0
0
Read Time:4 Minute, 36 Second
The Artificial Intelligence in Retail Market was valued at $7 billion in 2023. This market is anticipated to reach $92.7 billion by 2031 from an estimated $9.4 billion in 2024, at a CAGR of 38.6% during the forecast period from 2024–2031. This transformative technology is revolutionizing various facets of retail, enhancing operational efficiency, customer engagement, and overall profitability.
Why Artificial Intelligence Matters in Retail
AI solutions in retail provide a multitude of advantages, including:
Predictive Merchandising: By analyzing consumer data, AI can forecast trends and help retailers optimize inventory levels, ensuring that popular products are always available.
Programmatic Advertising: Retailers can utilize AI to automate and personalize marketing efforts, delivering targeted ads to specific customer segments at the right time.
Download Sample Copy: https://www.meticulousresearch.com/download-sample-report/cp_id=4979
Market Forecasting: AI technologies analyze vast amounts of market data to identify patterns, helping retailers make informed strategic decisions.
In-Store Visual Monitoring: Through advanced surveillance technologies, retailers can enhance security and optimize store layouts based on customer behavior.
Location-Based Marketing: AI enables retailers to send personalized promotions to customers based on their geographical location, increasing the likelihood of in-store visits.
Moreover, AI’s capability for next-level personalization—providing tailored recommendations and predicting consumer behavior—drives its incorporation into the retail sector.
Leading Players in the Artificial Intelligence in Retail Market
As the AI in retail market evolves, several companies are at the forefront, pioneering innovative solutions that shape the industry’s future.
Amazon
Founded in 1994 and headquartered in Washington, D.C., Amazon is a global leader in e-commerce and advanced technologies. Its focus on AI enhances retail operations through services like Amazon Prime and Amazon Go, revolutionizing how consumers shop. With a robust presence in North America, Europe, and Asia-Pacific, Amazon continues to shape retail through its extensive product offerings and technological innovations.
Google LLC
Since its establishment in 1998, Google has transformed how information is accessed online. Headquartered in California, the company has ventured into retail solutions with programs like Shopping Ads and Shopping Actions, enabling retailers to connect with customers efficiently. Google maintains a strong international presence with over 70 offices worldwide, further solidifying its role in the retail landscape.
IBM
IBM, founded in 1911 and based in Armonk, New York, is a pioneer in enterprise AI and cybersecurity. With its Watson platform, IBM delivers innovative solutions that enhance customer experiences and optimize supply chain operations. The company’s commitment to transforming retail through AI-driven insights is evident in its expansive portfolio of technology services.
Get customized Copy: https://www.meticulousresearch.com/request-customization/cp_id=4979
Intel Corporation
Established in 1968, Intel is renowned for its cutting-edge semiconductor technology. The company provides AI solutions for real-time inventory management and personalized marketing, enabling retailers to optimize their operations. With a presence across North America, Europe, and Asia-Pacific, Intel’s advancements in deep learning and computer vision empower retailers to enhance customer engagement.
Microsoft Corporation
Microsoft, founded in 1975, is a global leader in technology solutions. Its Dynamics 365 Retail platform streamlines retail operations and enhances omnichannel commerce. With a wide distribution network, Microsoft helps retailers integrate technology to improve efficiency and customer interactions across all channels.
Nvidia Corporation
Founded in 1993, Nvidia specializes in graphics processing units (GPUs) and AI-driven solutions for retail. The company’s intelligent video analytics and AI-powered inventory management tools enable retailers to enhance customer experiences and improve operational efficiency. Nvidia’s extensive distribution network spans North America, Europe, and beyond.
Oracle Corporation
Oracle, established in 1977, is a leader in database management and enterprise software. Its integrated suite of Oracle Retail Cloud services employs machine learning and AI technologies to optimize inventory management and enhance customer experiences. With a strong presence in global markets, Oracle continues to innovate in retail solutions.
SAP SE
SAP, founded in 1972 and headquartered in Germany, specializes in enterprise application software. Its solutions leverage machine learning and advanced analytics to transform retail operations and enhance customer experiences. SAP’s applications enable retailers to gain real-time insights and streamline their processes, facilitating data-driven decision-making.
BloomReach, Inc.
BloomReach, established in 2009, focuses on delivering personalized digital experiences. The company’s AI-driven search and merchandising tools empower retailers to create tailored shopping experiences that boost conversion rates and customer loyalty. With a solid foothold in North America and Europe, BloomReach is a key player in the AI retail space.
Salesforce
Salesforce, a leader in customer relationship management (CRM) software, offers AI-powered solutions to enhance customer engagement and streamline retail operations. Its platform integrates sales, service, and marketing functions, enabling retailers to deliver a cohesive customer experience across all touchpoints.
Buy Now: https://www.meticulousresearch.com/Checkout/63268715
Conclusion
The integration of artificial intelligence in retail is no longer a futuristic concept; it is a present-day reality driving significant market growth. With companies like Amazon, Google, IBM, and others leading the charge, the retail landscape is set for transformation. As AI technologies continue to evolve, retailers who harness these tools will be well-positioned to enhance customer experiences, optimize operations, and drive sustained growth in an increasingly competitive marketplace.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
