Press release
AI Shopping Assistant Market Growing at 26.1 Percent CAGR Through 2034 with Major Investments in Machine Learning and Speech Recognition Technologies
AI Shopping Assistant Market
According to the latest research by InsightAce Analytic, the AI Shopping Assistant Market is valued at USD 4.3 Bn in 2024, and it is expected to reach USD 41.9 Bn by the year 2034, with a CAGR of 26.1% during the forecast period of 2025-2034.
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The use of AI technology to improve the shopping experience for both customers as well as retailers is referred to as the AI Shopping Assistant market. These solutions aid customers in making decisions about what to buy, personalizing their shopping experiences, and expediting the purchasing process by utilizing AI technologies like recommendation engines, chatbots, and voice assistants. The market offers personalized experiences that adjust to the tastes and actions of customers in both online and in-store retail settings. Improvements in automation and personalization are the main factors driving the most recent trends in the AI shopping assistant business.
AI-powered solutions are increasingly being utilized by retailers to enhance user engagement, deliver personalized product recommendations, and enhance consumer experiences. Voice-activated assistants are growing in popularity as customers want seamless, hands-free shopping experiences. Additionally, the business potential of AI shopping assistants remains enormous as e-commerce sites, mobile apps, and merchants seek to incorporate AI capabilities to boost sales, enhance customer retention, and optimize operational efficiency. The market for AI shopping assistants is anticipated to continue expanding and innovating due to the growing need for automated and customized shopping solutions.
List of Prominent Players in the AI Shopping Assistant Market:
• Alibaba
• Shopify
• Salesforce
• eBay
• ByteDance (TikTok)
• Amazon
• Meta (Instagram & Facebook)
• Microsoft
• Adobe
• Zalando
• Naver (LINE Shopping)
• Rakuten
• Walmart
• Snap Inc. (Snapchat)
• Coupang
• Wayfair
• Best Buy
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Market Dynamics:
Drivers-
The market for AI shopping assistants is being driven primarily by the increasing desire from consumers for individualized shopping experiences. As customers get more comfortable with digital channels, they anticipate a smooth and customized experience that reflects the focus of in-store purchasing. With the use of artificial intelligence and (ML) machine learning, these shopping assistants may evaluate past purchases, browsing patterns, and client preferences to provide personalized product recommendations. For instance, in order to offer tailored suggestions, Amazon employs AI to evaluate more than 150 million customer interactions every day.
Challenges:
The high expense of deploying and maintaining these AI-driven systems is one of the biggest barriers to the market for AI shopping assistants. The upfront costs associated with creating or incorporating AI assistants into platforms may be too high for small and medium-sized retailers. Budgetary constraints may arise from the expense of purchasing the required AI and machine learning technologies as well as from ongoing updates to guarantee precision and effectiveness. Further driving up costs is the requirement for qualified staff to oversee and improve these systems. This significant cost barrier may prevent some companies from adopting them, especially small enterprises that could lack the funds to purchase sophisticated AI shopping assistants.
Regional Trends:
The North American AI Shopping Assistant market is anticipated to lead with a major market share in terms of revenue. The early adoption of cutting-edge AI technologies, strong levels of digital literacy, and a robust e-commerce environment all helped the region. Large US retailers and tech firms, including Amazon, have made significant investments in AI-powered intelligent shopping solutions in an effort to increase sales and enhance customer engagement. The market's dominance in the region was facilitated by the high penetration of smartphones and rising investment in information and technology research and development. Besides, over the projection period, Europe is expected to increase at the fastest rate. This expansion is being propelled due to their rapid digitization, rising 5G smartphone penetration, and burgeoning online shopping populations. AI shopping assistants are being utilized by local retailers to meet the growing needs of customers for speed, convenience, and customization.
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Segmentation of AI Shopping Assistant Market-
By Type-
• Recommendation Engine
• Virtual Shopping Assistant
• Voice-activated Assistant
• Chatbot-based Al Assistant
• Visual Search Al Assistant
By Technology-
• Computer Vision
• Natural Language Processing (NLP)
• Machine Learning
• Speech Recognition
By Application-
• Online Retail
• Mobile Applications
• In-store Retail
• E-commerce Platforms
• Social Media Platforms
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/ai-shopping-assistant-market-47912/3072
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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