Insight Report 7 minutes PremiumAI in Retail: Putting New Tools in the Hands of Retailers Coresight Research January 5, 2019 Executive SummaryArtificial intelligence (AI) is putting new tools into the hands of retailers, helping them eliminate friction in the shopping process, deepen their engagement with customers, uncover business insights and automate processes. AI enables machines to use massive amounts of data to uncover trends and insights, making new markets accessible and businesses more efficient. However, data is the key, as more data beats better algorithms in terms of AI efficacy. According to market intelligence firm IDC, global spending on AI will reach $19.1 billion in 2018, a 54% year-over-year increase, and is projected to grow to $52.2 billion in 2021. The retail industry is expected to account for $3.4 billion in AI spending in 2018. In retail, AI applications fall into three main categories: computer vision, language processing and data analytics. Click here to view more reports on AI in retail. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for Other research you may be interested in: Retail-Tech Landscape: Robotics and AutomationInnovator Matrix: Workforce ManagementDepartment Stores in Focus—Kohl’s and Macy’s Lead the Way: US Consumer Survey InsightsAI and Unified Data: Empowering Next-Generation Product and Shopper Intelligence
