Study: Retailers’ spending on AI services to reach $12B by 2023
Retailers will face an AI adoption race, where AI-equipped retailers will displace slower moving retailers.
The global spending by retailers on artificial intelligence (AI) services will reach $12 billion by 2023, up from an estimated $3.6 billion in 2019, and over 325,000 retailers are projected to adopt AI technology over the period, according to a new study by Juniper Research, UK.
Juniper forecasts that retailers will face an AI adoption race, where AI-equipped retailers, which have adopted systems as early movers, will displace slower moving retailers, offering superior service at optimized price points.