the “Digital Experience Intelligence Report 2024,” highlights that 41% of companies in the region are reassessing their AI platforms, showcasing the increasing recognition of AI’s role in delivering personalized customer experiences. Introducing solutions such as eMACH.ai Retail 6DX by Intellect Digital Technology for Commerce signifies a push towards optimizing operations and creating tailored shopping experiences. In collaboration with Intel, Presight is advancing AI initiatives, further driving innovation in the region’s retail landscape.

Top Key Companies in Artificial Intelligence in Retail Market:

The report profiles key players such as Microsoft (US), IBM (US), Google (US), Amazon (US), Oracle (US), Salesforce (US), NVIDIA (US), SAP (Germany), Servicenow (US), Accenture (Ireland), Infosys (India), Alibaba (China), Intel (US), AMD (US), Fujitsu (Japan), Capgemini (France), TCS (India), Talkdesk (US), Symphony AI (US), Bloomreach (US), C3.AI (US), Visenze (Singapore), Pathr.ai (US), Vue.AI (US), Nextail (Spain), Daisy Intelligence (Canada), Cresta (US), Mason (US), Syte (Israel), Trax (Singapore), Feedzai (US) and Shopic (Israel).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

SOURCE MarketsandMarkets

(Image Source)