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Technology is sweeping through the sector, with computervision applications in retail offering a proven way to enhance the customer experience and boost sales. This post looks at how AI and computervision will help transform the retail industry, perhaps sooner than most people realize. What is computervision?
One of the fastest-growing technologies in artificial intelligence is computervision. The market size for computervision alone was estimated at $7.04bn in 2020 — and it’s forecast to reach $18.13bn by 2028 , a 14.07% increase. Now, thanks to computervision, broadcasters can enhance the fan experience.
billion by 2028, which equals a growth of 24.4% Retail companies are also harnessing computervision and product recognition software in warehouses. The algorithm finds the optimal pick route for workers and, as a result, the company has decreased the travel time per item picked by about 11%.
Technologies like computervision will bring near real-time intelligence to even brick-mortar stores. The global AI in retail is expected to swell from under $5 billion in 2021 to more than $31 billion by 2028. Therefore, the application of artificial intelligence in the retail industry is rapidly increasing.
billion by 2028. Read also: 5 Ways ComputerVision Is Transforming Retail Industry Why do retail companies implement AI-based solutions? The market for artificial intelligence-based solutions in retail is expected to hit $24.1 Why such growth? There are plenty of reasons retailers implement artificial intelligence.
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