Artificial Intelligence in Retail Market

Artificial intelligence in retail market is estimated to grow from USD 31.12 billion in 2024 to USD 164.74 billion by 2030 at a CAGR of 32.0% during the forecast period. The growing dependence on data-driven strategies is transforming retail operations, enabling retail businesses to enhance customer experience by means of extremely personalized recommendations and targeted marketing campaigns. The adoption of AI solutions in retail is being driven by the need for real-time analytics for optimized inventory management, streamlining supply chain operations, and improving customer engagement across channels. Retailers seek to leverage advanced technologies for operational efficiency and competitive advantage; the focus on AI-driven tools for predictive analytics, automated decision-making, and customer insights is slated to grow further as consumption increases.

The major vendors covered in AI in retail market include Microsoft (US), IBM (US), Google (US), Amazon (US), Oracle (US), Salesforce (US), NVIDIA (US), SAP (Germany), Servicenow (US), Accenture (Ireland), Infosys (India), Alibaba (China), Intel (US), AMD (US), Fujitsu (Japan), Capgemini (France), TCS (India), Talkdesk (US), Symphony AI (US), Bloomreach (US), C3.AI (US), Visenze (Singapore), Pathr.ai (US), Vue.AI (US), Nextail (Spain), Daisy Intelligence (Canada), Cresta (US), Mason (US), Syte (Israel), Trax (Singapore), Feedzai (US) and Shopic (Israel). These firms have used a variety of growth methods, including partnerships, agreements,  business expansions, collaborations, and the introduction of new products, to increase the prominence of AI in retail market.

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Microsoft

Microsoft is an American multinational technology company headquartered in Redmond, Washington, with offices throughout the world. The company conducts business through three key business segments: Productivity & Business Processes, Intelligent Cloud, and Personal Computing. In the retail sector, Microsoft offers tailored solutions based on its powerful cloud infrastructure to increase customer interaction and improve operational efficiency. Microsoft Cloud for Retail is a combination of Microsoft Dynamics 365, Azure, Microsoft 365, and other tools that enable data-driven decision-making and personalized shopping. With sophisticated solutions such as AI and Machine learning, Microsoft assists retailers in automating supply chain management, simplifying the in-store experience, and building tailor-made marketing strategies that benefit the customers. By adopting this comprehensive approach, retailers will be able to enhance customer satisfaction and grow their business as they are able to adapt to changing market demands and consumption behaviors.

Microsoft’s offerings are vital in the AI in retail innovation and growth. With greater reliance being placed on the value of personalized customer experiences, retailers are under increasing pressure to adopt more advanced technologies that will enable them to analyze large amounts of data and generate actionable insights. Microsoft’s retail cloud solutions with AI capabilities, such as tapping on data from multiple sources, enable businesses to make real-time decisions that promote operational efficiency. For example, Copilot, an AI assistant is being used to provide sales associates with immediate access to information by asking questions in natural language, which has a hugely positive impact on productivity. Furthermore, Microsoft's alliance with Rezolve AI represents an example of Microsoft's dedication to bringing innovative generative AI technologies to retailers that enhance digital engagement and simplify running a retail business. Integration of these advanced capabilities into the business models of clients results in better customer interaction, supply chain management, and marketing strategy, which increases sales.

Google

Google is a technology giant headquartered in Mountain View, California, United States. It is known for its search engine but is expanding into other technology verticals, such as cloud computing, advertising, and consumer electronics. The company generates revenue through several key business segments, including advertising, subscriptions, platforms, devices, and cloud revenues.

Google Cloud provides innovative solutions in the retail sector to create engaging customer experiences and improve business operations. With its AI-driven tools, including the Vertex AI Search for Retail, and Recommendations AI, retailers can use data analytics and machine learning to create personalized shopping experiences. These solutions help retailers discover the optimal customer journeys for their e-commerce stores and help manage inventory in physical stores. Retailers can better understand consumer behavior and preferences through AI tools which ultimately lead to growth in sales.

Google’s offerings in the AI in the retail sector foster the innovation that is needed to meet evolving customer demands. As e-commerce rises, retailers look for new ways to ensure that customers are engaged in a distinctive shopping experience. AI powered product recommendation systems work on the basis of user behavior and get dynamically adjusted to encourage visitor engagement and conversion rates. Besides that, using an AI-powered shelf-checking solution can give retailers actionable insights from visual data to keep the inventory at the optimal level. It, therefore, offers retailers higher operational efficiency and a better customer experience. Retail decision-makers are poised to shift from meeting customer needs to anticipating them, and Google is poised to drive the transformation of retail operations with its cutting-edge technologies.

Related Reports:

Artificial Intelligence in Retail Market by Solution (Personalized Product Recommendation, Visual Search, Virtual Stores, Virtual Customer Assistant, CRM), Type (Generative AI, Other AI), End-user (Online, Offline) - Global Forecast to 2030

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