Artificial Intelligence In Retail Market Expected To Reach $57.8 Billion By 2030: Report
14 September 2023: – The emergence of smart technologies for various applications in Reatil Industries is increasingly creating opportunities for the integration of AI-powered voice recognition tools as a part of smart solutions to further improve end-user experience. In addition, the widespread adoption of smart gadgets and smart devices among consumers is increasingly driving the demand for various AI-powered voice and speech-enabled tools in the retail industry. Retail organizations are continuously reassessing consumer preferences and aligning categories and offers accordingly to improve customer engagement and product demand. This requires agile demand planning and a clear prioritization of focus resources, which contributes to the growing demand in the AI in retail market.
A report from Meticulous Research projected that the Artificial Intelligence in Retail Market to Reach $57.8 Billion by 2030, at a CAGR of 41% from 2023 to 2030. The report said “The growth of AI in retail market is driven by factors such as the growing awareness about AI and big data & analytics, the adoption of multichannel or omnichannel retailing strategies, and the need to enhance end-user experience and improve productivity. The increased adoption of AI-powered voice-enabled devices and the growing number of smartphones are expected to create growth opportunities for the players operating in this market.”
Meticulous Research added “In the online retail sector, AI helps enhance customers’ purchase decisions, informs the availability of alternative or new products, optimizes buying processes, identifies new markets, and automates workflows. In addition, AI solutions enable retailers to overcome geographical limitations, gain new customers with search engine visibility, locate products quicker, and enable customers to compare products. These factors drive the growth of this segment.”
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