WESTFORD, Mass., July 4, 2024
/PRNewswire/ -- According to SkyQuest, the global Artificial
Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow
from USD 7.42 Billion in 2023 to
reach USD 71.23 Billion by 2031, at a
CAGR of 32.68% during the forecast period (2024-2031).
People expect a big change in the next few years in global
artificial intelligence (AI) in retail market due to AI. This
breakthrough technology will have a major impact on the way we
shop, moving the industry away from issues connected with prices
towards customer engagement. Consequently, traders should hurry up
and accept AI now that it works together with e-commerce which has
been accelerated due to the recent outbreak of Coronavirus disease.
Technology and business strategy must be taken into consideration
while planning the integration of AI. AI's primary benefit to the
retail sector is its capacity to assist customers by handling
boring, repetitive chores.
Download a detailed overview:
https://www.skyquestt.com/sample-request/artificial-intelligence-in-retail-market
Artificial Intelligence (AI) in Retail Market
Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 7.42
billion
|
Estimated Value by
2031
|
$ 71.23
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 32.68%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Type, Technology,
Solution, Service, Deployment Mode, and
Application
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Development of novel
blockchain AI solutions that give benefits of both technologies
involved
|
Key Market
Opportunities
|
Personalized Customer
Experience
|
Key Market
Drivers
|
Rising Use of
AI-powered Chatbots for Improved Customer Experience
|
Segments covered in Artificial Intelligence (AI) in
Retail Market are as follows:
- Type
- Online Retail, Offline Retail
- Technology
- Machine Learning & Deep Learning (Facial Recognition,
Emotion Detection), Natural Language Processing, Chatbots, Image
and Video Analytics, Swarm Intelligence
- Solution
- Product Recommendation and Planning, Customer Relationship
Management, Visual Search, Virtual Assistant, Chatbots, Price
Optimization, Payment Services Management, Supply Chain Management
and Demand Planning, Others
- Service
- Professional Services, Managed Services
- Deployment Mode
- Application
- Predictive Merchandising, Programmatic Advertising, Market
Forecasting, In-Store Visual Monitoring & Surveillance,
Location-Based Marketing, and Others (Real-Time Pricing and
Incentives, Real-Time Product Targeting)
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/artificial-intelligence-in-retail-market
From Physical to Virtual Storefronts, Maximizing Efficiency
and Customer Delight
Available categories of AI in the global AI retail market are
robotics, computer vision, machine learning, and natural language
processing. These artificial intelligence (AI) technologies are
indispensable for reducing complexity in operations, enhancing
customer interactions and personalizing shopping experience;
thereby making the retail sector more effective and
competitive.
Computer vision and robots are two AI kinds that greatly benefit
offline retail, according to the Global Artificial Intelligence
(AI) in Retail Market. Physical and digital efficiency in the
offline retail department is very important for the consumer.
In-store consumer experiences are the main reason why these
technologies are improving this retail segment, with check-out
procedures being faster and inventory management optimized.
In global AI in retail market, online retail would be impossible
without such AI technologies as natural language processing and
machine learning. They improve user experience and boost revenue by
streamlining logistics, optimising product recommendations, and
customising marketing efforts. The significance of online retail
resides in its capacity to effectively reach audiences throughout
the world.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/artificial-intelligence-in-retail-market
Unveiling the Impact of AI Technologies on Customer
Interactions and Operational Efficiency
AI technology in the Global Artificial Intelligence (AI) in
Retail Market encompasses robotics, computer vision, machine
learning, and natural language processing. In the retail sector, it
is important to use such technologies for automation of work,
improvement of customer relations and making shopping individual,
thus ensuring greater productivity coupled with competition.
Key artificial intelligence (AI) technologies in the global
artificial intelligence (AI) retail market are machine learning and
deep learning. Merchants can customise customer experiences,
optimise pricing strategies, and analyse vast amounts of data for
insights by using them. They play a very critical role as far as
improved decision-making, boosted productivity, and a more
customised buying experience is concerned.
Natural Language Processing (NLP) is an essential technology in
the worldwide retail artificial intelligence sector. It leads to
the development of sentiment analysis, improvements in search
features, and powers chatbots that possess high level of
sophistication when providing customer service. Utilizing NLP
technology in customer dealings as well as providing personalized
suggestions can elevate customer satisfaction levels and increase
their allegiance.
Revolutionizing Operational Excellence with Robotics,
Computer Vision and Natural Language Processing
In this transformative era of the retail sector, artificial
intelligence (AI) integration heralds revolutionary times in which
such technologies as robotics, computer vision, machine learning
and natural language processing redefine operations and customer
engagement; offline or online, it optimizes processes, enhances
customer interactions, and personalizes shopping experiences. Such
change increases efficacy and competition, besides it accommodates
the changing needs of a digital-first market. While retailers move
through such a field, AI strategic incorporation becomes very
important by linking technology to business strategies to take
advantage of expansion prospects and boost the performance level in
retail, conforming to a future where every detail of selling
belongs to AI.
Related Report:
AI Market
Artificial Intelligence (AI) in Healthcare Market
Artificial Intelligence (AI) Platform Market
Artificial Intelligence (AI) in Manufacturing Market
Artificial Intelligence (AI) Robots Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
Logo:
https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/artificial-intelligence-ai-in-retail-market-to-surpass-usd-71-23-billion-by-2031-skyquest-technology-302189487.html
SOURCE SkyQuest Technology