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Industry Overview – AI in Retail Market The global AI in retail market is expected to hit USD 4.4 billion by 2024, growing at a 35.5 percent CAGR over that period. The market is increasing due to an increase in the e-commerce sector, increased investments by retailers in AI technology, and increased mobile internet penetration. It is Further Segmented on the basis of offering & Technology
Drivers & Challenges-AIin Retail Market Global AI in retail market has been driven by several key factors, predominantly increasing adoption of AI solution by e-commerce companies, growing investments by retail companies in AI technology, and growing mobile internet penetration. The utilization of AI in retail, traverses each part of the business. Regardless of whether the objective is to upgrade the store network, utilize existing information to build change, or tweak shopping encounters with prescient displaying and smaller scale focusing on or estimating, AI can help address these difficulties in the retail space. Expanding selection of AI innovation among retailers for multi-channel showcasing can be seen as one of the major factors for the growth of the AI in retail market. The enormous volume of information produced based on in-store shopper conduct, email advertising, and crusade the board, when analyzed, helps identify consumption patterns and develop personalized campaigns, in this manner encouraging better decision making.
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