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Artificial Intelligence in Retail Market worth $164.74 billion by 2030- Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Nov. 1, 2024 /PRNewswire/ — The Artificial Intelligence in Retail Market is expected to reach USD 164.74 billion by 2030 from USD 31.12 billion in 2024, at a CAGR of 32.0 % during 2024–2030, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “Artificial Intelligence in Retail Market”

350 – Tables
  50 – Figures
300 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2019-2030

Base year considered

2023

Forecast period

2024–2030

Forecast units

Value (USD) Billion

Segments Covered

By Offering, Type, Business Function, End-user and Region

Region covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

The major players in the Ai in retail market are Microsoft (US), IBM (US), Google (US), Amazon (US), Oracle (US), Salesforce (US), NVIDIA (US), SAP (Germany), Servicenow (US), Accenture (Ireland), Infosys (India), Alibaba (China), Intel (US), AMD (US), Fujitsu (Japan), Capgemini (France), TCS (India), Talkdesk (US), Symphony AI (US), Bloomreach (US), C3.AI (US), Visenze (Singapore), Pathr.ai (US), Vue.AI (US), Nextail (Spain), Daisy Intelligence (Canada), Cresta (US), Mason (US), Syte(Israel), Trax(Singapore), Feedzai(US) and Shopic(Israel).

AI-powered chatbots and virtual assistants are reshaping customer service by providing quick and efficient responses to inquiries, enabling a 24/7 customer support system without the need for human intervention. These AI solutions handle a wide range of tasks, such as answering common customer questions, guiding users through purchase processes, resolving complaints, and providing personalized product recommendations. Their ability to manage multiple customer interactions reduces operational costs and significantly improves the customer experience by delivering fast and consistent service. As customer expectations evolve towards instant, seamless interactions across various platforms such as websites, mobile apps, and social media, AI chatbots play a critical role in maintaining such engagement. Moreover, advanced natural language processing (NLP) capabilities enable these AI-driven assistants to understand complex queries and provide accurate responses, further enhancing their effectiveness in improving customer satisfaction and loyalty, making them a key driver of AI adoption in retail.

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The Generative AI segment is projected to register the highest CAGR during the forecast period.

Gen Al has revolutionized retail operations by streamlining operations, improving decision-making, and personalizing customer experiences. Retailers are experimenting with Al in many areas of the retail value chain, from image-generation tools to intelligent shopping assistants. Various retailers are now beginning to understand Gen Al’s potential. With the involvement of Gen Al in advertising, Amazon has achieved higher click-through rates in the images generated through its AI image generation tool. Similarly, Lindex’s “Lindex Copilot” assists store employees with personalized advice and guidance, showing the possibilities of improving human abilities with the help of Gen Al.

Online end users are estimated to contribute the largest market share of artificial intelligence in the retail market.

Al is set to reinvent online retail by enhancing customer experience through custom-built, smart inventory and customer support services. Amazon, Alibaba, and Coupang employ Al-based algorithms that allow users to see products related to their past purchase history, preferences, and recent browsing. This recommendation system is likely to boost conversion since it provides customized recommendations to users. The consumer engagement presence in the form of chatbots and virtual assistants provides clients with round-the-clock access to assist them in answering queries, following up on orders, and providing information on products.

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Based on region, Middle East & Africa is projected to register the highest CAGR during the forecast period.

The retail sector in the Middle East is experiencing a notable shift fueled by rapid digital transformation, changing consumer behaviors, and a strong emphasis on omnichannel experiences. This evolution is supported by government initiatives and rising investments to integrate AI into retail operations. Leading nations, such as the UAE, Saudi Arabia, and South Africa, are at the forefront of implementing national AI strategies and enhancing their AI infrastructure. A recent report, the “Digital Experience Intelligence Report 2024,” highlights that 41% of companies in the region are reassessing their AI platforms, showcasing the increasing recognition of AI’s role in delivering personalized customer experiences. Introducing solutions such as eMACH.ai Retail 6DX by Intellect Digital Technology for Commerce signifies a push towards optimizing operations and creating tailored shopping experiences. In collaboration with Intel, Presight is advancing AI initiatives, further driving innovation in the region’s retail landscape.

Top Key Companies in Artificial Intelligence in Retail Market:

The report profiles key players such as Microsoft (US), IBM (US), Google (US), Amazon (US), Oracle (US), Salesforce (US), NVIDIA (US), SAP (Germany), Servicenow (US), Accenture (Ireland), Infosys (India), Alibaba (China), Intel (US), AMD (US), Fujitsu (Japan), Capgemini (France), TCS (India), Talkdesk (US), Symphony AI (US), Bloomreach (US), C3.AI (US), Visenze (Singapore), Pathr.ai (US), Vue.AI (US), Nextail (Spain), Daisy Intelligence (Canada), Cresta (US), Mason (US), Syte (Israel), Trax (Singapore), Feedzai (US) and Shopic (Israel).

Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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TeacherLists is Clearing Teachers’ Classroom Wish Lists Every Day in November

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TeacherLists is teaming up with their brand partners to award one teacher per day with a $125 gift card to the retailer of their choice to help clear their classroom wish list.

WRENTHAM, Mass., Nov. 1, 2024 /PRNewswire-PRWeb/ — TeacherLists, the nationally recognized school supply list platform created by School Family Media, LLC, is giving back to educators this November with the Clear the List Sweepstakes. Between November 1st and December 3rd, 2024, TeacherLists is teaming up with their brand partners to award one teacher per day with a $125 gift card to the retailer of their choice–Amazon, Walmart, or Target–to help clear their classroom wish list.

“This is the perfect time of year to thank teachers for everything they do. The TeacherLists Clear the List sweepstakes is our way of helping teachers get what they need to give their students the best education possible,” says Charles Field, CEO of School Family Media.

According to the National Education Association, over 90% of teachers spend their own money on school supplies for their students. In fact, federal tax deductions only cover about half of the yearly average teachers spend out of their own pocket. As supply wish lists become more popular among educators and their school communities, TeacherLists and their brand partners – Case-It®, Casio®, Clorox®, Crayola®, Dial®, Elmer’s®, Expo®, Fiskars®, Five Star®, Kleenex®, Paper Mate®, Play-Doh®, Panasonic®, Post-It® , Sharpie®, Viva®, and Ziploc® – are giving teachers the opportunity to submit their existing lists for the chance to win a $125 gift card.

“This is the perfect time of year to thank teachers for everything they do. The TeacherLists Clear the List sweepstakes is our way of helping teachers get what they need to give their students the best education possible,” says Charles Field, CEO of School Family Media.

To enter, teachers should visit TeacherLists Clear the List Sweepstakes, where they will be prompted to enter their email, zip code, and school. Please note teachers should include their wish list. Winners will be chosen at random and announced daily on Facebook and Instagram. NO PURCHASE NECESSARY

About TeacherLists and School Family Media. LLC 
TeacherLists is the single national source of verified school supply lists. TeacherLists makes it easy for school administrators and teachers to enter, update, and share their supply lists. Busy families love the convenience of easily finding and shopping their child’s classroom-specific lists. TeacherLists partners with major retailers including Walmart, Target, Amazon, Staples, Office Depot, Office Max, HEB, Walgreens, and Meijer to offer shopping online, in-store, or both, giving families options to shop the way that works for them.   

School Family Media is changing how schools and families prepare for back-to-school. Our nationally recognized platforms, TeacherLists, EduKit, and PTO Today, simplify back-to-school for schools, teachers, volunteers, and especially parents. As a mission-driven company, our goal is to make life easier for school communities and help ensure students are prepared to learn.

For more information and official rules, visit Clear the List Official Rules

Media Contact

Elizabeth Lamport, TeacherLists, 8006443561, elamport@schoolfamilymedia.com, TeacherLists.com

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SOURCE TeacherLists

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NexaMotion Group Pilots AI-Powered Catalog Assistant for Faster Parts Quoting and Enhanced Business Efficiency

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CLEVELAND, Nov. 1, 2024 /PRNewswire/ — NexaMotion Group (NMG) announced the pilot of a new AI-powered, text-generated parts lookup tool. Currently in beta testing, this cutting-edge catalog assistant will be available for demo and a first look during AAPEX 2024, Nov. 5-7 in Las Vegas. This groundbreaking AI-powered catalog assistant is the first of its kind in the aftermarket industry, transforming how shops manage customer quotes and demonstrating NMG’s commitment to simplifying complex vehicle repair.

Repair shops can have a text conversation with our AI-powered catalog assistant, which utilizes the Transend automotive parts catalog to generate the right parts for the vehicles on your lift. The catalog assistant helps our sales team provide immediate real-time responses with essential details like availability at your local branch and competitive pricing. This lets users receive quotes at their convenience instead of during set customer service hours and receive those quotes in less time for enhanced business efficiency.

“NexaMotion Group is committed to bringing advanced, forward-thinking solutions to automotive parts ordering and repairs. Our team can’t wait to introduce the catalog assistant at AAPEX and show customers the significant benefit it can provide to their business,” said Neil Sethi, CEO of NexaMotion Group.

To demo the catalog assistant, stop by the NMG booth during AAPEX (#A2261) or visit https://resources.transend.us/ai-powered-catalog-assistant to express interest in participating in the beta testing of the system.

About NexaMotion Group
NexaMotion Group’s mission is to simplify complex vehicle repair to keep the world moving. NexaMotion Group helps automotive professionals shift into high gear with next-level solutions and innovation. Backed by 49 years at the forefront of the aftermarket industry, NexaMotion Group combines the power of strong connections and readily available supplies with over 100 locations. Learn more at https://www.nexamotiongroup.com/

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SOURCE NexaMotion Group

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Fosi Audio Launches the ZD3 Flagship Fully Balanced Desktop DAC: A Gift for Its 7th Anniversary

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NEW YORK, Nov. 1, 2024 /PRNewswire/ — Fosi Audio, a leading brand in the HiFi audio field, has focused on the “voice of the customer” as its core driving force since its founding seven years ago. Through co-creation with its users, Fosi Audio has launched a series of audio products beloved by audiophiles worldwide, such as the ZA3 and V3 Mono mini amplifiers. With a user-centered development philosophy, compact and refined design style, and exceptional value, Fosi Audio is driving innovation and transformation in the HiFi audio industry.

ZD3 DAC: A 7th Anniversary Tribute

In response to the growing demand for a more refined listening experience, Fosi Audio has launched its flagship product, the ZD3 fully balanced desktop DAC. This new product is not only an important milestone for Fosi Audio in expanding its audio product category, but also a sincere gift to customers on the occasion of the brand’s 7th anniversary.

The ZD3 perfectly blends high performance and exquisite design. Equipped with top-tier chips (including XMOS XU316, ESS9039Q2M, QCC3031, and LME49720) and advanced balanced circuit technology, it ensures pure and transparent audio output. In terms of appearance, the ZD3 inherits the elegant design language of the ZA3, featuring geometric elements and color accents that exude a sophisticated and professional vibe. The product supports five digital input options and offers both single-ended and balanced outputs, providing flexibility for various usage scenarios. In terms of sound quality, the ZD3 brings every note to life and offers audiophiles an unprecedented listening experience.

Global Attention and Industry Acclaim

Since its launch, the ZD3 has received widespread acclaim for its exceptional sound quality and versatility. During the pre-sale period, the product sold over 1,000 units, with orders from over 100 countries, demonstrating the strong market demand for this flagship product.

The launch of the ZD3 has attracted significant attention from the industry. Renowned audio reviewers and influencers such as Cheapaudioman, Z Reviews, A British Audiophile, and Toids DIY Audio have conducted in-depth reviews and reports on the ZD3. User Mariusz Stark commented, “Great looks, great value, great sound. Add linear power supply. Swap op-amps for Sparkos. Add supper capacitor power bank and elevate performance to new levels. ARC HDMI is unheard of in this price range and a welcomed feature for many.” The success of the ZD3 highlights Fosi Audio’s outstanding R&D capabilities and once again validates the value of deep co-creation between the brand and its users.

Limited-Time Offer: Unlock Your Personalized Audio Experience

The ZD3 is now available on major online shopping platforms with a limited-time discount. During the launch period, each user will receive three JRC4580D op-amps as a gift, allowing them to explore different sound signatures brought by various op-amps and further customize their listening experience.

Brand Vision: Building a Global Audio Ecosystem

Ryan Huang, founder of Fosi Audio, stated that the brand is committed to providing high-quality audio solutions for global users, continuously innovating products, and enhancing user experience. Through close interaction with global audiophiles, Fosi Audio is building a vibrant audio ecosystem with the goal of becoming a world-leading audio brand.

About Fosi Audio

Driven by its mission of “Redefining HiFi with Unmatched Value”, Fosi Audio is dedicated to developing and delivering amazing HiFi gear with innovative designs, cutting-edge technology, high value, and premium quality, all backed by a 24-month warranty for audio enthusiasts worldwide. Fosi Audio has earned the sincere recognition of many audiophiles and well-known media, such as Wirecutter, How-to Geek, TNT-Audio, Headphonesty, and authoritative forums like Audio Science Review, as well as renowned HiFi audio influencers around the world.

For more information, please visit:

Official Website: https://www.fosiaudio.com/

Official Facebook community: https://www.facebook.com/fosiaudioglobal

Official YouTube channel: https://www.youtube.com/@fosiaudio

PR contact:

Email: marketing@fosiaudio.com

 

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SOURCE FOSI INTERNATIONAL CO., LIMITED

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