Marketing Report
AI in retail market to surpass $71.23 billion by 2031, report

AI in retail market to surpass $71.23 billion by 2031, report

According to SkyQuest, the global artificial intelligence (AI) in retail market is expected to reach $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 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.

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 AI in retail market are:

  • 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 - Cloud, On-Premises
  • 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)

 

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 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 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.

Unveiling the impact of AI technologies on customer interactions and operational efficiency

AI technology in the global 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 technologies in the global 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 AI 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, 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.

Read the full report here.

www.skyquestt.com

 

 

 

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