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Europe Artificial Intelligence (AI) in Retail Market Forecast 2027 By Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-Store AI & Location Optimization, Data Science), By Component (Solution [Chatbot, Customer Behavior Tracking, Customer Relationship Management (CRM), Inventory Management, Price Optimization, Recommendation Engine, Supply Chain Management, Visual Search], Service [Professional Service, Managed Service]), By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), Research Report, Country Outlook (UK, Germany, France, Spain, Sweden, Switzerland), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: November 2021 | Publisher: Graphical Research Report ID: GR1999 | Delivery : PDF  Request Free Sample

Europe Artificial Intelligence in Retail Market size crossed USD 500 million in 2020 and is anticipated to exhibit a CAGR of 30% between 2021 and 2027. The market growth is attributed to the growing adoption of AI technology across retailers to improve customer satisfaction.

Europe Artificial Intelligence (AI) in Retail Market Share By Component

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The rising adoption of machine learning and NLP technologies across the retail companies in the region is also fueling the market expansion. The integration of the IoT, augmented reality, virtual reality, 3D printing, blockchain, and digital traceability is supporting the retail sector by offering unprecedented opportunities.

Europe Market, By Component

Solution segment will observe around 30% growth rate during the forecast timeframe, due to the wide adoption of analytics solutions by online retailers to increase their customer base and offer better customer experience.

Retailers are increasingly leveraging the technologies to understand the customer behavior and the requirement to fulfill their demand. Also, the high intensity of competition among the retailers is encouraging them to adopt advanced technologies. Retailers and e-commerce companies are leveraging various AI-based solutions, such as chatbots, customer relationship management, and data analytics & visualization solution, to extract actionable insights and improve the customer experience.

Europe Market, By Technology

The NLP technology segment is projected to account for a market share of 35% by 2027. The increasing adoption of NLP technology among retail companies is to analyze customers and improve their experience in stores. NLP technology complies with customer information, analyzes this information, and uses it to improve the overall shopping experience of customers.

Europe Market, By Application

The automated merchandising segment is anticipated to significantly expand till 2027, driven by the growing demand for customer behavior tracking solutions among retailers. Automated merchandising solutions assist companies in analyzing the purchasing behavior and provide relevant suggestions to increase their sales. The solution collects all the relevant information of the user during the online shopping process to provide a personalized shopping experience.

Europe Market, By Country

UK is poised to dominate the Europe AI in retail market through 2027. It has a competitive edge in artificial intelligence owing to many AI-based companies and a rich ecosystem of investors, clients, and skilled professionals. Increasing research & development activities and growing commercial investments by major players in the country will foster the market growth.

Competitive Industry Landscape

Key companies involved in the market include Amazon Web Services, Baidu Inc., BloomReach Inc., CognitiveScale Inc., Google Inc., IBM Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, RetailNext Inc., Salesforce.com Inc., and SAP SE.

Frequently Asked Question(FAQ) :

The market size for artificial intelligence (AI) in retail in Europe was surpassed USD 500 million in 2020 and will observe around 30% CAGR from 2021 to 2027 with increasing adoption of AI technology across retailers.
The market share for artificial intelligence (AI) in retail in Europe from solution segment will grow at approximately 30% CAGR up to 2027 owing to the need to boost customer experience through chatbots and data analytics.
NLP technology will contribute around 35% share towards Europe industry by 2027, mainly due to the competition to enhance customer shopping experience across the U.K., Germany and Spain.
The market forecast for artificial intelligence (AI) in retail in U.K. will continue to remain bullish due to the presence of leading AI-based companies and investments in R&D activities.
IBM Corporation, Amazon Web Services, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., Baidu Inc., Google Inc. and CognitiveScale Inc., among others are expected to help increase Europe market share.

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