Retail companies will invest about 2.76 billion euro in artificial intelligence this year. According to research firm IDC, they are the main driver for AI worldwide, ahead of the banking sector.
AI market represents 15.52 billion euro in 2018
An estimated 19.1 billion dollar (15.5 billion euro) will be spent on cognitive and AI systems in 2018. That is more than 50 % (54.2 % to be exact) more than last year, according to research firm IDC. It says that 40 % of every digital transformation initiative will use AI in 2019 and that number will grow to 75 % in 2021.
Remarkable :the retail sector will surpass the banking industry and spend the most on artificial intelligence in 2018. IDC forecasts a 3.4 billion dollar (2.76 billion euro) expense for retailers. That is more than banks, which will spend 3.3 billion dollars (2.68 billion euro) and which were the top spenders in the past few years.
IDC says retailers will mostly invest in automated customer service, expert in-store advice and product recommendation and omnichannel merchandising opportunities.