North America 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
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Market Report Description
The North America AI In Retail Market would witness market growth of 23.6% CAGR during the forecast period (2022-2028).
Technology fuels AI in retail at every step of the journey, from the brick-and-mortar edge to the cloud. Retailers nowadays need to respond to their customers in a way that has never been conceivable while also reducing waste and inefficiencies in their business operations. Data is available, but making sense of the overwhelming amount of it requires real expertise.
More than just connecting things is what digital transformation in retail is all about. It involves turning data into insights that guide decisions and lead to improved business results. These insights are produced in large proportion by AI in retail, specifically machine learning and deep learning. For retailers, this results in amazing customer experiences, chances to increase revenue, quick innovation, and shrewd operations, all of which help set businesses apart from their rivals.
Numerous shops already incorporate AI into some aspects of their business. AI in CRM software can be used to automate marketing tasks, and predictive analytics can be used to determine which customers are most likely to purchase particular goods. The cloud makes it possible to store and process AI workloads that call for large amounts of data from numerous sources.
The North America AI in retail market is very large and it is also expanding rapidly owing to a number of factors. In order to improve customer service effectiveness, businesses in North America are focusing on gathering the available data on consumer preferences. Additionally, the United States was the first country to deploy artificial intelligence technology and is already reaping significant economic benefits.
The US market dominated the North America AI In Retail Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,406.5 million by 2028. The Canada market is poised to grow at a CAGR of 26.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 25.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global AI In Retail Market is Estimated to reach $24.1 Billion by 2028, at a CAGR of 24.4%
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:
- Machine Learning
- Natural Language Processing
- Image & Video Analytics
- Swarm Intelligence
By Sales Channel
- Brick & Mortar
- Pure-play Online Retailers
- Customer Relationship Management (CRM)
- Supply Chain & Logistics
- Inventory Management
- Product Optimization
- In-Store Navigation
- Payment & Pricing Analytics
- Virtual Assistant
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Intel Corporation
- Salesforce.com, Inc.
- NVIDIA Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- ViSenze Pte Ltd
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