According to the report titled ‘Global Artificial Intelligence in Retail Market Size by Type (Online, Offline), by Technology (Machine Learning and Deep Learning, Natural Language Processing, Others (Analytics and Process Automation)) By Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location Optimization, Data Science), and Regional Forecasts 2021-2027’, available with Market Study Report, global artificial intelligence in retail market  was worth USD 1.80 billion in 2020 and is anticipated to exhibit an annual growth rate of 35 % during 2021-2027, thereby accumulating USD 14.71 billion by the end of study period.
 

Rising R&D investments to increase AI capabilities in the retail sector to enhance customer experience is majorly driving the expansion of global artificial intelligence in retail market.
 

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Additionally, the COVID-19 pandemic has forced many retail sectors to temporality shutdown, leading to acceleration of online shopping channels. The retailers are adopting sustainable initiatives like AI to build their online presence, which is further augmenting the industry development.
 

For the unversed, artificial intelligence is capable of managing various operations in the retail sector without human intervention. It facilitates faster decision making in e-commerce, marketing and other business domains.
 

Technological advancements like chatbots, voice search, and recommending engines which aids in analyzing customer behavior and patterns and offer personalized solutions is fueling worldwide artificial intelligence in retail market progression. For example, retail giant Walmart Inc. uses AI technology from Google and Amazon to provide its users with the voice search feature.
 

On the contrary, shortage of skilled workers and shortcomings on infrastructure front, along with concerns regarding security breach will act as challenges for small and medium business in this domain.
 

Speaking of geographical landscape, North America, Asia Pacific, Latin America, and Europe are the major benefactors to the overall industry remuneration. Amon these, North America presently captures a significant market share.
 

Parallelly, Asia Pacific market is poised to witness notable expansion during 2021-2027, accredited to increase in the number of supporting industries like e-ecommerce and IT, along with rapid economic development, and rising purchase powers of the customers across the region.
 

Major players like Salesforce, Inc., Sentient Technologies LLC, Google LLC, Nvidia Corporation, Intel Corporation, SAP SE, Oracle Corporation, Amazon Web Services, Inc., Microsoft Corporation, and International Business Machines Corporation are profiled in global artificial intelligence in retail market report.