The AI In Retail Market size is estimated at USD 9.85 billion in 2024, and is expected to reach USD 40.49 billion by 2029, growing at a CAGR of 32.68% during the forecast period (2024-2029).
Artificial intelligence, a collection of algorithms harnessing vast and reliable data, is increasingly adopted in retail to personalize the shopping experience. By leveraging customer preferences, retailers can offer tailored product recommendations, elevating the customer experience and driving sales.
Artificial intelligence in the retail market is fragmented. The growing adoption of IoT, e-commerce marketing, and big data analytics provides lucrative opportunities for artificial intelligence in the retail market. The competitive rivalry among existing competitors is high. Moreover, large companies such as SAP SE, Microsoft Corporation, IBM Corporation, Salesforce Inc., and Google LLC are expected to make acquisitions and collaborate with startups focused on innovation.
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