Technology
AI in retail to hit $52B by 2030
November 6, 2023
Artificial intelligence in the retail market, estimated to be worth $6.59 billion in 2022, is on track to hit $52.45 billion by 2030 with a annual growth rate of 29.6% from 2022 to 2030.
That's the prediction from a report by The Insight Partners regarding AI size and forecasts, according to a press release.
The growth is being driven by rise in consumer data generation through digitalization and increasing preference towards personalized shopping. However, computer vision solutions for retail is emerging as a future trend in the industry, according to the data.
"Retailers can utilize AI to produce blog entries, product descriptions, social media promotions, blog posts, and other types of content that boost SEO and increase customer interaction. Through the use of marketing materials like emails or advertisements, artificial intelligence in retail market may produce customized client experiences," stated the report.
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