AI in Retail Market Expected to Exceed $94.55 Billion by 2031

SkyQuest Technology Consulting Pvt. Ltd. has projected that the Artificial Intelligence (AI) in Retail Market is set to reach a value of USD 94.55 Billion by 2031, with a remarkable CAGR of 32.68% over the forecast period from 2024 to 2031. One of the major trends driving this growth is the increased use of AI chatbot support, which enhances customer service capabilities significantly.

The use of chatbots in retail allows for natural interactions with customers, providing personalized and positive responses that greatly improve overall customer satisfaction. Additionally, technical innovations like computer vision are gaining popularity in physical stores, offering various opportunities for the industry such as demand forecasting, inventory management, and enhancing the overall customer experience.

The multifaceted solution component of AI plays a crucial role in the success of the global retail sector, improving inventory control, generating personalized recommendations, and interpreting complex data to enhance consumer satisfaction, operational efficiency, and revenue.

Moreover, the ability of predictive analysis applications to accurately forecast consumer behavior and market trends is driving their dominance in the AI retail sector. This technology enables businesses to make data-driven decisions quickly, aided by big data integration, machine learning algorithms, and real-time data processing.

Overall, the integration of AI in the retail sector is poised to revolutionize the industry, offering numerous benefits such as improved customer service, enhanced operational efficiency, and increased sales. With North America leading the way in AI adoption in retail, the market is set for significant growth and innovation in the coming years.