Artificial Intelligence
Retail Analytics Market to Exhibit 21.4% CAGR till 2027; Integration of Advanced Technologies to Propel Growth, says Fortune Business Insights™
Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) — The global retail analytics market is expected to gain traction from the increasing adoption of omnichannel models by prominent organizations. This model aids in collecting vast amounts of raw consumer data and voices from various channels across markets. It is nowadays lowering the number of physical stores and surging the number of applications and websites that can be easily operated from smartphones. This information is given by Fortune Business Insights™ in a recent report, titled, “Retail Analytics Market Size, Share and Covid-19 Impact Analysis, By Type (Software and Services), By Deployment (On-Premise and Cloud), By Retail Store Type (Hypermarkets and Supermarkets, and Retail Chains), By Function (Customer Management, Supply Chain Management, Merchandising, In-Store Operations, and Strategy & Planning) and Regional Forecast, 2020-2027.” The report further states that this market size was USD 4.12 billion in 2019 and is projected to reach USD 17.84 billion by 2027, exhibiting a CAGR of 21.4% during the forecast period.
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The emergence of the COVID-19 pandemic has brought the manufacturing processes to a complete standstill. The increasing implementation of lockdown measures worldwide is severely affecting the operation of several companies. But, with time, we will be able to get out of this grave situation and come back to normalcy. Our highly accurate reports will help you to get in-depth insights into the current scenario of every market. Only then you can choose the most appropriate strategy that would take your business to a whole new level.
This Report Answers the Following Questions:
- How will the changing consumer behavior affect the market?
- Which region is expected to lead in the near future?
- Which segment would dominate the market in the coming years?
- What is the current competitive scenario of the market?
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Drivers & Restraints-
Rising Usage of AI & Machine Learning to Skyrocket Demand
The increasing usage of machine learning (ML) and artificial intelligence (AI) is enhancing the customer experience, as well as sales. Retailers will be able to gain insights and analyze the data about the prices, sales, and quantity to reach their target customers. The integration of such technologies in retail analytics would help in providing unique product recommendations to the customers based on their generated data. AI is also capable of correcting inventory distortion, enhancing product development, and optimizing supply chain. These factors are expected to propel the retail analytics market growth in the coming years.
How will COVID-19 Pandemic Affect the Global Market?
- Owing to the social distancing norms and stay-at-home initiatives by the governments of several countries, people are shifting rapidly towards the e-commerce platforms.
- The demand for customer-level analytics is growing because of the increasing online grocery shopping practices.
- As such changing consumer behaviors are putting more stress on the supply chain, organizations are focusing on adopting AI to develop smart retail analytics.
- Numerous companies are persistently striving to deliver efficient solutions for forecasting customer demand & finances, as well as managing product supply.
- The above-mentioned factors prove that the market would exhibit average growth during the current situation.
Segment-
Customer Management Segment to Grow Steadily Owing to Changing Consumer Behavior
Based on function, the market is segregated into strategy & planning, in-store operations, merchandising, supply chain management, and customer management. Out of these, the customer management segment generated a 21.6% market share in 2019. This growth is attributable to the rapid changes in the behaviors of the consumers. Most of the retail chains are presently focusing on customer satisfaction. It is resulting in the increasing adoption of this analytics platforms by them.
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Regional Analysis-
High Demand for Personalized Shopping to Favor Growth in North America
In terms of geography, North America held USD 1.61 billion revenue in 2019 and is likely to dominate throughout the forthcoming years backed by the increasing usage of advanced solutions in the retail sector. In addition to that, the presence of a large number of prominent retail chains, hypermarkets, and supermarkets in this region would augment growth. Besides, the rising inclination of the consumers towards personalized shopping experience is expected to help the retailers in adopting retail analytics platforms at a fast pace. It would surge their consumer bases.
Asia Pacific, on the other hand, is set to grow steadily backed by the rising usage of smartphones and broadband internet services by the masses in this region. The renowned retailers are also looking forward to investing in broadening their footprints in the developing countries. Europe is set to grow considerably backed by the existence of several reputed retailers in this region. They are mainly operating from countries, such as Spain, Italy, France, and Germany.
Competitive Landscape-
Key Players Focus on Launching Novel Solutions to Strengthen Their Positions
The market houses a large number of organizations that are constantly trying to keep up with the latest trends. They are incorporating various technologies in retail analytics to generate more sales and strengthen their positions in the global market. Below are two of the latest industry developments:
- December 2019: SPINS, LLC partnered up with Symphony RetailAI to integrate SPINS Product Intelligence into the latter’s CINDE Sales and Customer Insights. It would aid in bringing on-demand access to point-of-sale and customer data, thereby delivering an improved understanding of the purchasing behaviors of consumers.
- January 2019: IBM showcased its latest AI-powered innovations at the National Retail Federation’s 2019 Big Show. These would help the retail industry in propelling the customer experience by offering appropriate tools, specially designed to optimize business and worker performances.
List Of Key Companies profiled in Retail Analytics Market Are
- ALTEN Calsoft Labs Private Limited
- FLIR Systems, Inc.
- Fractal Analytics Inc
- HCL Technologies Limited
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- QlikTech International A.B.
- Salesforce.com, Inc.
- SAP SE
- Tableau Software, LLC
- Wipro Limited
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Key Industry Developments – In Response to the COVID-19 Impact
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Retail Analytics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size and Forecast – By Type (Value)
- Software
- Services
- Market Size and Forecast – By Deployment (Value)
- On Premise
- Cloud
- Market Size and Forecast – By Retail Store Type (Value)
- Hypermarkets and Supermarkets
- Retail Chains
- Market Size and Forecast – By Function (Value)
- Customer Management
- Supply Chain Management
- Merchandising
- In-Store Operations
- Strategy and Planning
- Market Size and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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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
XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform
CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.
XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence
ICIS and Base Oil News Announce Partnership to Enhance Market Insights
LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.
With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Artificial Intelligence
Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform
SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.
Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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