According to the research report titled ‘North America Artificial Intelligence in Retail Market Forecast 2027 By Technology, By Component, By Application, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America artificial intelligence in retail market size is estimated to USD 10 billion by the year 2027.
 

Rapid digital transformation along with the expansion of the retail sector is primarily driving North America artificial intelligence in retail market.

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Notably, digital technologies like AI and ML have augmented speed, efficiency, and accuracy across all parts of retail as they play a great role in advanced data and predictive analysis that enables organizations making data-driven business decisions. Advanced AI technologies are empowering businesses to gather and assess individual consumer data for running tailored promotions and marketing campaigns.

Based on technology, the market is divided into machine learning, computer vision, and others. The industry from machine learning segment is touted to record a hefty CAGR of 40% through 2027. ML assists businesses in enhancing the consumer experience and optimizing their supply chain strategy. By using ML-based predictive analytics, retailers can define which marketing campaigns and social media channels will offer the most impact with respect to the company's products and services.

Moving to the application landscape of North America artificial intelligence in retail industry, the segmentation comprises automated merchandising, marketing forecasting, programmatic advertising, data science, in-store AI & location optimization, and others.

Automated merchandising sub-segment captured 30% of the regional market share in 2020 and is likely to record strong gains in the ensuing years. This can be ascribed to the spike in customer traffic on e-commerce websites amid the Covid-19 pandemic. Social distancing norms along with ease of shopping and hassle-and free operation of e-commerce have contributed to this trend.

From a geographical perspective, Canada is anticipated to contribute over USD 2 billion in revenue for the market by 2027. This can be credited to increasing adoption of AI and ML-based technologies among top retail businesses. For example, Walmart Canada in July 2020 laid out plans to invest USD 3.5 billion in digital transformation over the next five years to fund the procurement of AI software, IoT sensors, and d blockchain-based transportation payments.

Speaking of the competitive landscape, major players influencing the trends in North America artificial intelligence in retail market are Oracle Corp., Nvidia Corp., Microsoft Corp., Lexalytics Inc., Intel Corp., IBM Corp., Google Inc., BloomReach Inc., and Amazon Web Services.