Artificial Intelligence (AI) Market in Retail Sector Market - 40% of Growth to Originate from North America| Driven by the Rise in Investments and R & D in AI Startups| Technavio
NEW YORK, June 29, 2022 /PRNewswire/ -- The "Artificial Intelligence (AI) Market in Retail Sector Market - Competitive Analysis, Drivers, Trends, Challenges & Five Force Analysis" report has been added to Technavio's offering. The artificial intelligence (AI) market in the retail sector market value is anticipated to grow by USD 29.57 billion, at a CAGR of 35.69% from 2021 to 2026.
40% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for artificial intelligence (AI) in the retail sector in North America. Market growth in this region will be faster than the growth of the market in South America and MEA. The significant increase in the investments in the technology and the early adoption of AI will facilitate the artificial intelligence (AI) market growth in the retail sector in North America over the forecast period.
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The key factor driving the global artificial intelligence (AI) market growth in the retail sector is the rise in investments and R&D in AI startups. Many governments have come up with formal AI frameworks and strategies, such as the US executive order on American leadership in AI, China's Next Generation Artificial Intelligence Development Plan, and AI Made in Germany, all of which are aimed at driving economic and technological growth.
However, the key challenge to the global artificial intelligence market growth in the retail sector is the privacy issues associated with AI deployment. By using advanced data mining techniques, data is gathered on several parameters such as the customer's buying habits, customers' online behavior, and payment information.
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The artificial intelligence (AI) market in the retail sector market is fragmented and the vendors are deploying growth strategies such as pricing and marketing strategies and product differentiation to compete in the market.
Some of the companies covered in this report are Accenture Plc, Amazon.com Inc., BloomReach Inc., Capgemini SE, Daisy Intelligence Corp., Element AI Inc., Evolv Technology Solutions Inc., Inbenta Technologies Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Mad Street Den Inc., Microsoft Corp., NVIDIA Corp., Oracle Corp., Plexure Group Ltd., Salesforce.com Inc., SAP SE, Symphony Retail Solutions, and Trax Technology Solutions Pte. Ltd., etc.
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The competitive scenario provided in the artificial intelligence (AI) market in retail sector market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
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Product Information Management Market-The product information management market share is expected to increase to USD 7.40 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.17%. Download a sample now!
Business Productivity Software Market-The business productivity software market share is estimated to reach a value of USD 98.39 billion from 2021 to 2026 at an accelerating CAGR of 14.24%. Download a sample now!
Table of Content
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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