With technological breakthroughs in big data, supercomputing, and machine learning, AI has become increasingly capable of problem-solving, learning, and navigating physical space. AI technology has become pervasive in several industries including banking, retail, and healthcare. Organizations and governments are funding research and pilot programs of applications of AI to solve real-world problems that current technology is not capable of addressing.
AI in Retail
The global market for AI in retail is growing exponentially, driven by the increasing growth and adoption of online shopping, the adoption of multichannel or omnichannel retailing strategies, and new opportunities to increase sales efficiency. Growth has been driven by the pandemic, driving companies in the retail sector to progressively adopt AI solutions. AI is being used for personalized and improved customer engagement, inventory and supply chain management, smart recommendations, and chatbots. Predictive merchandising is estimated to comprise the largest share of overall revenue in the AI in the retail market
Adoption Challenges
AI applications have fallen short of achieving expected productivity targets because some organizations don’t know how to effectively integrate AI with their existing processes and systems. Problems in AI adoption include lack of skilled people, difficulty in hiring, and data quality.
Report Coverage
The report on artificial intelligence focuses on AI in banking, retail, healthcare, energy, the automotive industry, logistics, agriculture, entertainment, and gaming. It includes information on the state of the industry, key trends, adoption challenges, regulations, and developments in this rapidly-changing sector.
Table of Contents
1. Introduction
Methodology
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