Retail companies will invest about 2.76 billion euro in artificial intelligence this year. According to research firm IDC, they are the main driver for AI worldwide, ahead of the banking sector. An estimated 19.1 billion dollar (15.5 billion euro) will be spent on cognitive and AI systems in 2018. That is more than 50 % (54.2 % to be exact) more than last year, according to research firm IDC. It says that 40 % of every digital transformation initiative will use AI in 2019 and that number will grow to 75 % in 2021.
AI is set to have a significant impact on many industries in 2019, with retail leading the way, new research has said. Capgemini's latest findings says that businesses are no longer'hyped' about AI, their expectations are lower, but have now actually started to work on it and use it to their advantage. The result is an opportunity worth more than $300 billion, for organisations that are able to scale and expand the scope of their existing deployments (just 1 per cent out of the global 400 it polled). It also says the number of deployments has grown seven times in the period between 2016 and 2017. AI's biggest scare – that it will'steal' jobs from people, seems to be nothing more than a myth.
Retail sales in December dropped 1.9% from the previous month, according to official figures. All main retail sectors declined month-on-month, with the heaviest falls coming at non-food stores, the Office for National Statistics (ONS) said. It was the biggest monthly fall for more than four and a half years. The Black Friday discount shopping day had made it "even harder for retailers to keep shoppers spending during December", analysts at Lloyds said. Retailers had a "disastrous December", said another analyst, Alan Clarke of Scotiabank.