Artificial Intelligence
Artificial Intelligence (AI) in Retail Market: Verint Launches Latest Intelligent Virtual Assistants & Enterprise Chatbots
Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) — The global AI in retail market is expected to gain impetus from the increasing usage of AI to enhance the consumer experience, pace up decision making, and refine the quality and operational agility. Supply-chain planning is anticipated to achieve the maximum benefits in the retail sector owing to the usage of AI-based data analytics. This information is given by Fortune Business Insights™ in a recent report, titled, “Artificial Intelligence (AI) in Retail Market Size, Share & Industry Analysis, By Offering (Solutions, Services), By Function (Operations-Focused, Customer-Facing), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the AI in retail market stood at USD 2,306.8 million in 2018 and is projected to reach USD 23,426.3 million by 2026, thereby exhibiting a CAGR of 33.7% in the forthcoming years.
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Though the outbreak of COVID-19 pandemic seems to have come right out of a sci-fi film, it has indeed impacted the real world severely since the last few months. Almost every country around the globe is under complete lockdown in order to control the spread of the deadly coronavirus. Humans will soon be able to come out of this grave situation in future. However, it has already affected several industries negatively. Our authentic reports consist of detailed information regarding the long-term and short-term impacts of this pandemic on the markets.
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Drivers & Restraints-
Increasing Usage of AI-powered Chatbots to Augment Growth
Several retailers are persistently striving to improve their sales and customer relations with the help of artificial intelligence tools. AI-powered chatbots are being used by the retail brands to help in engaging their customers effectively. With the help of these chatbots, brands are able to handle a large number of queries without the need for multiple employees. Often, they are configuring close-ended chatbots to provide quick suggestions and support, as well as answer shopping-related questions. Hence, the blend of AI chatbots and human support is aiding them in successfully handling their surging consumer bases. It is also supporting them to offer better resolutions to their issues. These chatbots are engaging the costumers and increasing their brand loyalty. These factors are expected to boost the AI in retail market growth in the near future.
Segment-
Natural Language Processing Segment to Grow Steadily Owing to Multiple Applications In terms of technology, the market is divided into natural language processing, machine learning, computer vision, and others. Out of these, the computer vision segment generated 23.7% AI in retail market share in 2018. The natural language processing segment holds the maximum share at present because of its usage in a wide variety of applications, such as informational retrieval (IR), semantic disambiguation, speech processing, machine translation, and text parsing.
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Regional Analysis-
Rising Investments by Reputed Companies to Favor Growth in North America
North America procured USD 1,102.0 million in terms of revenue in 2018. The region is set to dominate throughout the forecast period because of the increasing investments in the development of AI by the industry giants. Many retailers are also rapidly deploying AI-powered solutions for remolding their product offerings and supply chain operations. The members of the European Union (EU), on the other hand, mentioned that they are planning to include AI technology across their borders. It is also set to invest approximately USD 24 billion in conducting AI research by the end of 2020. Competitive Landscape-
Key Players Engage in Product Development to Cater to the Needs of Consumers
The top companies operating in the global market are aiming to conduct extensive research and development projects to create advanced AI-based products to propel decision making and information sharing. They are implementing automated reports, collaboration technology, predictive analytics, and cognitive technology to gain positive results. Below are a couple of the latest industry developments:
List Of Key Players in AI in Retail Market Are
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Detailed Table of Content
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/artificial-intelligence-ai-in-retail-market-101968 Have a Look at Related Research Insights:
Big Data Technology Market Size, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026
Retail Cloud Market Size, Share & Industry Analysis, By Model Type (Infrastructure as a Service, Platform as a Service and Software as a Service), By Deployment (Public, Private and Hybrid Cloud), By Solution (Supply Chain Management, Workforce Management, Customer Management, Reporting & Analytics, Data Security, Omni-Channel), By Enterprise Size (Small & Medium and Large Enterprise) and Regional Forecast, 2019-2026
Artificial Intelligence (AI) Market Size, Share and Industry Analysis By Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Regional Forecast, 2019-2026
Retail Analytics Market Size, Share and Industry Analysis By Type (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Function (Customer Management, Supply Chain, Merchandising, In-Store Operations, and Strategy & Planning) and Regional Forecast 2019-2026 About Us:
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Artificial Intelligence
Wavenet Takes Centre Stage at DTW – Ignite 2024 in Copenhagen
SINGAPORE, July 2, 2024 /PRNewswire/ — Wavenet, a pioneering technology company renowned for its advancements in artificial intelligence (AI) and digital transformation, showcased its innovative prowess at the DTW – Ignite 2024 event. This prestigious gathering of global telecom industry leaders highlighted the pivotal role of AI and emerging trends reshaping the telecommunications landscape.
As a trailblazer with over two decades of expertise in digitising and transforming global telecom operations, Wavenet’s CEO, Suren Pinto, captivated the audience at the ‘AI at Scale’ forum. His presentation, titled ‘Copilot to Autopilot – A Telco’s AI Roadmap for Hyperconnected CX,’ detailed Wavenet’s cutting-edge Contact Center AI solutions that are revolutionising major telecom companies in Colombia, Cambodia, and Bolivia. Pinto underscored the transformative potential of intelligent and immersive customer experiences in a world driven by convenience and hyperconnectivity. He explained how integrating Copilot and Autopilot technologies is set to redefine telco roadmaps, ushering in a seamless and intuitive future for customer interactions. Additionally, Pinto demonstrated the future potential of customer experience (CX) with Apple Vision Pro-led demonstrations, showcasing the confluence of intelligent and immersive technology.
Reflecting on the event, Wavenet VP of Marketing and Communications, Peumi Rodrigo, expressed, “Returning to DTW in Copenhagen this year was a tremendous opportunity that solidified our positioning as a Bronze Partner. We received phenomenal feedback on our telecom solutions. Our state-of-the-art contact centre AI, zero-touch digital marketplace, and next-gen low-code/no-code development studio applications exemplify our commitment to revolutionising the telecom industry at an exponential pace. Our focus on intelligent and immersive customer experiences, combined with our array of value-added solutions and trusted by customers globally with continuous innovations, positions us to drive significant industry transformation.”
Wavenet’s innovative excellence was further recognised at DTW with the prestigious Open Innovation Catalyst Award for the ‘Gen AI Powered Toolkit for Network and Service Management.’ This groundbreaking initiative, in collaboration with key industry players such as Clarity Global, du, Mobily, Mobitel (Pvt) Ltd, PLDT, Smart Communications, Inc., Sri Lanka Telecom, Telekom Malaysia, Tech Mahindra, Nart Informatics – TechNarts, Telia, TurkNet, and Waylay, aims to revolutionise network resource management, ensuring peak performance and customer satisfaction through generative AI-based solutions.
With strategically located offices in Singapore, Colombia, Africa, Australia, Malaysia, Romania, and Sri Lanka, Wavenet is a global ISV dedicated to driving intelligent digital transformation across the telecommunications and digital enterprise sectors, influencing billions of users worldwide.
Contact:
Wavenet: [email protected]
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Artificial Intelligence
Gupshup collaborates with Philippines’ leading Neobank Tonik, offers Generative AI chatbot to bring innovation in digital banking
SINGAPORE and MANILA, Philippines, July 2, 2024 /PRNewswire/ — Gupshup, the world’s leading Conversation Cloud today announced its partnership with Tonik Bank, the first digital-only neobank in the Philippines, to develop a state-of-the-art Generative AI chatbot for Tonik’s mobile app. The innovative solution aims to provide Tonik’s customers with instant and accurate answers to frequently asked questions, revolutionizing the way they interact with their bank.
The Generative AI chatbot, powered by Gupshup’s advanced natural language processing (NLP) and machine learning (ML) technologies, is designed to understand and respond to customer queries with human-like precision and empathy. By leveraging the latest advancements in AI, the chatbot can engage in contextual conversations, providing personalized and relevant information to each customer.
Tonik is the first digital bank in the Philippines to leverage Generative AI for customer service. By integrating the chatbot into their mobile app, Tonik Bank aims to provide their customers with instant access to information, reducing wait times and improving overall satisfaction.
“The integration of Gupshup’s ACE LLM into our operations has been truly transformative. We’ve witnessed significant value in its ability to automate routine tasks, elevate customer service, and boost our overall efficiency. This technology has the potential to revolutionize our operations, and we are excited to further explore its capabilities and implement it across our business,” said Sateesh Reddy, Deputy Chief Technology Officer of Tonik Bank.
Since the implementation of Gupshup’s technology, nine out of ten customer queries are now directed through Tonik’s in-app chat feature, where the AI autonomously resolves 75% of the queries without human intervention. This has not only amplified the efficiency of Tonik’s in-house customer care team by 4.3 times but also empowered them to dedicate more time to resolving intricate issues, ensuring that customers receive the personalized support they need.
The Generative AI chatbot solution is expected to generate significant cost savings for Tonik, with an estimated total of over USD 20 million over the next three years.
“Our partnership with Tonik Bank exemplifies the future of BFSI. As the sector evolves, Gen AI will be crucial to deliver seamless, personalized, and efficient customer experiences. Our chatbot solution is designed to do just that, empowering banks like Tonik to focus on what matters most – building strong relationships with their customers,” said Beerud Sheth, Co-founder and CEO of Gupshup.
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Artificial Intelligence
Seedtag Enters Australian Market with Acquisition of JustEggs
The global contextual advertising company enters the Australian market with acquisition of JustEggs, expanding its footprint in the APAC region
SYDNEY, July 2, 2024 /PRNewswire/ — Seedtag, the global leader in contextual advertising, announced today that the company has acquired JustEggs, an Australian-owned creative intelligence business that drives measurable digital solutions for brands and advertisers. The acquisition is a strategic move to support business growth across the APAC region by introducing Seedtag’s proprietary contextual AI technology, Liz, to the Australian market.
Founded in 2013, JustEggs specialises in leveraging its innovative digital solutions to create engaging campaigns that offer true value for brands and advertisers. Starting in July, JustEggs will integrate Seedtag’s privacy-first targeting technologies into its offering to further enhance its advertising solutions, providing more targeted and effective campaigns for its clients through the power of contextual AI. To ensure a smooth integration of both technologies, Seedtag and JustEggs will work closely together while delivering a seamless experience to their partners. JustEggs’ CEO and Founder, Nik Kontoulas, will remain with the company, assuming the role of Managing Director ANZ.
The number of internet users in Australia is expected to exceed 23.3 million by 2025, achieving an impressive internet penetration rate of over 89% – according to Statista. For Seedtag, entering the Australian market was a natural step toward fulfilling its mission of becoming the contextual partner for brands, agencies, and publishers. Australia will now benefit from privacy-first advertising that reaches consumers through their real-time interests at scale. This launch follows Seedtag’s successful market entries in India and Peru in 2023 and Canada in 2024.
For over a decade, Seedtag has been developing its in-house contextual AI technology, Liz, to meet the ever evolving needs of the adtech industry. In 2024, Seedtag was awarded “Best Contextual Targeting Offering” at Digiday Media Awards. The acquisition of JustEggs increases Seedtag’s presence to a total of 17 markets.
“The acquisition of JustEggs is a clear example of Seedtag’s willingness to continue its international expansion into the APAC region,” said Albert Nieto, Co-CEO & Co-Founder of Seedtag. “We are very excited to partner with one of the best teams in our industry to bring contextual intelligence to new heights.”
“Teaming up with Seedtag thrusts us into a fresh era of digital advertising innovation for the ANZ market,” said Nik Kontoulas, founder of JustEggs. “With their proprietary tech and global reach, we’re geared up for success in a cookieless world and beyond. It’s an exciting journey ahead.”
“Australia is a very sophisticated, data and technology-led market, and we have much to contribute to this local digital advertising industry,” said Dal Gill, VP of New Markets at Seedtag. “Following our successful entry into India, this is the second market we have opened in the APAC region. I’m confident that our unique contextual advertising solutions will greatly benefit Australian brands and publishers in achieving their advertising goals while meeting the demand for privacy-first, scalable targeting.”
About Seedtag
Seedtag is the leading contextual advertising company that creates highly impactful and engaging digital ads within relevant premium content, powering targeting and returns for top publishers and the finest brands. The company’s contextual AI, Liz, allows brands to engage with consumers within their universe of interest on a cookie-free basis.
Seedtag was founded in Madrid in 2014 by two ex-googlers who wanted to get the most out of editorial images. Today, it is a global company with more than 600 employees and a significant international presence, with offices in Spain, France, Italy, UK, Benelux, Germany, Mexico, Brazil, Colombia, Argentina, Chile, UAE, Peru, Canada, US, India and Australia.
About JustEggs
Founded in 2013 JustEggs specialize in the convergence of creative, media and data, helping 100+ brands drive customer acquisition and retention.
The mission always remains to evolve the digital ad market with effective and measurable digital ad solutions that drive relevancy for consumers and real world results for retail marketers.
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