Artificial Intelligence in Retail Market is set to grow significantly with AI improving inventory management.

From GlobeNewswire: 2024-11-29 08:30:00

The Artificial Intelligence in Retail Market is set to grow from $31.12 billion in 2024 to $164.74 billion by 2030, with a 32.0% CAGR. AI solutions are enhancing inventory management and supply chains, improving efficiency and reducing costs. Predictive analytics and machine learning models help retailers forecast demand accurately and optimize stock levels, crucial for customer satisfaction in a competitive market.

Cybersecurity in the retail sector is increasingly reliant on AI algorithms to detect and prevent fraudulent activities. Machine learning algorithms analyze account activity and vulnerabilities, learning from past incidents to adapt to evolving threats. Companies like Target and Walmart use AI to protect customer data and enhance authentication systems, preventing identity and payment fraud.

North America leads the Artificial Intelligence in Retail Market due to high adoption rates in the US and Canada. Major tech companies and research facilities are actively developing AI technologies, driving growth in the region. Strategic partnerships, like Macy’s collaboration with Rokt, are enhancing customer engagement with personalized AI-driven technologies, propelling North America’s dominance in the market.

Key players in the Artificial Intelligence in Retail Market include Microsoft, IBM, Google, Amazon, Oracle, and Salesforce. These companies offer diverse product portfolios and have a strong global presence. Through product launches, acquisitions, and partnerships, they continue to innovate and expand their offerings in the rapidly evolving AI retail landscape.



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