According to a recent study from market research firm Graphical Research, the North America Artificial Intelligence (AI) in retail market size is projected to reach $4.3 billion by 2027, at a CAGR of around 30% between 2017 and 2027. The high demand for smart voice search devices and increasing investments by major players are some of the top trends driving the growth of this industry share over the forecast period. However, lack of consumer awareness about intelligent personal assistants and growing counterfeit products could hinder the market’s growth during the next few years.
Overview of the Global AI in Retail Market
AI has been touted as the next big thing for retail, and with good reason. Consumers are increasingly turning to online channels for their shopping, and retailers are struggling to keep pace with increasing demands for personalized and tailored experiences. Companies will need a strong understanding of data, which they can use to make smarter business decisions that will increase customer satisfaction and loyalty, while reducing operational costs.
A recent study from market research firm Graphical Research indicates that the North America Artificial Intelligence (AI) in retail market size is projected to reach $4.3 billion by 2027, at a CAGR of about 41%. The Global AI in retail market size was valued at USD 3 billion in 2017 and is expected to grow significantly over the forecast period 2018-2027.
Overview of the North American AI in Retail Market
According to a recent study from market research firm Graphical Research, the North America Artificial Intelligence (AI) in retail market size is projected to reach $4.3 billion by 2027, at a CAGR of 45%. The primary drivers of growth are the increasing need for customer personalization and the growing integration of AI technologies into various aspects of retail operations such as supply chain management and marketing activities. Intelligent automation will be another key driver that will bring competitive advantage on retailers and create more revenue opportunities for businesses with integrated AI capabilities through their business process outsourcing services. With many large retailers integrating intelligent automation into their operations, it also opens up new avenues for small and medium-sized enterprises looking for innovative ways to differentiate themselves from competition.
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Forecasts and Trends
North America Artificial Intelligence (AI) In Retail Market: Top trends impelling the industry share through 2027
According to a recent study from market research firm Graphical Research, the North America Artificial Intelligence (AI) in retail market size is projected to reach $4.3 billion by 2027 with a CAGR of 31%. The market has been witnessing a considerable rise due to the increase in adoption of artificial intelligence-powered solutions and high demand for automated customer service systems among retailers. The latest trend that will fuel this growth is the development of conversational commerce, which provides customers with an experience similar to interacting with an actual human being rather than an automated system and provides retailers with access points for capturing valuable customer data and insights, thus delivering more personalized services.
Drivers and Restraints
-North America Artificial Intelligence (AI) In Retail Market Drivers: -Increasing Internet of Things (IoT) network, emergence of 3D printing and Virtual Reality (VR), and rising focus on customer engagement are some of the key driving factors for the North America artificial intelligence market share. -North America Artificial Intelligence (AI) In Retail Market Restraints: -The lack of skilled labor pool, privacy concerns, and high cost as few restraints for growth of this market segment.
-There is a huge change in the retail industry, especially with the introduction of new technologies such as augmented reality, virtual reality, and machine learning. With these technologies retailers can now provide shoppers with more information than ever before and allow them to purchase items seamlessly online or in-store using their mobile phone or smartwatch. This will continue to transform the way that retailers function and how consumers interact with them for years to come, so it’s important for businesses looking for investment opportunities to keep up with this fast-paced industry transformation.
-One interesting area of opportunity has been investing in brands that have already seen success due to their use of technology as well as those looking for investment opportunities who are hoping to jump on board the trend early enough before it becomes mainstream.
AI has existed for decades, but the recent rise of machine learning and advances in technology has led to a surge of investment and innovation. Graphical Research expects the market will grow at a CAGR of 26% over the next five years, reaching nearly $4 billion across retail segments such as online stores and brick-and-mortar stores.
The retail industry has seen enormous changes due to an increase in modern technologies such as e-commerce, omni-channel engagement, and mobile commerce; all of these factors have lead to increased demand for AI technologies from retailers looking for new ways to engage with customers.