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Generative Artificial Intelligence (AI) In Retail Stores Market Size Forecasted To Achieve $2.29 Billion By 2029 With Steady Growth
Generative Artificial Intelligence (AI) In Retail Stores Market Size
What Is the Generative Artificial Intelligence (AI) In Retail Stores Market Size and Projected Growth Rate?
The generative AI in retail stores market size will grow from $1.18 billion in 2024 to $1.35 billion in 2025, with a CAGR of 14.5%. The historic growth can be attributed to the increased availability of large datasets, growing interest in personalized customer experiences, advancements in computational power, rising e-commerce adoption, and AI adoption by leading retailers.
The generative AI in retail stores market size is expected to grow to $2.3 billion in 2029 at a CAGR of 14.2%. Growth drivers include AI-driven voice and visual search, AI research investments, AR and VR applications, and hyper-personalized shopping experiences. Key trends include hyper-personalized experiences, AI-AR/VR integration, real-time customer sentiment analysis, autonomous retail technologies, and AI-powered
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What Are the Major Segments in the Generative Artificial Intelligence (AI) In Retail Stores Market?
The generative artificial intelligence (AI) in retail stores market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premise
3) By Application: Demand Forecasting And Inventory Management, Personalized Customer Experiences, Dynamic Pricing Strategies, Visual Merchandising Optimization, Chatbots For Customer Support, Fraud Detection And Security
Subsegments:
1) By Software: Inventory Management Solutions, Customer Relationship Management (CRM) Tools, Personalized marketing Platforms, Virtual Fitting Room Applications, Pricing Optimization Software, Predictive Analytics For Sales Forecasting, Automated Checkout Solutions
2) By Services: Implementation And Integration Services, Consulting Services For AI Strategy, Training And Support Services, Data Analytics And Insights Services, Managed Services For AI Operations, Custom Software Development Services.
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What Are The Driving Generative Artificial Intelligence (AI) In Retail Stores Market Evolution?
The growing e-commerce industry is projected to support the growth of generative artificial intelligence (AI) in the retail stores market. E-commerce involves online transactions through websites and mobile apps, with growth fueled by internet use and shopping convenience. Generative AI aids by analyzing data for tailored product suggestions, automating content, and optimizing inventory. AI-driven chatbots enhance service by offering real-time support. For instance, in May 2024, the Census Bureau of the Department of Commerce reported a 2.1% increase in Q1 2024 e-commerce sales from Q4 2023. Therefore, the rise in e-commerce is advancing generative AI in the retail stores market.
Which Firms Dominate The Generative Artificial Intelligence (AI) In Retail Stores Market Segments?
Major companies operating in the generative artificial intelligence (AI) in retail stores market are Google LLC, Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, NVIDIA Corporation, Salesforce Inc., TATA Consultancy Services Limited, Adobe Inc., Wayfair Inc., Zebra Technologies Corporation, SAS Institute Inc., Blue Yonder Inc., Quantiphi Inc., Talkdesk Inc., Everseen, Algolia Inc., Persado Inc., RetailNext Inc., Klevu Oy
What Are the Latest Developing Trends in the Generative Artificial Intelligence (AI) In Retail Stores Market?
In the retail market, companies are working on AI-powered virtual agents to optimize customer service and streamline store operations. Talkdesk Inc. launched Talkdesk Autopilot in March 2024, an AI-driven platform that automates routine customer inquiries such as order status and delivery schedules, allowing for 24/7 customer support and reducing the need for live agent intervention.
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Which Is The Largest Region In The Generative Artificial Intelligence (AI) In Retail Stores Market?
North America was he largest region in the generative artificial intelligence (AI) in retail stores market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in retail stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Generative Artificial Intelligence (AI) In Retail Stores Market?
2. What is the CAGR expected in the Generative Artificial Intelligence (AI) In Retail Stores Market?
3. What Are the Key Innovations Transforming the Generative Artificial Intelligence (AI) In Retail Stores Industry?
4. Which Region Is Leading the Generative Artificial Intelligence (AI) In Retail Stores Market?
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