Artificial Intelligence (AI) in Retail Market Size & Share| 2022-27

 

Market Overview:

During the forecast period, it is anticipated that the global artificial intelligence in retail market will experience a 35% CAGR (2021–2026).

Consumers are now considering online platforms as their primary shopping channel, which has increased the significance of online shopping channels. This has provided businesses that sell consumer goods and retailers with excellent opportunities to adopt sustainability initiatives that work with their online presence. In order to benefit from this evolving trend, retailers are utilising the e-commerce platform and online marketplaces.

By reducing the time between insights and action, artificial intelligence is enabling quicker business decisions in marketing, e-commerce, product management, and other business areas. Retail sales in the United States are anticipated to reach USD 5.99 trillion in 2023, according to the US Department of Commerce.

Scope of the Report:

By extending the types of data that can be analysed and elevating the level of sophistication of the resulting insight, the application of artificial intelligence (AI), Big Data, and analytics will drive the business access toward a data-driven model. In the retail industry, artificial intelligence is broken down into software and services with a variety of applications, including supply chain and logistics, product optimization, in-store navigation, payment and pricing analytics, inventory management, and customer relationship management. Both on-premises and in the cloud are used to deploy all of these applications.

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