Artificial Intelligence (AI) in Retail Market is Anticipated to Generate Significant Revenues by 2027

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Artificial Intelligence (AI) in Retail Market
Growth Potential and Regional Outlook to 2027

• Artificial intelligence (AI) in retail market
  will be significantly bolstered with the surging
  need for digitization and the consistent
  development of new business models across the
  retail sector. There are large investments made
  by public and private enterprises in AI
  technology. The incorporation of AI together with
  advanced analytics and machine learning is
  believed to yield multiple functional benefits.
  This has led to the increasing requirement of
  these techniques from retailers in order to offer
  a personalized store experience. As per
  estimates, the artificial intelligence (AI) in
  retail market size will globally cross an annual
  value of more than USD 20 billion by 2027.
• The influx of various technological investments
  to render workflow optimization in the retail
  sector has added positive impetus to the use of
  AI. This is because numerous retailers operating
  across the globe are widely adopting advanced
  technologies to differentiate their service
  offerings in the industrial landscape.

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• Demand for managed services in the AI for retail
  industry is pegged to rise at a growth rate of
  over 30 over the next few years. This is owing
  to the extensive utilization of intelligent
  algorithms and AI technology by most managed
  service providers. The cost-effectiveness of AI
  solutions has increased their preference. This is
  because the systems offer effective management in
  diverse applications, that range from controlling
  the network traffic to working on the machine
  issues without the need of human assistance.

• Value of computer vision technology in artificial
  intelligence in retail market is estimated to
  hold a significant revenue share through 2027.
  This can be attributed to the higher adoption of
  computer vision-based cameras and robots in order
  to track and manage the store inventory. Various
  retailers are also making use of in-store
  applications to gain a competitive edge over
  their counterparts by leveraging computer vision
  solutions. Furthermore, the technology is
  increasingly deployed by enterprises across
  applications like facial recognition, interaction
  analysis, footfall traffic, and shelf scanning.

• On the other hand, artificial intelligence in
  retail market across North America will gain
  considerable traction through 2027. This is due
  to the prominent number of enterprises that are
  consistently focused on AI technology development
  and investments across the region.

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• Regional Analysis

• Europe is a promising market for artificial
  intelligence (AI) and retail. The region is
  poised to grow at a 35 CAGR over the coming
  years with the significant expansion in the
  retail sector and the surge in the number of
  government investments in AI technology. For
  instance, the French government introduced the AI
  Strategy in March 2018 and is in plans to invest
  more than USD 1.76 billion in AI technology by
  the end of 2022.

• Competitive Analysis

• Amazon Web Services, Inc., Oracle Corporation,
  Baidu, Inc., Microsoft Corporation, and IBM
  Corporation are few other prominent industry
  players.

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