Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global AI In Retail Market size is expected to reach $24.1 billion by 2028, rising at a market growth of 24.4% CAGR during the forecast period.
The Natural Language Processing segment is showcasing a CAGR of 24.6% during (2022 - 2028). NLP would progress exponentially as data analysis increases and chatbots powered by AI become more popular. NLP-powered chatbots with touchscreens and mobile interfaces will promote engaging consumer experiences. Additionally, NLP can provide sentiment analysis to evaluate consumer messaging, social media posts, online reviews, and interactions in call centers.
The Omnichannel segment acquired maximum revenue share in the Global AI In Retail Market by Sales Channel in 2021 thereby, achieving a market value of $11.2 billion by 2028. Due to the rapid expansion of digitization in both developing and developed nations, Omni channel tactics have become quite popular. Additionally, headless commerce has paved the path for retailers to use their platforms to offer payment gateways and goods on kiosk screens, smartwatches, progressive web apps, and mobile apps.
The Services segment has shown the growth rate of 26.1% during (2022 - 2028). On the basis of the strong demand for managed services to increase efficiency, boost productivity, and improve accuracy to optimize business operations, the AI services in retail may experience significant growth. Therefore, the rapid adoption of AI solutions is increasing the demand for services because it contributes to the creation of smart functions, improves the customer experience, increases the potential for revenue development, allows for quick innovation, and minimizes human error.
The Supply Chain & Logistics segment is showcasing CAGR of 23.9% during (2022 - 2028). Major businesses use this program in order to streamline and improve their business process. For instance, Symphony RetailAI, a provider of artificial intelligence (AI) marketing, supply chain, & merchandising solutions to FMCG manufacturers and retailers, signed a deal with Netto and Intermarche in September 2020.
The North America market dominated the Global AI In Retail Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.9 billion by 2028. The Europe market is exhibiting a CAGR of 24.1% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 25.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/ai-in-retail-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Sales Channel
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