As cited by the research report titled ‘Artificial Intelligence (AI) in Retail Market Size By Component (Solution [Chatbot, Customer Behavior Tracking, Customer Relationship Management (CRM), Inventory Management, Price Optimization, Recommendation Engine, Supply Chain Management, Visual Search], Service [Professional Service, Managed Service]), By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), By Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location Optimization, Data Science), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, Artificial Intelligence (AI) in retail market is projected to expand significantly over 2021 – 2027.
 

Increasing penetration of ecommerce, rising focus to enhance customer experience & visibility of inventory across retailers, along with growing adoption of social media platforms are major factors driving artificial intelligence (AI) in retail market growth.
 

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For the record, artificial intelligence involves building smart machines that can perform various tasks that mostly require human intelligence. The algorithms of AI systems are specially designed to make better decisions, usually using real-time data.
 

The retail industry has been undergoing continuous digital transformation, with gradual increase in speed, accuracy, and efficiency across various branches of retail sector, due to predictive analytics systems and advanced data that are assisting companies to take data-driven business decisions.
 

Based on component type, chatbots segment is likely to expand at 40% CAGR over the forecast duration owing to rising demand to enhance customer experience. Meanwhile, the inventory management segment is expected to grow at 30% CAGR over the study duration due to the strong emphasis to enhance the visibility of inventory across retailers.
 

Considering application range, programmatic advertising segment held 20% market share in 2020 and is expected to expand lucratively over the assessment period, owing to increasing need to attract more customers.
 

Meanwhile, the others segment held around 20% market share in 2020 and is anticipated to showcase remunerative growth over the estimated timeline on account of rising penetration of social media.
 

Considering the regional frame of reference, Middle East & Africa AI in retail market is expected to expand at a CAGR of around 40% over the projected timeline owing to increasing penetration of ecommerce in the region.
 

Prominent players swaying the global AI in retail industry trends are Lexalytics Inc., Interactions LLC, Intel Corporation, Inbenta Technologies Inc., International Business Machines Corporation, Google Inc., CognitiveScale Inc., BloomReach Inc., Baidu Inc., Amazon Web Services Inc., Visenze, Sentient Technologies LLC, SAP SE, Salesforce.com Inc., RetailNext Inc., Oracle Corporation, Nvidia Corporation, Next IT Corporation, and Microsoft Corporation.