The generative AI in retail market size is expected to see exponential growth in the next few years. It will grow to $3.01 billion in 2028 at a compound annual growth rate (CAGR) of 39.7%. The growth in the forecast period can be attributed to enhancing customer personalization, improving inventory management, dynamic pricing strategies, enhancing fraud detection, and streamlined customer support. Major trends in the forecast period include AI-driven customer service, automated supply chain management, advanced AI algorithms for fraudulent activities and transactions in real time, integration with live streaming platforms, and visual search and augmented reality.
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Scope Of Generative 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.
Generative AI In Retail Market Overview
Market Drivers –
The rise in e-commerce shopping is expected to propel the growth of generative AI in retail market going forward. Increasing e-commerce shopping is driven by the convenience, variety, and accessibility of online platforms compared to traditional retail. generative AI enhances e-commerce shopping by creating personalized product recommendations and improving customer interactions through dynamic, context-aware content. For instance, in May 2024, according to a report published by the Census Bureau of the Department of Commerce, a US-based governmental organization, e-commerce sales reached approximately $1,118.7 billion in 2023. For the first quarter of 2024, total retail sales were estimated at $1,820.0 billion. E-commerce sales during this period saw an 8.5% increase (±1.1%) from the same quarter in 2023, while total retail sales grew by 2.8% (±0.5%). Therefore, the rise in e-commerce shopping is driving the growth of generative AI in retail market.
Market Trends –
Major companies operating in generative AI in retail are focusing on developing advanced generative artificial intelligence-powered tools to enhance customer personalization, optimize inventory management, and improve sales forecasting. generative AI-powered tools are advanced technologies that leverage artificial intelligence algorithms to create, optimize, and automate tasks such as personalized product recommendations, inventory management, and marketing strategies by analyzing data and generating insights, thereby enhancing efficiency and decision-making in the retail industry. For instance, in January 2024, Google LLC, a US-based technology company, launched new generative AI tools for retailers to enhance online shopping experiences and streamline retail operations. These tools are designed to improve online shopping experiences, streamline retail operations, and modernize customer service. New AI tools for retail feature a conversational commerce solution that integrates AI-powered virtual agents for personalized recommendations and natural language interactions, enhanced search capabilities with advanced LLM for improved product search, catalog, and content enrichment to optimize product listings, and Google distributed cloud edge to scale AI applications across multiple locations.
The generative AI in retail market covered in this report is segmented –
1) By Technology: Variational Autoencoders, Generative Adversarial Networks, Deep Reinforcement Learning, Recurrent Neural Networks, Transformer Networks, Other Technologies
2) By Deployment: Cloud, On-Premise
3) By Application: Product Design And Development, Visual Merchandising, Demand Forecasting, Personalized Marketing, Fraud Detection, Inventory Management, Supply Chain And Logistics, Other Applications
4) By Industry: Fashion And Apparel, Consumer Electronics, Home Decor, Beauty And Cosmetics, Grocery Shops, Online Platforms
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Regional Insights –
North America was the largest region in the generative 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 generative AI in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in retail market are Google LLC, Microsoft Corporation, Hitachi Ltd., Tencent Holdings Limited, Amazon Web Services (AWS), Intel Corporation, Accenture plc, International Business Machines (IBM), Oracle Corporation, Fujitsu Limited, Nvidia Corporation, NEC Corporation, Capgemini SE, Baidu Inc., Infosys Limited, Adobe Inc., Wipro Limited, SAS Institute Inc., Tableau Software LLC, C3.AI inc., DataRobot Inc., ClarifAI inc., H2O.AI inc.< /b>
Table of Contents
1. Executive Summary
2. Generative AI In Retail Market Report Structure
3. Generative AI In Retail Market Trends And Strategies
4. Generative AI In Retail Market – Macro Economic Scenario
5. Generative AI In Retail Market Size And Growth
…..
27. Generative AI In Retail Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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