Retail to Lead Global AI Spending in 2019
Retail is expected to come out on top in the way of global artificial intelligence (AI) spending this year with a $5.9 billion investment in customer service agents, shopping advisers, and product recommendation platforms. In total, the AI market will reach a whopping $35.8 billion in 2019, marking a 44 percent increase over 2018 according to the latest forecast from International Data Corporation (IDC).
Consumers expect top-quality customer service, including assistance from automated agents like chatbots and business messengers. In fact, automated customer service will receive the largest investment this year at $4.5 billion followed by sales process recommendation/automation and automated threat intelligence/prevention both coming in at $2.7 billion each.
Marketers see AI as a way to boost campaign effectiveness, targeting, and revenue by offering more detailed analyses that, in turn, help them better identify prospective customers.