The artificial intelligence (ai) in fast-moving consumer goods (fmcg) and retail global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial intelligence (AI) In Fast-Moving Consumer Goods (FMCG) And Retail Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail market size has grown exponentially in recent years. It will grow from $122.00 billion in 2023 to $152.06 billion in 2024 at a compound annual growth rate (CAGR) of 24.6%. The growth in the historic period can be attributed to increasing demand for personalized shopping experiences, rise in e-commerce, increasing investment in AI and machine learning, growth in mobile commerce, and rise in use of chatbots.
The artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail market size is expected to see exponential growth in the next few years. It will grow to $370.11 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to growing online retail channels, growing focus on AI for demand forecasting, increasing application of AI for real-time demand sensing, increasing deployment of AI for enhanced fraud detection, and growing adoption of AI for personalized marketing campaigns. Major trends in the forecast period include technological advancements, real-time customer service, dynamic pricing, visual recognition, and voice commerce.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The growing demand for online shopping is expected to propel the growth of artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail markets going forward. Online shopping is purchasing goods or services over the Internet through e-commerce websites or mobile applications, allowing consumers to browse, compare, and order products from the comfort of their homes. The growing demand for online shopping is driven by convenience, a more comprehensive product selection, competitive pricing, and the increasing prevalence of mobile devices and digital payment options. AI in FMCG and retail is used for online shopping by personalizing recommendations, optimizing pricing, enhancing search functionality, providing customer support through chatbots, managing inventory, detecting fraud, analyzing customer behaviour, tailoring marketing campaigns, enabling visual search, and forecasting trends to improve the overall shopping experience. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government body responsible for producing data about the nation’s people and economy, retail e-commerce sales for the first quarter of 2024 increased by 2.1% from the fourth quarter of 2023. For instance, in September 2022, according to the International Trade Administration, a US-based government agency, consumer e-commerce accounts for over $120 billion in annual sales and represents 30% of the UK’s total retail business. Therefore, the growing demand for online shopping drives the growth of the artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail markets.
Market Trends –
Major companies operating in the artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail markets are focused on developing innovative solutions, such as AI-powered open commerce, to enhance customer experience, streamline operations, and optimize supply chain management, enabling retailers to meet evolving consumer demands more efficiently. AI-powered open commerce refers to a digital commerce model that leverages artificial intelligence to create personalized, seamless shopping experiences across multiple platforms and touchpoints while optimizing inventory, pricing, and customer engagement strategies in real-time. For instance, in August 2024, RedCloud Technology, a UK-based technology company specializing in digital transformation solutions for the retail sector., launched Red101, an AI-powered open commerce network designed to transform e-commerce for millions of distributors and small businesses. This innovative platform addresses supply chain inefficiencies, promoting fairer, more transparent, and secure trading for smaller retailers. Additionally, it helps combat counterfeit goods, empowering small-to-medium-sized businesses (SMBs) to compete more effectively with e-commerce giants like Amazon. Red101 connects fast-moving consumer goods (FMCG) brands, distributors, and local merchants in emerging markets.
The artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing (NLP), Computer Vision
3) By Application: Customer Service And Support, Sales And Marketing, Inventory Management, Supply Chain Optimization, Other Applications
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the artificial intelligence (AI) in fast-moving consumer goods (FMCG) and retail market are Walmart Inc., Google LLC, Microsoft Corporation, Nestlé S.A., PepsiCo Inc., Procter & Gamble Co., Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, L’Oréal S.A., SAP SE, NVIDIA Corporation, Salesforce Inc., Colgate-Palmolive Company, Sephora Inc., Zebra Technologies Corporation, Blue Yonder, Talkdesk Inc., Everseen Ltd., RetailNext Inc., TruRating Ltd< /b>
Table of Contents
1. Executive Summary
2. Artificial intelligence (AI) In Fast-Moving Consumer Goods (FMCG) And Retail Market Report Structure
3. Artificial intelligence (AI) In Fast-Moving Consumer Goods (FMCG) And Retail Market Trends And Strategies
4. Artificial intelligence (AI) In Fast-Moving Consumer Goods (FMCG) And Retail Market – Macro Economic Scenario
5. Artificial intelligence (AI) In Fast-Moving Consumer Goods (FMCG) And Retail Market Size And Growth
…..
27. Artificial intelligence (AI) In Fast-Moving Consumer Goods (FMCG) And Retail Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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