The industry analysis report titled, ‘Asia Pacific Artificial Intelligence in Retail Market Forecast 2027 By Component, By Technology, By Application, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, states that Asia Pacific artificial intelligence in retail market is slated to amass a valuation of USD 7 Bn by 2027.
 

Escalating demand for personalized products and services plays a crucial role in the growth of the Asia Pacific artificial intelligence in retail market during the analysis period. Moreover, artificial intelligence in retail establishments facilitates increased sales, brand recognition, customer attraction, and retention and a competitive edge over other opponents.

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The onset of the Covid-19 pandemic has also led to an increase in online purchasing and subsequently enhanced the overall remuneration scope, claims the study.

Moving on to the component segmentation, the chatbots sub-segment is anticipated to progress at a y-o-y growth rate of more than 45% through 2027 owing to the cost saving benefits of these bots. This can be ascribed to their ability to answering consumer queries and retaining consumer information for the future, hence, require minimal inputs.

Considering technology, Asia Pacific artificial intelligence in retail industry from natural Language processing sub-segment is slated to record a CAGR exceeding 35% over the forecast period. The technology is utilized by AI-based conversational assistants for answering consumer queries, diverting attention to human personnel whenever necessary, and ensuring a good shopping experience for the customer.

Geographically, the Japan artificial intelligence in retail market landscape held approximately 15% of the industry share in 2020 and is slated to grow substantially during the assessment timeline owing to e-commerce consumer base expansion and major partnerships by leading corporations in the region.

The competitive landscape of this industry is defined by major companies that have directed their efforts towards improving their product accessibility through partnership and collaboration deals. For instance, in December 2020, Fujitsu Limited, a multinational information technology equipment and services provider, entered into an alliance with Zippin, an AI based checkout free technology manufacturer for shops, with the goal to introduce and expand AI powered checkout free solutions across Japan.

Other key players in Asia Pacific artificial intelligence in retail market are Amazon Web Services, BloomReach, Baidu Inc., Intel Corporation, Google LLC, Salesforce, International Business Machines Corporation (IBM), Microsoft Corporation, Sentient Technologies, Interactions LLC, and Inbenta.