European AI in Retail Market size is projected to surpass USD 5 billion by 2027, according to a latest forecast report by Graphical Research.
The Europe market growth is attributed to the emergence of advanced technologies for transforming the retail industry. Industry participants are focusing on leveraging new technologies to enhance the sales and value proposition. The integration of IoT, augmented reality, virtual reality, 3D printing, blockchain, and digital traceability is disrupting the retail industry by offering unprecedented opportunities. These technologies assist organizations to develop unrivaled efficiencies for businesses and are shaping online & offline experiences that are becoming the benchmark of the consumer journey, encouraging companies to adopt more advanced technologies and high potential models to improve sales and consumer benefits.
The visual search & visual listen solution segment is expected to grow at a CAGR of 40% during the forecast period due to the increasing trend of online shopping and mobile commerce. The solution allows customers to search products using images instead of text or speech. It leverages the image recognition technology to analyze the image and recommend relevant products to improve the customers’ shopping experience. The demand for the solutions is estimated to grow significantly in the future due to the increasing popularity among online retailers and shoppers.
The Europe AI in retail market in computer vision technology segment held over 15% market share in 2020 owing to the increasing adoption of computer vision-based cameras and robots to track and manage store inventory. The retailers are leveraging the computer vision for several in-store applications to compete with their online competitors. Computer vision is gaining popularity among offline retailers for shelf scanning, facial recognition, and footfall traffic & interaction analysis.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
The market forecasting segment accounted a significant revenue share in 2020 credited to the growing need to understand the future market performance based on historical data. The market forecasting allows retailers to predict the demand for a product to meet the customer requirement. It assists companies in decision-making and planning process to conduct the marketing activities, resource scheduling, and financial planning activities.
The Spain AI in retail market is set to reach USD 500 million by 2027 due to growing investments in AI technology. The government is focused on implementing strategic initiatives to attract foreign investors to invest in IT-sectors and provide a sustainable solution. For instance, in December 2020, the Spain government announced to invest USD 720 million of public investment in the development AI between 2021 and 2023. The investment further helps the country to acquire a competitive position across the globe.
The European AI in retail market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027 for the following segments:
Europe Market, By Component
- Customer Behavior Tracking
- Inventory Management
- Price Optimization
- Recommendation Engines
- Supply Chain Management
- Visual Search
- Professional Service
- Managed Service
Europe Market, By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
Europe Market, By Application
- Automated Merchandising
- Programmatic Advertising
- Market Forecasting
- In-store AI and location optimization
- Data Science
The above information has been provided for the following countries: