The artificial intelligence (ai) in 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 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 the retail market size has grown exponentially in recent years. It will grow from $9.12 billion in 2023 to $11.9 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to growth of AI in retail, increased necessity for surveillance and monitoring, rapid implementation of AI solutions, advancements in computer vision, growing demand for efficient operations.
The artificial intelligence (AI) in the retail market size is expected to see exponential growth in the next few years. It will grow to $34.09 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period can be attributed to projected market growth, AI’s transformative power, demand-side trends, favorable global market outlook, increasing competition. Major trends in the forecast period include adoption of machine learning, growing demand for ai services, enhanced user experience and productivity, regional market expansion.
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Scope Of Artificial Intelligence (AI) In Retail Market
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.
Artificial Intelligence (AI) In Retail Market Overview
Market Drivers –
The digital transformation in the retail industry is expected to propel the growth of artificial intelligence (AI) in the retail market going forward. Digital transformation refers to the comprehensive and strategic integration of digital technologies, processes, and capabilities across various aspects of an organization. Retailers globally are adopting digital processes and enhancing customer experiences, resulting in an increased demand for AI solutions. This integration of AI in retail, driven by the imperative of digital transformation, fosters innovation in tasks such as automation, personalized marketing, and trend prediction, improving operational efficiency and providing insights into customer behavior. For instance, in January 2024, according to a survey of 400 respondents conducted by NVIDIA Corporation, a US-based manufacturing and technology company, 69% of retailers reported increased annual revenue with AI adoption, 72% experienced lower operating costs, and over 60% plan to boost AI investments in the next 18 months. Therefore, the digital transformation in the retail industry is driving the growth of artificial intelligence (AI) in the retail market.
Market Trends –
Major companies operating in the artificial intelligence (AI) retail market are developing advanced technologies, such as cloud-based solutions, to drive innovation and enhance efficiency in the retail sector. Cloud-based solutions refer to computing services, including storage, processing, and software applications, that are delivered over the internet (cloud) instead of relying on local servers or traditional computing infrastructure. For instance, in October 2023, Flipkart Private Limited, an India-based e-commerce company, launched Flipkart Commerce Cloud, which aims to help retailers across the world grow their businesses and solve business needs through intelligent and AI-driven solutions. This platform offers retail technology solutions for international retailers, marketplaces, and e-commerce platforms. The suite of solutions includes a complete marketplace technology stack, retail media solution, pricing solution, inventory management, and forecasting solutions, all built using artificial intelligence and machine learning
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) in retail market in 2023. 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.
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
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) In Retail Market Report Structure
3. Artificial Intelligence (AI) In Retail Market Trends And Strategies
4. Artificial Intelligence (AI) In Retail Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) In Retail Market Size and Growth
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32. Global Artificial Intelligence (AI) In Retail Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) In Retail Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Retail Market
35. Artificial Intelligence (AI) In Retail Market Future Outlook and Potential Analysis
36. Appendix
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