ARTIFICIAL INTELLIGENCE IN RETAIL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Artificial Intelligence in Retail Market, By Technology (Machine Learning, Natural Language Processing, Computer Vision, and Robotic Process Automation), By Application (Personalized Recommendations, Inventory Management, Customer Service Chatbots, Fraud Detection, and Pricing Optimization), By End User (E-commerce, Brick-and-Mortar Stores, and Wholesalers), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Sep 2024
Code : CMI7404
Pages :140
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Concentration and Competitive Landscape

Artificial Intelligence in Retail Market Concentration By Players

Close-monitor your Competitor's Move, Request sample copy

Fraud Detection and Security

As online shopping has proliferated, problems of payment frauds and identity thefts have also increased exponentially. Traditional rule-based and manual methods of fraud detection are no longer effective against the evolving tactics of sophisticated fraudsters. This is a key challenge for the retail industry where even a single fraudulent transaction can dent customer confidence and profit margins. Advanced AI solutions deploying techniques such as machine learning, deep learning, and neural networks are emerging as a potent weapon against payment frauds. Systems can analyze a massive volume of transaction data, detect complex patterns, and spot even subtle anomalies that human analysts may miss.

Machine learning algorithms can consider a wide range of customer attributes as well as device parameters to compare a transaction against known risk profiles. This helps determine if an online purchase, return, or exchange request is legitimate or potentially fraudulent within real-time. AI tools are also capable of continuous learning from new legitimate and fraudulent data to improve detection accuracy over time. Integrated with appropriate security measures, AI significantly strengthens the frontline defense for retailers and payment gateways against financial and identity thefts in the digital era. This protects businesses as well as enhances safe shopping experience for the customers.

Key Players Insights