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Wednesday, March 13, 2019

Who will be spending on artificial intelligence in 2019 | Artificial Intelligence -

Spending on artificial intelligence (AI) systems is forecast to grow at 44 percent to $35.8 billion in 2019, according to IDC report.

The report also said spending on AI systems will more than double to $79.2 billion in 2022 with a compound annual growth rate (CAGR) of 38.0 percent over the 2018-2022 forecast period.

Retail companies will invest $5.9 billion in AI solutions such as automated customer service agents and expert shopping advisors & product recommendations.

Many European retailers such as Sephora, ASOS, and Zara or banks such as NatWest and HSBC are already experiencing the benefits of AI, including increased store visits, higher revenues, reduced costs, and more pleasant and personalized customer journeys.