What are the latest figures on the generative artificial intelligence (ai) in retail stores market’s size and projected CAGR?
The generative artificial intelligence (AI) in retail stores market size has grown rapidly in recent years. It will grow from $1.18 $ billion in 2024 to $1.35 $ billion in 2025 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the increasing availability of large datasets, growing interest in personalized customer experiences, advancements in computational power, rising adoption of e-commerce platforms, and early adoption of AI by leading retailers.
The generative artificial intelligence (AI) in retail stores market size is expected to see rapid growth in the next few years. It will grow to $2.3 $ billion in 2029 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to the expansion of AI-driven voice and visual search capabilities, advancements in AI ethics and fairness, increasing investment in AI research and development, the rise of augmented reality (AR) and virtual reality (VR) applications, growing consumer expectations for hyper-personalized experiences. Major trends in the forecast period include the adoption of hyper-personalized shopping experiences, the integration of AI with augmented and virtual reality, advancements in real-time customer sentiment analysis, the rise of autonomous retail technologies, and the growth of AI-powered predictive analytics for sales forecasting.
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Which Market drivers have played a significant role in driving the generative artificial intelligence (ai) in retail stores market?
The rising e-commerce sector is expected to propel the growth of generative artificial intelligence (AI) in the retail stores market going forward. The e-commerce sector is the purchase and sale of goods and services via the Internet using websites, mobile applications, and other online platforms. The demand for the e-commerce sector is rising due to factors such as internet penetration, preference for online shopping, and convenience of 24-hour access. Generative AI analyzes customer data and market trends to customize product suggestions, automate content production, and optimize pricing and inventory. AI-powered chatbots and virtual assistants improve customer service and efficiency by offering real-time assistance and answering questions. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government agency, retail e-commerce sales for the first quarter of 2024 increased by 2.1% from the fourth quarter of 2023. Therefore, the rising e-commerce sector is driving the growth of generative artificial intelligence (AI) in the retail stores market.
What are the key segments within 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 key players are shaping 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 transformative trends will shape the generative artificial intelligence (ai) in retail stores market landscape?
Major companies operating in the generative artificial intelligence (AI) in retail stores market are developing AI-powered virtual agents to enhance customer service, optimize inventory management, and streamline operations. AI-powered virtual agents are software applications that simulate human interaction using artificial intelligence. They handle customer inquiries, offer product recommendations, provide real-time support, and automate tasks, enhancing personalization and efficiency in shopping. For instance, in March 2024, Talkdesk Inc., a US-based provider of AI-powered customer service solutions, launched Talkdesk Autopilot. Without human involvement, this AI-driven platform autonomously manages routine customer inquiries, such as order status, cancellations, and delivery schedules. It comes with preconfigured workflows, enabling retailers to address common customer issues immediately, bypassing the need for extensive training or custom model-building. Autopilot provides seamless access to order details, delivery schedules, and customer accounts, allowing for efficient automation of various tasks like changing shipping addresses and rescheduling deliveries. It operates across both digital and voice channels and offers 24/7 customer support, significantly reducing the need for live agent intervention and enhancing overall customer service in retail.
How do regional factors impact the generative artificial intelligence (ai) in retail stores market, and which region is the largest contributor?
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.
What Does The Generative Artificial Intelligence (AI) In Retail Stores Market Report 2025 Offer?
The generative artificial intelligence (ai) in retail stores market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Generative artificial intelligence (AI) in retail stores involves using advanced AI technologies to create and refine various aspects of the retail experience. By harnessing data and machine learning algorithms, generative AI delivers fresh insights and solutions that improve customer interactions, optimize operations, and increase sales. This approach aims to enhance the shopping experience and boost both performance and revenue.
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