This report on artificial intelligence and 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, regulation and developments in this rapidly-changing sector.
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. Organisations and governments are funding research and pilot programmes 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 personalised 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 retail market.
AI applications have fallen short of achieving expected productivity targets because some organisations don’t know how to effectively integrate AI with their existing processes and systems. Problems in AI adoptions include lack of skilled people, difficulty in hiring and data quality.
Table of Contents
|2.||DESCRIPTION OF THE INDUSTRY||1|
|3.||SIZE OF THE INDUSTRY||2|
|4.||STATE OF THE INDUSTRY||15|
|5.1.||AI adoption challenges||19|
|APPENDIX: SUMMARY OF NOTABLE PLAYERS||25|