The generative artificial intelligence (ai) in retail stores 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.
Generative Artificial Intelligence (AI) In Retail Stores 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 generative artificial intelligence (AI) in retail stores market size has grown rapidly in recent years. It will grow from $1.04 billion in 2023 to $1.18 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. 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 $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. 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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Scope Of Generative Artificial Intelligence (AI) In Retail Stores 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 Artificial Intelligence (AI) In Retail Stores Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
North America was he largest region in the generative artificial intelligence (AI) in retail stores market in 2023. 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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Retail Stores Market Report Structure
3. Generative Artificial Intelligence (AI) In Retail Stores Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Retail Stores Market – Macro Economic Scenario
5. Generative Artificial Intelligence (AI) In Retail Stores Market Size And Growth
…..
27. Generative Artificial Intelligence (AI) In Retail Stores Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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