The global market for artificial intelligence in retail is set to be worth $85 billion by 2033, according to a report by analytics firm Fact.MR.
The report, Artificial Intelligence in Retail Market, highlights that the current global market stands at $6 billion and the increase is expected as organisations develop a better understanding of the benefits of big data analytics. It also notes the popularity of chatbots, since they can provide more personalised experience for customers.
Other findings in the report showed that North America had the largest share of the market in 2022 at 38.5 per cent.
Fact.MR also looks at how businesses are focusing on launching new innovative solutions using AI. For example, communications solutions provider Talkdesk launched its Retail Smart Service in 2021 which uses AI to automate common customer requests and enables contact centre agents to work more efficiently.