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Generative Artificial Intelligence (AI) In Retail Stores Market Landscape 2025: Forecast Data and Growth Strategy Insights
Generative Artificial Intelligence (AI) In Retail Stores Market Size
What Is the Expected CAGR for the Generative Artificial Intelligence (AI) In Retail Stores Market Through 2025?
The market size of generative artificial intelligence (AI) in retail stores has experienced a swift increase in recent years. It's anticipated that the market will expand from $1.18 billion in 2024 to $1.35 billion in 2025, an upswing projected at a CAGR of 14.5%. Factors contributing to this historical growth pattern include increased access to extensive datasets, a burgeoning interest in tailor-made customer experiences, technological advancements boosting computing power, a surge in the uptake of e-commerce platforms, and the pioneering adoption of AI by top-tier retailers.
What's the Projected Size of the Global Generative Artificial Intelligence (AI) In Retail Stores Market by 2029?
The market size of generative artificial intelligence (AI) in retail stores is set to rise rapidly in the next few years, ballooning to $2.3 billion in 2029 with a compound annual growth rate (CAGR) of 14.2%. This expansion during the predictive period can be ascribed to the progression of AI-powered voice and visual search functions, advances in fairness and ethics of AI, an uptick in capital allocated to AI research and development, and the burgeoning of augmented reality (AR) and virtual reality (VR) applications along with escalated consumer demands for ultra-customized experiences. Notable trends during this period will encompass the embracing of exceptionally customized shopping experiences, the amalgamation of AI with augmented and virtual reality, progress in real-time analysis of customer feelings, the emergence of self-directed retail technologies, and the development of AI-operated predictive analysis for sales forecasting.
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Top Growth Drivers in the Generative Artificial Intelligence (AI) In Retail Stores Industry: What's Accelerating the Market?
The growth of generative artificial intelligence (AI) in the retail stores market is predicted to be accelerated by the burgeoning e-commerce industry. Transactions involving the purchase and sale of products and services through online platforms such as websites, mobile apps, and other internet-based platforms, constitute the e-commerce sector. The surging demand for e-commerce is spurred by factors such as widespread internet accessibility, the preference for shopping online, and the around-the-clock availability. Generative AI leverages customer data and market trends to personalize product recommendations, automate the creation of content, and fine-tune pricing and inventory. It also enhances service and efficiency through AI-operated chatbots and virtual representatives that provide immediate help and answer inquiries. For instance, the Census Bureau of the Department of Commerce, an agency under the U.S. government, reported in May 2024 a rise of 2.1% in retail e-commerce sales for the first quarter of 2024 from the last quarter of 2023. Consequently, the thriving e-commerce industry is fueling the expansion of generative artificial intelligence (AI) in the retail stores market.
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What Trends Will Shape the Generative Artificial Intelligence (AI) In Retail Stores Market Through 2029 and Beyond?
In the field of generative artificial intelligence (AI) in retail, leading corporations are creating AI-powered virtual agents to improve customer care, refine inventory control, and refine processes. These virtual agents are software programs that mimic human interaction through the use of artificial intelligence. They address customer queries, suggest products, provide instant assistance and simplify tasks, thereby improving personalization and efficiency in shopping. For example, Talkdesk Inc., a U.S. company that offers AI-powered customer service solutions, unveiled Talkdesk Autopilot in March 2024. This AI-controlled platform independently manages regular customer inquiries such as order status, cancellations, and delivery timings, without requiring human intervention. With its pre-set workflows, it enables retailers to quickly resolve common customer issues, eliminating the need for extensive learning or custom model construction. Autopilot grants effortless access to order information, delivery timings, and customer profiles, assisting in effective automation of a range of tasks like modifying shipping addresses and rearranging deliveries. Functioning across both virtual and call channels and providing round-the-clock customer support, Autopilot dramatically reduces the need for direct agent interaction, thereby improving overall customer service in the retail sector.
What Are the Main 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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Which Top Companies are Driving Growth in the Generative Artificial Intelligence (AI) In Retail Stores Market?
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
Which Regions Will Dominate the Generative Artificial Intelligence (AI) In Retail Stores Market Through 2029?
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.
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