Europe AI In Retail Market Size, Share & Industry Trends Analysis Report By Technology, By Sales Channel (Omnichannel, Brick & Mortar, and Pure-play Online Retailers), By Component, By Application, By Country and Growth Forecast, 2022 - 2028
The Europe AI In Retail Market would witness market growth of 24.1% CAGR during the forecast period (2022-2028).
Online product recommendations and demand forecasting using machine learning are two examples of cloud retail workloads. However, using AI within the store itself has benefits. Edge computing in retail serves as a catalyst of insight, gathering and converting enormous volumes of unstructured data into insightful knowledge that can be put to use.
Imagine automated shelf replenishment, audience-adaptive digital signage, and sensors that monitor consumer traffic to identify upselling and cross-selling opportunities. Brick-and-mortar stores are adopting computer vision, a particular subset of deep learning in artificial intelligence used in retail. Computer vision sees and decodes visual information, giving users sight in the right places.
New retail use cases in demand forecasting, customer experience, inventory management, and other areas are being made possible by this. Retailers strive to create convenient, individualized, and pleasurable shopping experiences, whether they are running a tiny boutique or a large, international superstore. Customers should be able to find what they are looking for promptly, get assistance when needed, and complete their purchases quickly.
The adoption of AI is very high in the regional retail sector. According to the Government of the United Kingdom, 432,000 organizations, or about 15% of all businesses, have incorporated at least one AI technology. 10% of firms, or 62,000 and 292,000 businesses, respectively, are expected to implement at least one AI technology in the future. Approximately 2% of businesses are presently testing AI. Enterprises are more likely to embrace AI as they expand.
The Germany market dominated the Europe AI In Retail Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,581 million by 2028. The UK market is anticipated to grow at a CAGR of 23% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 25% during (2022 - 2028).
Based on Technology, the market is segmented into Machine Learning, Natural Language Processing, Chatbots, Image & Video Analytics, and Swarm Intelligence. Based on Sales Channel, the market is segmented into Omnichannel, Brick & Mortar, and Pure-play Online Retailers. Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Customer Relationship Management (CRM), Supply Chain & Logistics, Inventory Management, Product Optimization, In-Store Navigation, Payment & Pricing Analytics, and Virtual Assistant. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Salesforce.com, Inc., NVIDIA Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and ViSenze Pte Ltd.
Scope of the Study
Market Segments covered in the Report:
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