According to a new report by the International Data Corporation, global spending on artificial intelligence will hit $35.8 billion this year. This is a 44% increase on AI from 2018, and the retail industry is projected to take up the bulk of AI spending, with $5.9 billion earmarked for investment on retail-relevant AI applications like chatbots, shopping advisers and product recommendation platforms.

The second-largest industry with AI-spend is banking, with much of the funds invested into process automation that includes automated threat intelligence and prevention systems, fraud analysis and investigation. The manufacturing, health care and process manufacturing sectors make up the rest of the top five industries where investment in artificial intelligence will have a windfall.

For the retail sector to take a sizeable share of the AI spend shouldn’t come as a surprise, since more marketers are seeing the value of incorporating artificial intelligence into their marketing plan, whether to increase engagement with their brands, boost marketing campaign effectiveness, personalize customer experiences and increase revenue.

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