According to the research 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, Europe artificial intelligence in retail market is projected to exceed USD 5 billion valuation by the year 2027.

Usage of artificial intelligence (AI) in retail helps in improving pricing, forecasting demand, and better product positioning, as a result, clients are exposed to the appropriate products at the appropriate time and in the appropriate area, which is catalyzing the growth of Europe artificial intelligence in retail market.

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Moreover, collection of all required information from the customer during shopping, such as demographic data, social media usage, and shopping habits to improve purchase experience and provide personalized support both online and in-store by leveraging these smart algorithms is expected to fuel the marketplace in the coming years.

Based on technology, the industry is branched into computer vision, natural language processing, and machine learning & deep learning.

In terms of component, Europe artificial intelligence in retail market is split into service (managed service, professional service), and solution (inventory management, visual search, recommendation engines, supply chain management, price optimization, CRM, customer behavior tracking, chatbot, others). Among these, the solution segment is expected to grow at a CAGR of 30% over the analysis timeframe, owing to widespread usage by online merchants in order to increase their customer base and deliver a better customer experience.

Moreover, the visual search sub-segment is slated to expand at 40% CAGR through 2027, because of the technological development taking place in the industry. The feature enables the customers to try-on products & cosmetics, and ease search of similar items.

On the basis of application spectrum, the marketplace is divided into data science, in-store AI & location optimization, market forecasting, programmatic advertising, and automated merchandising. Among these, the automated merchandising segment is gaining traction lately, due to the ability to analyze client purchasing behavior & patterns, and make relevant recommendations to boost sales.

Regionally, Spain industry is predicted to be worth more than USD 500 million by 2027, thanks to rising investments in AI technology, and increasing government efforts on strategic initiatives to encourage international IT investment in the country.

SAP SE, Salesforce.com Inc., RetailNext Inc., Oracle Corporation, Nvidia Corporation, Microsoft Corporation, IBM Corporation, Google LLC, CognitiveScale Inc., BloomReach Inc., Baidu Inc, and Amazon Web Services Inc. are the leading players in Europe artificial intelligence in retail market.