AI in Retail Market Share

On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing number of retail companies in the region taking up AI-oriented initiatives. Apart from this, rising adoption of intelligent algorithms among retailers to analyze consumer behavior, and growing use of chatbots for providing personalized shopping experience are also expected to drive the region’s market growth. For instance, in 2019 more than 10 percent people used chatbots in India, holding the second position among countries with the highest number of chatbot users worldwide. Additionally, the market in North America is projected to acquire the largest share during the forecast period in view of the escalating deployment of AI based solutions in supply chain operations and inventory, and strong presence of prominent AI retail companies in the region.