As per 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 is expected to garner a substantial valuation of USD 10 billion by the end of 2027.

Improved efficiency, speed, and accuracy in the retail sector is the pivotal factor boosting North America artificial intelligence in retail market growth. Availability of advanced data and information due to the incorporation of AI in business is enabling store owners to materialize data driven business strategies.

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Furthermore, growing consumer inclination towards personalized products is another major factor driving market expansion in recent times.  

Moving on, in terms of technology, the machine learning segment is estimated to account for 40% of the total North America artificial intelligence in retail market share during the analysis timeframe. Through machine learning, a retailer will be able to effectively predict precise social media and marketing campaigns to attract and retain consumers for specific products and services.

Speaking of the application spectrum, automated merchandizing segment accounted for nearly 30% market share in 2020, mainly attributable to the ability of AI to enable online retailers to predict consumer purchase patterns and showcase additional shopping options through automated merchandizing.

The onset of the Covid-19 pandemic and the ensuing lockdown restrictions are also crucial in segmental expansion as majority of the consumers have shifted to e-commerce platforms for an improved shopping experience that enabled industry players to display an array of customizable options to retain the attention of consumers and reap maximum benefits.

From a regional frame of reference, Canada AI in retail industry is estimated to cross a sizable valuation of USD 2 billion by 2027. This development can be attributed to the penetration of AI and ML based technologies that vastly improve consumer experience in the digital domain.

The competitive landscape of this industry is defined by major companies such as Oracle Corporation, Nvidia Corporation, Microsoft Corporation, Lexalytics Inc., Intel Corporation, International Business Machines (IBM) Corporation, Google Inc., BloomReach Inc., and Amazon Web Services Inc.