Global Generative AI in Retail Market- WishTree Insight

Global Generative AI in Retail Market by Application (Sales & Marketing and Supply Chain & Logistics), End-User (Online Stores, Supermarkets & Hypermarkets, and Physical Stores), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Generative AI in Retail market size was valued at USD 11 billion in 2022 and is expected to surpass USD 118 billion by 2032, expanding at a CAGR of 26.9 % during the forecast period, 2022–2032. The market's growth is attributed to the rising disposable income of consumers across the globe and rising personal requirements resulting in the higher demand for multiple products.

INTRODUCTION

Generative AI in retail refers to the use of generative models, such as generative adversarial networks (GANs), to generate new content or data specifically tailored for the retail industry. These models can generate images, text, or other forms of content that have realistic characteristics and can be used for various applications within the retail sector. Generative AI in retail is employed to enhance customer experiences, optimize operations, and drive innovation.

Generative models can be trained on existing product data to generate new variations, designs, or combinations. This can help retailers create fresh product offerings and expand their product catalog.

Market Trends, Drivers, Restraints, and Opportunities

• A rising focus on improving the shopping experience for customers is expected to propel generative AI in the retail market.
• The complex procedure of installation is a major restraint in the growth of the market.
• The growing adoption of robotics for automation is expected to create lucrative opportunities in the market.

Scope of the Report

Market Segment Insights

The supply chain & logistics segment is projected to register a considerable CAGR

Based on application, the Generative AI in the Retail market is bifurcated into sales & marketing and supply chain & logistics. The supply chain & logistics segment is expected to expand rapidly during the forecast period owing to the rising use of generative AI in the supply chain & logistics segment to analyze the requirement of inventory. However, the sales & marketing segment is anticipated to hold a key share of the market in the coming years.

The online store segment is expected to expand at a rapid pace

Based on end-user, the Generative AI in the Retail market is divided into online stores, supermarkets & hypermarkets, and physical stores. The online store segment is expected to expand rapidly during the forecast period owing to the rising use of social media and the increasing demand from the millennial generation that would likely get their product online. However, the physical store segment is anticipated to hold a key share of the market in the coming years due to the rising trend of automation in malls and stores.

North America garnered the market share

In terms of regions, the Generative AI in the Retail market is classified as APAC, Europe, North America, and LAMEA. The market of North America is expected to constitute a key share of the market during the projected period owing to the rapid rate of technological advancements in the region. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to technological advancements and a rising population rate.

Competitive Landscape

Key players competing in the Generative AI in the Retail market are Amazon Web Services (AWS); S.A.E; Google; Oracle; International Business Machines (IBM); Intel Corporation; Microsoft; Adobe

FAQs

How much is the market worth?

The Generative AI in Retail market size was valued at USD 11 billion in 2022 and is expected to surpass USD 118 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 26.9%.

What are the key drivers of the market?

The market's growth is attributed to the rising disposable income of consumers across the globe and rising personal requirements resulting in the higher demand for multiple products.

What segments are covered in the Generative AI in Retail report?

The segments covered in the report are Application (Sales & Marketing and Supply Chain & Logistics), End-User (Online Stores, Supermarkets & Hypermarkets, and Physical Stores).

Mention which region is expected to hold the highest share of Generative AI in the Retail market.

The North American region is expected to hold the highest share of Generative AI in the Retail market.

Which segment holds the largest market share in Generative AI in Retail by 2032?

The supply chain & logistics segment holds the largest market share in the Generative AI in Retail by 2032.

Mention the key players in the market.

Amazon Web Services (AWS); S.A.E; Google; Oracle; International Business Machines (IBM); Intel Corporation; Microsoft; Adobe.