This Generative AI In Retail market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The generative AI in retail market size has grown exponentially in recent years. It will grow from $0.57 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 39.5%. The growth observed in the historic period can be attributed to several factors, the increasing availability of big data, the expansion of e-commerce, improvements in computational power, the rise of mobile commerce, and a reduction in technology costs.
The generative AI in retail market size is expected to see exponential growth in the next few years. It will grow to $3.01 billion in 2028 at a compound annual growth rate (CAGR) of 39.7%. The projected growth during the forecast period can be attributed to several factors, enhanced customer personalization, improved inventory management, dynamic pricing strategies, better fraud detection, and streamlined customer support. Key trends expected in this period include AI-driven customer service, automated supply chain management, advanced AI algorithms for real-time fraud detection and transaction monitoring, integration with live streaming platforms, and advancements in visual search and augmented reality.
The growth of e-commerce shopping is anticipated to drive the expansion of the Generative AI in the retail market. The convenience, variety, and accessibility of online platforms compared to traditional retail are fueling the increase in e-commerce. Generative AI enhances the e-commerce experience by offering personalized product recommendations and improving customer interactions through dynamic, context-aware content. For example, a report published by the Census Bureau of the Department of Commerce, a U.S. governmental organization, indicated that e-commerce sales reached approximately $1.11 trillion in 2023. In the first quarter of 2024, total retail sales were estimated at $1.82 trillion, with e-commerce sales during this period showing an 8.5% increase (±1.1%) from the same quarter in 2023, while total retail sales grew by 2.8% (±0.5%). This rise in e-commerce shopping is consequently driving the growth of Generative AI in the retail market.
Leading companies in the Generative AI in retail space are focusing on developing advanced AI-powered tools to enhance customer personalization, optimize inventory management, and improve sales forecasting. These Generative AI-powered tools utilize artificial intelligence algorithms to automate and optimize tasks such as personalized product recommendations, inventory management, and marketing strategies by analyzing data and generating insights, thereby increasing efficiency and decision-making in the retail sector. For instance, in January 2024, Google LLC, a U.S.-based technology company, introduced new Generative AI tools for retailers aimed at enhancing online shopping experiences and streamlining retail operations. These tools include a conversational commerce solution with AI-powered virtual agents for personalized recommendations and natural language interactions, improved search capabilities with advanced LLM for better product search, catalog, and content enrichment to optimize product listings, and Google Distributed Cloud Edge to scale AI applications across multiple locations.
In January 2024, International Business Machines Corporation (IBM), a U.S.-based technology company, partnered with SAP SE to assist clients in the consumer-packaged goods and retail sectors in improving their supply chain, finance operations, sales, and services through Generative AI. This collaboration aims to use AI to tailor product assortments at the store level, considering market dynamics, sales patterns, and anticipated demand. SAP SE, a Germany-based software company, provides Generative AI capabilities specifically for the retail industry.
Major companies operating in the Generative AI in retail market are Google LLC, Microsoft Corporation, Hitachi Ltd., Tencent Holdings Limited, Amazon Web Services (AWS), Intel Corporation, Accenture plc, International Business Machines (IBM), Oracle Corporation, Fujitsu Limited, Nvidia Corporation, NEC Corporation, Capgemini SE, Baidu Inc., Infosys Limited, Adobe Inc., Wipro Limited, SAS Institute Inc., Tableau Software LLC, C3.AI inc., DataRobot Inc., ClarifAI inc., H2O.AI inc.
North America was the largest region in the Generative AI in retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the Generative AI in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the Generative AI in retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Generative artificial intelligence (AI) in retail involves the use of advanced AI models that can generate new content, such as tailored marketing materials, product designs, and customer interaction scripts, by analyzing patterns from existing data. This technology is employed to enhance customer experiences with personalized recommendations, streamline content creation for marketing, optimize inventory management, and develop innovative product designs and strategies.
The key technologies driving generative AI in retail include variational autoencoders, generative adversarial networks, deep reinforcement learning, recurrent neural networks, transformer networks, and more. Variational autoencoders (VAEs) are a specific type of generative model that learns latent data representations through probabilistic encoding and decoding. These technologies are implemented both via the cloud and on-premise for applications such as product design and development, visual merchandising, demand forecasting, personalized marketing, fraud detection, inventory management, supply chain and logistics, among others. They are used across various industries, including fashion and apparel, consumer electronics, home décor, beauty and cosmetics, grocery stores, and online platforms.
The generative AI in retail market research report is one of a series of new reports that provides Generative AI in retail market statistics, including the generative AI in retail industry's global market size, regional shares, competitors with a Generative AI in retail market share, detailed Generative AI in retail market segments, market trends and opportunities, and any further data you may need to thrive in the Generative AI in retail industry. This Generative AI in retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The Generative AI in retail market consists of revenues earned by entities by providing services such as customer service chatbots and virtual assistants, sentiment analysis, and customer feedback processing. The market value includes the value of related goods sold by the service provider or included within the service offering. The Generative AI in retail market also includes sales of edge computing devices, Internet of Things (IoT) sensors, networking equipment, and high-performance servers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The generative AI in retail market size has grown exponentially in recent years. It will grow from $0.57 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 39.5%. The growth observed in the historic period can be attributed to several factors, the increasing availability of big data, the expansion of e-commerce, improvements in computational power, the rise of mobile commerce, and a reduction in technology costs.
The generative AI in retail market size is expected to see exponential growth in the next few years. It will grow to $3.01 billion in 2028 at a compound annual growth rate (CAGR) of 39.7%. The projected growth during the forecast period can be attributed to several factors, enhanced customer personalization, improved inventory management, dynamic pricing strategies, better fraud detection, and streamlined customer support. Key trends expected in this period include AI-driven customer service, automated supply chain management, advanced AI algorithms for real-time fraud detection and transaction monitoring, integration with live streaming platforms, and advancements in visual search and augmented reality.
The growth of e-commerce shopping is anticipated to drive the expansion of the Generative AI in the retail market. The convenience, variety, and accessibility of online platforms compared to traditional retail are fueling the increase in e-commerce. Generative AI enhances the e-commerce experience by offering personalized product recommendations and improving customer interactions through dynamic, context-aware content. For example, a report published by the Census Bureau of the Department of Commerce, a U.S. governmental organization, indicated that e-commerce sales reached approximately $1.11 trillion in 2023. In the first quarter of 2024, total retail sales were estimated at $1.82 trillion, with e-commerce sales during this period showing an 8.5% increase (±1.1%) from the same quarter in 2023, while total retail sales grew by 2.8% (±0.5%). This rise in e-commerce shopping is consequently driving the growth of Generative AI in the retail market.
Leading companies in the Generative AI in retail space are focusing on developing advanced AI-powered tools to enhance customer personalization, optimize inventory management, and improve sales forecasting. These Generative AI-powered tools utilize artificial intelligence algorithms to automate and optimize tasks such as personalized product recommendations, inventory management, and marketing strategies by analyzing data and generating insights, thereby increasing efficiency and decision-making in the retail sector. For instance, in January 2024, Google LLC, a U.S.-based technology company, introduced new Generative AI tools for retailers aimed at enhancing online shopping experiences and streamlining retail operations. These tools include a conversational commerce solution with AI-powered virtual agents for personalized recommendations and natural language interactions, improved search capabilities with advanced LLM for better product search, catalog, and content enrichment to optimize product listings, and Google Distributed Cloud Edge to scale AI applications across multiple locations.
In January 2024, International Business Machines Corporation (IBM), a U.S.-based technology company, partnered with SAP SE to assist clients in the consumer-packaged goods and retail sectors in improving their supply chain, finance operations, sales, and services through Generative AI. This collaboration aims to use AI to tailor product assortments at the store level, considering market dynamics, sales patterns, and anticipated demand. SAP SE, a Germany-based software company, provides Generative AI capabilities specifically for the retail industry.
Major companies operating in the Generative AI in retail market are Google LLC, Microsoft Corporation, Hitachi Ltd., Tencent Holdings Limited, Amazon Web Services (AWS), Intel Corporation, Accenture plc, International Business Machines (IBM), Oracle Corporation, Fujitsu Limited, Nvidia Corporation, NEC Corporation, Capgemini SE, Baidu Inc., Infosys Limited, Adobe Inc., Wipro Limited, SAS Institute Inc., Tableau Software LLC, C3.AI inc., DataRobot Inc., ClarifAI inc., H2O.AI inc.
North America was the largest region in the Generative AI in retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the Generative AI in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the Generative AI in retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Generative artificial intelligence (AI) in retail involves the use of advanced AI models that can generate new content, such as tailored marketing materials, product designs, and customer interaction scripts, by analyzing patterns from existing data. This technology is employed to enhance customer experiences with personalized recommendations, streamline content creation for marketing, optimize inventory management, and develop innovative product designs and strategies.
The key technologies driving generative AI in retail include variational autoencoders, generative adversarial networks, deep reinforcement learning, recurrent neural networks, transformer networks, and more. Variational autoencoders (VAEs) are a specific type of generative model that learns latent data representations through probabilistic encoding and decoding. These technologies are implemented both via the cloud and on-premise for applications such as product design and development, visual merchandising, demand forecasting, personalized marketing, fraud detection, inventory management, supply chain and logistics, among others. They are used across various industries, including fashion and apparel, consumer electronics, home décor, beauty and cosmetics, grocery stores, and online platforms.
The generative AI in retail market research report is one of a series of new reports that provides Generative AI in retail market statistics, including the generative AI in retail industry's global market size, regional shares, competitors with a Generative AI in retail market share, detailed Generative AI in retail market segments, market trends and opportunities, and any further data you may need to thrive in the Generative AI in retail industry. This Generative AI in retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The Generative AI in retail market consists of revenues earned by entities by providing services such as customer service chatbots and virtual assistants, sentiment analysis, and customer feedback processing. The market value includes the value of related goods sold by the service provider or included within the service offering. The Generative AI in retail market also includes sales of edge computing devices, Internet of Things (IoT) sensors, networking equipment, and high-performance servers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Generative AI in Retail Market Characteristics3. Generative AI in Retail Market Trends and Strategies32. Global Generative AI in Retail Market Competitive Benchmarking33. Global Generative AI in Retail Market Competitive Dashboard34. Key Mergers and Acquisitions in the Generative AI in Retail Market
4. Generative AI in Retail Market - Macro Economic Scenario
5. Global Generative AI in Retail Market Size and Growth
6. Generative AI in Retail Market Segmentation
7. Generative AI in Retail Market Regional and Country Analysis
8. Asia-Pacific Generative AI in Retail Market
9. China Generative AI in Retail Market
10. India Generative AI in Retail Market
11. Japan Generative AI in Retail Market
12. Australia Generative AI in Retail Market
13. Indonesia Generative AI in Retail Market
14. South Korea Generative AI in Retail Market
15. Western Europe Generative AI in Retail Market
16. UK Generative AI in Retail Market
17. Germany Generative AI in Retail Market
18. France Generative AI in Retail Market
19. Italy Generative AI in Retail Market
20. Spain Generative AI in Retail Market
21. Eastern Europe Generative AI in Retail Market
22. Russia Generative AI in Retail Market
23. North America Generative AI in Retail Market
24. USA Generative AI in Retail Market
25. Canada Generative AI in Retail Market
26. South America Generative AI in Retail Market
27. Brazil Generative AI in Retail Market
28. Middle East Generative AI in Retail Market
29. Africa Generative AI in Retail Market
30. Generative AI in Retail Market Competitive Landscape and Company Profiles
31. Generative AI in Retail Market Other Major and Innovative Companies
35. Generative AI in Retail Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Generative AI In Retail Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on generative AI in retail market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for generative AI in retail? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The generative AI in retail market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Technology: Variational Autoencoders; Generative Adversarial Networks; Deep Reinforcement Learning; Recurrent Neural Networks; Transformer Networks; Other Technologies2) By Deployment: Cloud; On-Premise
3) By Application: Product Design And Development; Visual Merchandising; Demand Forecasting; Personalized Marketing; Fraud Detection; Inventory Management; Supply Chain And Logistics; Other Applications
4) By Industry: Fashion And Apparel; Consumer Electronics; Home Decor; Beauty And Cosmetics; Grocery Shops; Online Platforms
Key Companies Mentioned: Google LLC; Microsoft Corporation; Hitachi Ltd.; Tencent Holdings Limited; Amazon Web Services (AWS)
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies profiled in this Generative AI in Retail market report include:- Google LLC
- Microsoft Corporation
- Hitachi Ltd.
- Tencent Holdings Limited
- Amazon Web Services (AWS)
- Intel Corporation
- Accenture plc
- International Business Machines (IBM)
- Oracle Corporation
- Fujitsu Limited
- Nvidia Corporation
- NEC Corporation
- Capgemini SE
- Baidu Inc.
- Infosys Limited
- Adobe Inc.
- Wipro Limited
- SAS Institute Inc.
- Tableau Software LLC
- C3.ai Inc.
- DataRobot Inc.
- Clarifai Inc.
- H2O.ai Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | December 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 0.79 Billion |
| Forecasted Market Value ( USD | $ 3.01 Billion |
| Compound Annual Growth Rate | 39.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 24 |
