AI in Retail Market is driven by increasing adoption of ai for multi-channel marketing

The AI in retail market is anticipated to reach $4,337.1 million by 2024, registering a CAGR of 35.4% during the forecast period. The retail e-commerce industry is predicted to value $4.8 trillion by 2021, witnessing a massive surge in its revenue from $2.3 million in 2017. The credit of the impressive growth of this industry is mainly due to the popularity of the internet and its easy access to virtually every individual on this planet. Further, technological advancements in various fields have led to the development of smarter devices, easy payment methods and gateways, and connected logistics network; all of these have been major contributors in the popularity of retail e-commerce websites. During 2014–2018, machine learning was most extensively used in the retail e-commerce domain.