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AI Spending in Global Retail Industry to Reach US$7.3B by 2022

News

4 February, 2021

AI Spending in Global Retail Industry to Reach US$7.3B by 2022

Companies in the retail industry invest heavily in artificial intelligence and automation technologies to stay ahead of the market and maximize the results.

According to research ‘The Coming AI Revolution in Retail and Consumer Products’ by IBM, which surveyed 1900 retail and consumer product businesses across 23 countries, 85% of the retail companies plan to implement automation for the supply chain by 2021.

It is expected that the global annual spending on AI in the retail industry by the retailers will reach US$7.3 billion by the year 2022.

Most retailers believe that integrating AI will result in at least a 10% annual growth.

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