Artificial Intelligence
Artificial Intelligence (AI) in Retail Market to Reach USD 23.32 Billion by 2027; Rising Adoption for AI-integrated Chatbots to Boost Sales, states Fortune Business Insights™
Pune, Sept. 29, 2020 (GLOBE NEWSWIRE) — The global artificial intelligence (AI) in retail market size is expected to reach USD 23.32 billion by 2027, exhibiting a CAGR of 29.6% during the forecast period. The growing transformation in businesses owing to acceptance of integrated automation systems will have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Artificial Intelligence (AI) in Retail Market Size, Share & COVID-19 Impact Analysis, By Offerings (Solution, Services), By Function (Operation-Focused, Customer-Facing), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3.01 billion in 2019.
The whole world is battling with the novel coronavirus, leaving numerous industries in distraught. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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The report on AI in Retail Market highlights:
- Grand analysis of the market
- Vital insights into the industry
- All-inclusive data about dominant regions
- Important information about competitors
- COVID-19 effect on the market
Market Driver:
Trending AI-Driven Chatbots in Retail Industry to Drive Market
The growing focus towards enriched loyal customer base in the retail industry will spur opportunities for the market. Companies are constantly implementing strategies to offer personalized experiences and in turn, attain loyalty and customer engagement. The rising use of AI-powered chatbots for enhanced user experience will effectively enable expansion of the market. The escalating popularity of online and in-store chatbots is expected to contribute positively to the AI in retail market. The chatbots can resolve shopping-related queries of customers using AI-configured algorithms for quick and easy responses. The advantages of chatbots such as personalized and, on-demand support and suggestions for enhanced user experience will subsequently favor the industry.
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Elevated AI Demand to Facilitate Business During COVID-19
The rising application of AI due to its convivence and user-friendliness will aid the development of the market amid coronavirus. The major shift in the retail shopping patterns of customers has led to substantial use of e-commerce and online shopping websites. This has resulted in the popularity of AI in retail shopping among companies. The surging online sales will consequently promote the market during the pandemic. Besides, the growing proclivity of customers towards AI-based shopping experience will uplift the market potential.
Regional Analysis:
Rising Investment in AI Research to Augment Growth in Europe
The market in Europe is expected to witness a growth rate during the forecast period owing to the presence of a large retail supply chain. The rising use of artificial intelligence and AR/VR solutions in the apparel industry will further drive the market in the region. Moreover, the growing investments in artificial intelligence research by major companies will create numerous opportunities for the market in Europe. The market in Asia Pacific is predicted to rise tremendously during the forecast period due to the emerging e-commerce companies in countries such as India and China.
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Key Development:
April 2019: Warby Parker, an American online retailer of prescription glasses and sunglasses announced that it will provide virtual try-on features to its customers. The technology allows them to try-on virtual frames by using augmented reality (AR) which overlays computer-generated images (frames) into real-world images.
List Of Key Companies in the Artificial Intelligence (AI) in Retail Market:
- Amazon.com, Inc. (Seattle, Washington, United States)
- Google LLC (Mountain View, California, United States)
- IBM Corporation (Armonk, New York, United States)
- Intel Corporation (Santa Clara, California, United States)
- Microsoft Corporation (Redmond, Washington, United States)
- Nvidia Corporation (Santa Clara, California, United States)
- Oracle Corporation (Redwood City, California, United States)
- SAP SE (Walldorf, Germany)
- Salesforce.com, Inc. (San Francisco, California, United States)
- BloomReach, Inc. (Mountain View, United States)
- Sentient Technologies (San Francisco, California, United States)
- Conversica Inc. (Foster City, California, United States)
- Sentient Technologies Holdings Limited (San Francisco, California, United States)
- ViSenze Pte Ltd (Singapore)
- Baidu Inc. (Beijing, China)
- CognitiveScale Inc (Austin, Texas, United States)
- Inbenta Technologies (Foster City, California, United States)
- NEXT IT Corp. (Redwood City, California, United States)
- RetailNext Inc. (San Jose, California, United States)
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Table of Content –
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Artificial Intelligence (AI) in Retail Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Artificial Intelligence (AI) in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Offering (Value)
- Solution
- Services
- By Function (Value)
- Operations-Focused
- Customer-Facing
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Offering (Value)
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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Artificial Intelligence
Automotive Digital Cockpit Domain Controller Power Expected to Double by 2030
NEW YORK, March 28, 2024 /PRNewswire/ — The lengthening lifecycle of vehicles is driving automotive Original Equipment Manufacturers (OEMs) to plan several years of customer support through regular Over-the-Air (OTA) updates. Achieving this requires a digital Cockpit Domain Controller (CDC) with an architecture that supports long-term updating and maintenance. According to a new report from global technology intelligence firm ABI Research, the computing power of the CDC will increase significantly over the next few years, with graphical computing power and deep-learning processing power (for AI-powered functions) expected to double by 2030 for an average mid-market CDC.
OEMs are beginning to plan for several years of support, both in software patches and bug fixes, and for delivering new added value features to the driving experience. “This support and feature roadmap requires a hardware and software architecture that supports the continuous updating of vehicles over time. OEMs need a system that accommodates quick, targeted updates by shipping vehicles with planned overhead in computing power, software containerization, and robust hypervisors. These can be accommodated by silicon vendors such as NVIDIA or Qualcomm with their suite of high-powered System-on-Chips (SoCs), along with hypervisor and software specialists such as Blackberry QNX. The ecosystem hasn’t fully adjusted to OTA updates in mixed-criticality systems like the digital cockpit domain controller yet, with most OEMs speculating about the level of computing power that is needed for several years of support and few going to their silicon and tier-one partners with roadmaps of planned features,” explains Abu Miah, Smart Mobility and Automotive Analyst at ABI Research.
The computing power of the CDC will increase significantly over time. The Tera Floating-Point Operations per Second (TFLOPS) of an average mid-market CDC is expected to rise from 1 TFLOPS in 2023 to 2.5 TFLOPS by 2030. Miah adds, “One of the primary drivers of this increase is the implementation of a larger number of higher resolution screens in the vehicle to accommodate new high-end gaming and video-on-demand features.”
Building a ‘future-proofed’ CDC is not as simple as throwing compute power at the vehicle. “OEMs, tier ones, and silicon vendors must all work toward an ecosystem of hardware and software agnosticism, modular architecture, and collaborative software development if they are to match customers’ expectations of updates, patches, and bug fixes from the consumer electronics space,” Miah concludes.
These findings are from ABI Research’s Future-Proofing Digital Cockpit Domain Controllers application analysis report. This report is part of the company’s Smart Mobility and Automotive research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
GlobalDeborah Petrara Tel: +1.516.624.2558 [email protected]
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Artificial Intelligence
ACL Digital in Collaboration with AWS and Infineon to Participate at Embedded World 2024
SAN JOSE, Calif., March 28, 2024 /PRNewswire/ — ACL Digital, an ALTEN group company, is a pioneer in design-led digital experience, innovation, enterprise IT modernization, and product engineering services, announced that ACL Digital, in collaboration with AWS and Infineon, is going to showcase its AWS IoT & Cloud capabilities at Embedded World 2024, Hall 4 (Booth #4-552) from April 9 to April 11 in Nuremberg, Germany.
ACL Digital, a top-tier AWS Services partner, propels organizations of all sizes to navigate digital transformation to accelerate time-to-market. The company provides comprehensive support, from adopting to modernizing IT infrastructure on AWS. By leveraging expertise in architecture, security, migration, and operations, ACL Digital unlocks the full potential of AWS, streamlining IoT and cloud journeys and fast-tracking business growth and innovation.
The AWS Advanced Tier partnership enables ACL Digital to leverage AWS expertise, its robust support ecosystem and best practices to deliver customer delight.
ACL Digital offers visitors at Embedded World 2024 a chance to experience the exclusive demo of a Smart Stove Solution, built by leveraging the AWS Cloud and Infineon platform and how it has added value to our customers.
With over 100 AWS-certified experts, ACL Digital empowers clients to achieve breakthrough results in their digital transformation. Also, the leading digital transformation company supports global clients in navigating the complexities of cloud implementation, migration and digital transformation with ease and helping them unlock new growth opportunities.
About AWS
Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 105 Availability Zones within 33 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in Malaysia, New Zealand, Thailand, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit https://aws.amazon.com .
About Infineon
Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 58,600 employees worldwide and generated revenue of about €16.3 billion in the 2023 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY). To learn more about Infineon, visit https://www.infineon.com/
About ACL Digital
ACL Digital an ALTEN Group Company, is a digital product innovation and engineering leader. We help our clients design and build innovative products (AI, Cloud, and Mobile ready), content and commerce-driven platforms, and connected, converged digital experiences for the modern world through a design-led Digital Transformation framework.
Headquartered in Silicon Valley, ACL Digital is a leader in design-led digital experience, innovation, enterprise modernization, and product engineering services converging to Technology, Media & Telecom. The company has a workforce of 57,000+ spread across more than 30+ countries.
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Artificial Intelligence
Gilbarco Veeder-Root champions fuel efficiency, clean fuels and diesel rebate solutions in mining
JOHANNESBURG, March 28, 2024 /PRNewswire/ — Global leader in technology solutions OEM Gilbarco Veeder-Root (GVR) is dedicated to enhancing operational performance by delivering comprehensive end-to-end wetstock, industrial, mining, and business-to-business solutions, all tailored to meet the specific needs of the customer.
By encompassing every aspect of mining operations, GVR commercial and industrial Middle East and Africa director Westtar Kapito says, “the company is setting new benchmarks for fuel efficiency, safety and sustainability within the mining industry”.
As part of a holistic approach to mining excellence, Kapito explains that Gilbarco’s integrated fuel and fleet management technology solutions are designed to address the multifaceted challenges of the mining industry.
Some of these facets include wetstock control, equipment maintenance and management, fleet management and automation, compliance monitoring and environmental sustainability, as well as driving productivity and profitability through innovation.
In addition, the introduction of Gilbarco’s clean fuel solution exemplifies the company’s commitment to maintaining equipment integrity and performance.
This technology, GVR says, monitors in real-time the status of up to 16 “clean fuels” key performance matrices, thereby ensuring that dirty fuel is flagged and not transferred into mining equipment which would affect engines and injectors and thus lower productivity.
Gilbarco’s comprehensive site automation solutions empower mining companies with critical data analytic insights, facilitating efficient monitoring and management of fleet and fuel inventory. Gilbarco’s dataFLEX360 platform plays a pivotal role, offering near real-time reporting and analytics to drive informed decision-making and operational agility.
dataFLEX360 is a Web-based, cloud-hosted strategic operational insights platform. The system ensures accurate, reliable and relevant reporting of all fuel, fleet and asset transactions, and provides for proactive corrective measures to reduce complex reporting and gives a consolidated and comprehensive view across all sites and assets.
With reconciliations at its core, dataFLEX360 provides solution accuracy on operational data.
Integral to the company’s solutions is compliance with Global Industry Standards and environmental stewardship, from leak detection to vapour recovery and clean fuel technologies. Gilbarco’s products are designed to ensure compliance and minimise the carbon footprint of mining operations.
Additionally, through the company’s innovative telematics technology and the data generated, it can systematically and seamlessly generate South African Revenue Services- (SARS-) compliant fuel rebate reports for any selected tax period.
GVR’s technology provides a full audit trail required for eligibility for SARS rebates, and its reporting platform simplifies logbook and data gathering required, enabling successful rebate claims and return on investment.
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