North American AI in Retail Market size is predicted to cross USD 10 billion by 2027, according to a latest forecast report by Graphical Research.
The North America market growth is attributed to growing digital transformation in the retail industry. Retailers are aggressively implementing AI technology to boost digital automation in the retail industry. Advanced AI systems enable retailers to combine and analyze the data of individual customers to implement customized campaigns. Retail organizations in the region are transforming their e-commerce platforms with more advanced technologies. For instance, in September 2021, J.C. Penney transformed its e-commerce platform with AI. The company is leveraging AI technology to transform its e-commerce platform and improve the online customer experience. AI technology helps retailers to enhance their services and improve the customer retention rate. There are several benefits of AI in retail market such as quick decision making, digital assistant, improved security, enhanced customer support, and others. The growing trend of online shopping has increased the demand for advanced & integrated e-commerce solutions such as CRM, chatbots and inventory management.
The professional service segment held over 80% market share in 2020 due to the rapid implementation of AI solutions. Retailers are aggressively demanding supplementary support from vendors for specific services such as installation, maintenance, management, software implementation, testing, technology integration & customization, and others. Various companies in the region offer professional services as per customer demands. These services generally help customers in managing and implementing AI platforms. There are several benefits of professional services such as better expertise, reduce cost, low risk of failure, and others.
The North America AI in retail market in machine learning technology segment is expected to grow at a CAGR of 40% during the forecast period owing to the growing adoption of advanced technologies, such as AI, predictive analytics, and ML, by retailers. Machine learning technology helps retailers in improving their customer experience and optimizing their supply chain plan. Retail organizations are combining machine learning with marketing efforts to increase their sales. There are several benefits of machine learning in retail, which include predicting the inventory level, personalized customer experience, customized shopping experience, efficient tracking of the customer journey, and others.
Browse detailed statistical insights from the report, “North America Artificial Intelligence (AI) in Retail Market Forecast 2027 By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), 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 Application (Automated Merchandising, Programmatic Advertising, Market Forecasting, In-store AI & Location Optimization, Data Science), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The data science application segment is projected to exhibit a CAGR of 35% through 2027 on account of an increasing transformation of the retail industry. The major e-commerce and retail organizations use data science tools & techniques to manage their business workflow and boost revenue. Data science tools generally help customers in collecting and searching data from retail websites. Various retail companies, such as Amazon, Myntra, and Flipkart, use data science tools and techniques to increase their sales & revenue. Different applications of data science are widely used in the retail industry such as market basket analysis, customer sentiment analysis, price optimization, fraud detection, behavior analytics, forecasting trends, inventory management, targeted promotions, and others.
Canada AI in retail market is set to witness over USD 2 billion by 2027 credited to a growing demand for AI and machine learning technologies in the retail industry. The major retail organizations in the country are extensively focusing on adopting AI and ML-based tools & techniques that offer a seamless and integrated customer experience. Many retailers are investing in advanced technologies to transform their online platforms. For instance, in July 2020, Walmart Canada invested USD 3.5 billion in digital transformation over the next five years. The investment covers IoT sensors, AI software, and blockchain-based transportation payments. The company has also planned to deploy robotics and computer vision cameras that will facilitate intelligent automation and efficient retail operations.
The North American 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:
North America Market, By Component
- Customer Behavior Tracking
- Inventory Management
- Price Optimization
- Recommendation Engines
- Supply Chain Management
- Visual Search
- Professional Service
- Managed Service
North America Market, By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
North America Market, By Application
- Automated Merchandising
- Programmatic Advertising
- Market Forecasting
- In-store AI & Location Optimization
- Data Science
The above information has been provided for the following countries: