• by Chuck Martin , February 2, 2018

Retail spending on artificial intelligence will grow fourfold over the next four years, increasing from $2 billion this year to $7 billion in 2022, according to a new study.

Retailers will make significant investments in AI tools to help them differentiate and improve services to customers, based on the study by Juniper Research.

Investments will include automated marketing platforms that generate customized and timely offers, chatbots that provide instant customer service, according to Juniper.

The cost for AI tools related to demand forecasting are projected to drop by 8% over the next four years driving a 300% increase in software spending.

The study notes that retailers such as Amazon, Google and Mall of America are using AI and machine leaning to enhance customer engagements.