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New Growth Trends Accelerating Expansion In The Artificial Intelligence (AI) In Retail Market
Artificial Intelligence (AI) In Retail Market
Projected Market Growth and Size of the AI in Retail Market
The artificial intelligence in retail market is poised for explosive expansion, expected to reach a valuation of $57.06 billion by 2030. This represents a robust compound annual growth rate (CAGR) of 30.0%. Several factors contribute to this growth trajectory, including the widespread adoption of omnichannel retail strategies, increased investments in AI-powered analytics, a growing demand for immediate consumer insights, and the automation of various retail processes. Additionally, the scalability offered by cloud-native AI solutions is playing a crucial role in driving market growth. Key trends anticipated during this period include hyper-personalized customer engagement, optimization of real-time inventory, AI-based dynamic pricing, computer vision for in-store analytics, and the rising use of conversational commerce.
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Leading Companies Influencing the AI in Retail Market
The AI in retail sector is shaped by several prominent corporations that are pushing the boundaries of technology and application. Notable companies in this market include Alphabet Inc, Microsoft Corporation, Amazon.com Inc, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, NVIDIA Corporation, Salesforce Inc, Baidu Inc, C3.ai Inc, Databricks, Dataiku, Shopify Inc, Ocado Group, Trigo, Standard AI, Trax, ViSenze, Bloomreach Inc, Featurespace, Interactions LLC, Symbotic Inc, RetailNext, Pathr.ai, Graymatics, Focal Systems, Afresh Technologies, Standard Cognition, Brain Corp, and Cortexica Vision Systems.
Significant Acquisitions Elevating AI Capabilities in Retail
One notable development in the industry took place in July 2023 when US-based digital workflow solutions provider ServiceNow Inc. acquired G2k Group Gmbh for approximately $0.5 billion. This move is aimed at enhancing ServiceNow's AI expertise and expanding its presence in the retail Internet of Things (IoT) space. G2k Group Gmbh, based in Germany, specializes in AI and IoT technologies tailored for the retail sector. The acquisition supports the creation of an AI-driven, end-to-end workflow solution on the ServiceNow platform that integrates real-time data and intelligence to revolutionize retail operations and create new possibilities across various industries.
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Emerging Trends Accelerating AI Adoption in Retail
Leading companies in the AI retail market are focusing on developing advanced cloud-based technologies to propel innovation and boost operational efficiency. Cloud-based services provide computing resources such as storage, processing power, and software applications over the internet, eliminating the need for local infrastructure. This shift offers retailers greater flexibility and scalability.
For example, in October 2023, Flipkart Private Limited, an India-based e-commerce company, unveiled Flipkart Commerce Cloud. This platform is designed to support retailers worldwide by offering AI-driven solutions that address diverse business needs. The platform features a comprehensive marketplace technology stack, retail media solutions, pricing tools, inventory management, and forecasting capabilities-all powered by artificial intelligence and machine learning. This initiative exemplifies how cloud-based AI solutions are shaping the future of retail.
Detailed Overview of AI in Retail Market Segments
The global AI in retail market is categorized into several primary segments to provide a detailed understanding:
1) Component: Solutions and Services
2) Technology: Machine Learning, Natural Language Processing, Chatbots, Image and Video Analytics, Swarm Intelligence
3) Deployment: Cloud and On-Premise
4) Channel: Omnichannel, Brick-and-Mortar, and Pure-Play Online Retailers
5) Application: Customer Relationship Management, Supply Chain and Logistics, In-Store Navigation, Inventory Management, Product Optimization, Payment and Pricing Analytics
Further subsegments include:
- Solutions: Predictive Analytics, Customer Relationship Management (CRM), Inventory Management, Visual Search, Personalization Engines, Fraud Detection
- Services: Consulting Services, Implementation Services, Support and Maintenance, Managed Services
This segmentation highlights the diversity of AI applications and solutions that are transforming various facets of retail operations globally.
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