According to the research report titled ‘Global Artificial Intelligence (AI) in Retail Market Size study, by Offering (Solution, Services), by Function (Operation-Focused, Customer-Focusing), by Technology (Computer Vision, Machine Learning, Natural Language Processing (NLP), Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global Artificial Intelligence (AI) in retail market amassed USD 3 billion in 2019 and is anticipated to reach USD 24 billion by 2027, expanding at an annual rate of 29.7% between 2020-2027.
 

Ability to perform operations with higher efficiency, coupled with elimination of human errors are key benefits stimulating global Artificial Intelligence (AI) in retail market expansion. Moreover, incorporation of AI in retail provides customers with a more personalized experience by increasing business-to-customer interactions which will spur industry growth in the upcoming years.
 

Furthermore, online retail companies worldwide are making efforts to enhance customer experience which will also facilitate market augmentation. Citing an example, PayPal is utilizing AI to detect fraudulent charges.
 

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Additionally, surging demand for AI driven chatbots, along with growing number of e-commerce transactions will contribute to global Artificial Intelligence (AI) in retail market expansion. As per the United Nations Conference on Trade and Development (UNCTAD), global e-commerce sales amounted to USD 25.6 trillion in 2018, which was 8% higher than 2017.
 

On the other hand, higher implementation costs, and dearth of infrastructure will hinder global Artificial Intelligence (AI) in retail market growth between 2020-2027.
 

Based on function, the market is bifurcated into operation-focused, and customer focusing. Speaking of technology, the industry is fragmented into computer vision, natural language processing (NLP), and machine learning among others.
 

Regionally speaking, North America held a significant portion of the worldwide artificial intelligence (AI) in retail industry share in the past years, due to presence of various leading companies in the region and early adoption of advanced technologies in retail stores.
 

Meanwhile, Asia Pacific market is projected to grow rapidly between 2020-2027, owing to rising investments in AI technology in developing countries like China and India, and expansion of e-commerce sector.
 

Key players profiled in the global Artificial intelligence (AI) in retail market report are Google LLC, Intel Corporation, International Business Machines Corporation (IBM), Amazon Web Services, SAP SE, Microsoft Corporation, Baidu Inc., Oracle Corporation, Conversica Inc., and NVIDIA Corporation.