Artificial Intelligence (AI) In Retail Market: Major Trends Reshaping the Future of the Industry

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What Will the Artificial Intelligence (AI) In Retail Industry Market Size Be by 2025?
The retail industry's artificial intelligence (AI) market has seen a tremendous increase in size in the past few years. It is projected to inflate from $11.9 billion in 2024 to $15.4 billion in 2025, with a compound annual growth rate (CAGR) of 29.4%. The historical growth of the market is associated with the rise of AI in the retail sector, heightened need for surveillance and monitoring, the swift execution of AI solutions, advances in computer vision, and escalating demand for operational efficiency.

What's the Long-Term Growth Forecast for the Artificial Intelligence (AI) In Retail Market Size Through 2029?
Expectations are that the market size for artificial intelligence (AI) in retail will experience a substantial increase in the coming years, predicted to reach $43.87 billion in 2029 with a compound annual growth rate (CAGR) of 29.9%. This anticipated growth within the forecast timeframe can be credited to predictions of market expansion, the transformative capacity of AI, consumer demand trends, an optimistic worldwide market perspective, and heightened competitiveness. Key trends to watch within this forecast period envelop the introduction of machine learning, escalating demand for AI services, amplified user experience and productivity, and the expansion of regional markets.

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What Are the Key Growth Drivers Fueling the Artificial Intelligence (AI) In Retail Market Expansion?
The retail industry's digital transformation is anticipated to spur the expansion of artificial intelligence (AI) in the retail market. Digital transformation denotes the broad and strategic incorporation of digital technologies, operations, and talents in various areas of a firm. Retailers worldwide are embracing digital methods and improving customer interactions, leading to a rise in demand for AI technologies. This incorporation of AI in retail motivated by the necessity for digital transformation, promotes innovation in areas like automation, personalized advertising, and trend forecasting, enhancing operational effectiveness and offering insights into customer habits. For example, in January 2024, a survey of 400 participants conducted by NVIDIA Corporation, an American manufacturing and technology firm, revealed that 69% of retailers observed increased annual revenue with AI uptake, 72% noted decreased operating expenses, and over 60% intend to enhance AI investments in the forthcoming 18 months. Consequently, the retail industry's digital transformation is driving the artificial intelligence (AI) in the retail market's growth.

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What Are the Key Trends Driving Artificial Intelligence (AI) In Retail Market Growth?
Prominent businesses that are part of the AI retail market are innovating advanced technological solutions like cloud-based services. These aim to promote creativity and boost efficiency in the retail industry. The cloud-based solutions are computing services such as storage, processing, and software applications that are provided through the internet (cloud), removing the need for local servers or traditional computing infrastructure. For example, Flipkart Private Limited, an e-commerce firm from India, introduced Flipkart Commerce Cloud in October 2023. This platform is designed to assist global retailers in expanding their operations and addressing their business needs with the help of smart, AI-powered solutions. It provides retail technology solutions to global retailers, marketplaces, and e-commerce platforms. The package includes a complete marketplace technology structure, retail media solution, pricing solution, inventory management, and forecasting solutions, all developed using AI and machine learning.

How Is the Artificial Intelligence (AI) In Retail Market Segmented?
The artificial intelligence (ai) in retailmarket covered in this report is segmented -

1) By Component: Solution, Service
2) By Technology: Machine Learning, Natural Language Processing, Chatbots, Image And Video Analytics, Swarm Intelligence
3) By Deployment: Cloud, On-Premise
4) By Channel: Omnichannel, Brick And Mortar, Pure-Play Online Retailers
5) By Application: Customer Relationship Management, Supply Chain And Logistics In-Store, Navigation Inventory Management, Product Optimization, Payment And Pricing Analytics

Subsegments:
1) By Solution: Predictive Analytics, Customer Relationship Management (CRM), Inventory Management, Visual Search, Personalization Engines, Fraud Detection
2) By Service: Consulting Services, Implementation Services, Support And Maintenance, Managed Services

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Which Companies Are Leading the Charge in Artificial Intelligence (AI) In Retail Market Innovation?
Major companies operating in the artificial intelligence (AI) in retail market are Google LLC, Microsoft Corporation, Amazon Web Services, Intel Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Presto, NVIDIA Corporation, Salesforce Inc., Baidu Inc., ViSenze, Travelport, Databricks, DATAIKU, Symbotic, BloomReach Inc., Trax, Interactions LLC, Featurespace, RetailNext Inc., Trigo, Standard Cognition, CognitiveScale Inc., BrainBox AI, Inbenta Technologies, Next IT Corp., Infinite Analytics, Lexalytics Inc., Sentient Technologies

Which Regions Are Leading the Global Artificial Intelligence (AI) In Retail Market in Revenue?
North America was the largest region in the artificial intelligence (AI) in retail market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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