Spending on artificial intelligence (AI) in the retail sector is predicted to grow from $7.3 billion this year to $29.45 billion by 2028, a new analysis from Reportlinker.com finds. Driving that growth – which translates into an annual increase of 32.17 percent – will be ongoing innovations and implementations in machine learning and deep learning.
“Digital transformation in retail is about more than just connecting things,” the report notes. “It involves turning data into insights that guide decisions and lead to improved business results. AI largely produces these insights in retail, specifically via machine learning and deep learning.”
For retailers, the report says, “this results in fantastic customer experiences, chances to increase revenue, rapid innovation, and intelligent operations—all of which help set you apart from your rivals.”
One of the major ways retailers can use AI technology is to discern client intent. “Heat mapping in the store is one illustration. Cameras and computer vision work together to reveal which items are taken, which are returned, and where customers go after leaving the shelf. Retailers can utilize this information to develop experiences that encourage product engagement and aid in product education.”
Click here for more from the study, including top AI providers and the hottest geographic markets for such tech.