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. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: US Watch Market: Traditional Watches Cede Share to Smartwatches, While Luxury Offerings Continue To GrowUS and UK Retail Bankruptcies Latest, August 2023: Wilko Administration Bucks UK Discount Growth TrendUS Consumer Tracker: Modest Valentine’s Day Spending LikelyE-Commerce Outlook: European Apparel and Footwear—Poised for Growth in 2023 and Beyond
