According to the business intelligence 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, Asia Pacific artificial intelligence in retail market is estimated to amass a valuation of USD 7 billion by the end of 2027.

With the advent of the digital era, growing consumer inclination towards personalized products is the ongoing trend which has unearthed novel pathways for the incorporation of AI in retail stores, thereby augmenting Asia Pacific artificial intelligence in retail market growth.

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The ability to attract consumers, increased sales, consumer retention, and brand recognition are some of the major factors aiding the surge in growth dynamics of the market during the forecast period.

Moving on, in terms of component, the chatbot segment is estimated to account for nearly 45% market share during the analysis timeframe. This development can be attributed to the crucial role played by chatbots in retaining consumers as well as minimizing expenditure for retail owners for developing & maintaining the chatbots. In addition, these chatbots aid in answering client queries and directing them to specific results using AI & ML, thereby gathering customer information that will guiding future business operations.

Speaking of technology, the Natural Language Processing (NLP) segment accounted for around 35% of the total Asia Pacific artificial intelligence in retail market share in 2020. Growing utilization of the technology by retail enterprises in order to understand consumer choices and improvise their shopping experience is said to have contributed to segmental expansion over the past few years.

Geographically, Japan market accounted for nearly 15% revenue share in 2020, mainly attributable to proliferation of e-commerce and retail outlets in the country. Collaborations between major corporations such as Fujitsu Ltd. and Zippin, which aim at bringing AI free checkout solutions in Japan, is likely to boost market remuneration during the analysis timeframe.

The competitive terrain of APAC artificial intelligence in retail marketplace is defined by key players such as Sentient Technologies Holdings Ltd., Salesforce.com Inc., Nvidia Corporation, Microsoft Corporation, Interactions LLC, Inbenta, Intel Corporation, IBM Corporation, Google LLC, BloomReach Inc., Baidu Inc., and Amazon Web Services Inc.