According to the new research report, titled “AI Powered Checkout Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solution and Services), End-user (Supermarket and Hypermarket, Departmental Stores, and Others), and Geography” published by The Insight Partners, the market is expected to reach US$ 1,182.81 million by 2027, registering a CAGR of 37.2% during 2020–2027.
Rising disposable income among population is driving the retail sales in Asia, which is resulting in the establishment of a large number of retail outlets across the region. Therefore, to match with ongoing rising demand of customers, the technology companies and retailers are partnering to integrate AI in regular retail activities. In India, as the labor crisis and high rentals are affecting the retail sector — supermarkets, hypermarkets, convenience stores, and departmental stores are looking forward to increasing investments in AI and automation to cut costs and enhance customer experience. For instance, in December 2019, Walmart stated its plan of remodeling its more than 200 stores in China in the coming years. This goal includes the deployment of self-service checkout, leveraging facial recognition technology. Thus, the AI continues to play an essential role in the transformation of entire retail landscape. JD.com and Fung Retailing Group partnered to reveal the first AI checkout solution of Hong Kong in a retail store environment. The agreement between two companies features AI checkout experience, leveraging image recognition technology. The AI-powered technology is installed at an AI Retailing Zone in Circle K stores in Hong Kong. Thus, the retailers are seeking ahead to capitalize on this trend to accomplish the vision of smarter and convenient retail.
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At present, North America is the largest market in terms of revenue share of global AI-powered checkout market. The region is characterized by the presence of developed nations such as the US and Canada, where the demand for technology solutions & services is quite high owing to the huge presence of companies from various industry sectors. The COVID-19 pandemic continues to enforce the temporary closure of retail stores in the countries of North America, signaling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of COVID-19. For instance, out of 26 Amazon Go, the AI-powered checkout, 22 stores have been shut down as people have been asked to not leave their houses. Further, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are being told to follow social distancing, e-commerce orders for essentials and groceries have become a survival tool for the people in America.
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