The market assessment report titled ‘Europe Artificial Intelligence in Retail Market Forecast 2027 By Application, By Component, By Technology, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, cites that Europe artificial intelligence in retail market is anticipated to reach a valuation of USD 5 billion by the end of forecast period 2021-2027.
 

Growing retail sector, rising digitalization, and increasing focus among retailers towards improving customer experience to drive sales are stimulating the growth of Europe artificial intelligence in retail market.

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AI in retail chains plays a vital role in predicting demand, positioning, and pricing structure of products to offer customers an improved shopping experience, wherein the right product is introduced at the right location and time.

Based on the application spectrum, the automated merchandising systems segment is anticipated to record a healthy growth rate through 2027. These systems enable retailers to understand consumer behavior and make recommendations on the basis of factors such as social media usage, demographic data, and purchase patterns, thereby facilitating a personalized shopping experience.

Moving on to component segmentation, Europe artificial intelligence in retail market share from the solutions division is slated to rise at a hefty growth rate of 30% over the analysis timeframe owing to the increasing adoption of AI-based technologies such as chatbots, visualization systems and data analytic solutions across retail industries to meet the surging consumer demand.

Meanwhile, the visual listen and search sub-segment is anticipated to record a CAGR of more than 40% during 2021-2027 due to increasing preference towards online shopping that has paved the way for visual search tools and try-on features in the e-commerce sector.

Geographically, the market in Spain is slated to account for more than USD 500 million by 2027 as a result of increased investments in the IT sector. For instance, in 2020, the Spanish government announced that will be investing approximately USD 720 million towards the development of AI in the country.