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Artificial Intelligence

Artificial Intelligence in Retail Market Is Expected To Reach around USD 45.74 Billion by 2030, Grow at a CAGR Of 18.45% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.

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Farmington, Jan. 19, 2023 (GLOBE NEWSWIRE) — The Global Artificial Intelligence (AI) In Retail Market Size Accounted For USD 8.41 Billion In 2022 And It Is Projected To Attain Around USD 45.74 Billion By 2030, Poised To Grow at a CAGR Of 18.45% During The Forecast Period 2023 To 2030. The growth is being driven by things like the increasing number of people who use the internet, smart devices, the need for surveillance and monitoring at a physical store, and government policies that encourage digitization. AI in retail is based on how businesses have been run for the past few decades. AI and analytics for big data are important parts of digital business. They can change everything, from how a business works to how a customer feels about it.

Request Sample Copy of Report “Artificial Intelligence in Retail  Market – Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.

Recent Developments:

  • In September 2022, Microsoft partnered with Indian global IT company Infosys. The organizations wanted to enable companies to quickly redesign customer experiences, augment systems with cloud and data, and update processes through this alliance.
  • In August 2022, the company introduced a new solution for personalized e-commerce product suggestions called ViSenze’s Session-Based Recommendations. With the new approach, customers would get a more personalized experience without providing any personal information.
  • In July 2022, Intel released novel reference kits. The new solution should make it easier for data scientists and engineers to understand how AI can be implemented in diverse environments, including manufacturing, retail, healthcare, and more.

Segment Overview

By Offering Analysis:

Based on what is being sold, artificial intelligence in the retail sector can be broken down into solutions and services. The cure is taking over the market. Smart shop, digital commerce, intelligent consumer insights, smart delivery, intelligent supply chain, and other solutions are all taken into account. Because it’s getting harder to keep track of all the different retail activities, new and creative automated solutions are expected to drive the retail business. With the help of the AI-based retail solution, retailers can handle logistics, supply chain operations, warehouse management, and better customer experiences. This will likely speed up the use of AI in the retail sector.

By Function Analysis:

Based on what they do, artificial intelligence in retail is divided into two groups: operations-focused and customer-facing. Focusing on operations grows a market’s share of revenue. Solutions for operations are being thought about. These include Intel Movidius VPUs, Taskdesk Virtual Agents, RetailNext Store Layout, and ViSenze merchandising planning. AI is being used by retailers to improve the efficiency of their operations in areas like merchandising, logistics, supply chains, on-time delivery, and more. Effective backend management gives merchants more time to work on growing their sales and new growth projects.

By Application Analysis:

Some of the applications that make up the market are predictive analytics, in-store visual monitoring and surveillance, customer relationship management (CRM), market forecasting, inventory management, and others. This market was led by predictive analytics in 2020. Some of its most important uses are labour optimization, shelf management, store operations, and dividing people into groups based on their demographics. Retailers are using AI-based predictive analysis to learn more about how customers might behave and how the market might change in the future. The AI is also used to get analysis based on many demographics, such as region, country, culture, gender, age, and others.

By Type Analysis:

Based on how it works, artificial intelligence (AI) in retail is divided into two types: online and offline. The most money is made offline, and it is expected that this will stay the same during the projected time period. Customers want this technology because, among other things, it can help manage store operations, improve merchandising and assortment, and automate personalised product recommendations, all of which make shopping better for customers. Online is likely to grow quickly because more people are shopping online and virtually. Artificial intelligence technology is being used by retailers to improve their online customer service. ViSenze, for example, offers a number of smart e-commerce solutions, such as usability across devices, smart recommendations, discovery, and motivational SEO marketing.

By Technology Analysis:

In the retail sector, artificial intelligence is categorised using computing technologies like computer vision, machine learning, natural language processing, and others. During the time frame of the projection, natural language processing is expected to grow quickly. Businesses pay close attention to how clients act, how they feel, what kind of personality they have, and other factors in order to offer specialised and personalised services.

Regional Outlook:

With 38.5% of the revenue in 2021, North America had the most. Given how much money is being spent on AI projects and related research and development, there is a lot of room for the industry to grow. Regional retailers are also focusing on getting as much information as they can about their customers’ preferences so they can provide better customer service.

Google Inc., Microsoft, IBM Corp., Salesforce, and Amazon Web Services are among the market leaders who use both organic and inorganic methods. For example, in January 2021, Google Cloud launched Product Discovery Solutions for retail to make online shopping more personalised.

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Scope of Report:

Report Attributes Details
Growth Rate CAGR of 18.45% from 2023 to 2030.
Revenue Forecast by 2030                        USD 45.74 Billion
By Type Offline, Online, Other
By Application Predictive Analytics, In-Store Visual Monitoring and Surveillance, Customer Relationship Management (CRM), Market Forecasting, Inventory Management, Others
By Technology Computer Vision, Machine Learning, Natural Language Processing, Other
By Companies  IBM Corporation, Microsoft, SAP SE, Amazon Web Services, Oracle, Salesforce Inc., Intel, NVIDIA, Google LLC, Sentient Technology, ViSenze
Regions and Countries Covered
  • North America: (US, Canada, Mexico, Rest of North America)
  • Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
  • The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
  • Latin America(Brazil, Argentina, Rest of Latin America)
  • Rest Of the World
Base Year  2022
Historical Year  2017 to 2022
Forecast Year  2023 to 2030

LATEST TRENDS:

E-commerce sites and virtual shops are being used by more and more people every day. People can search for new products in new ways today, such as by using images, videos, and their voices. Visual search makes the most of its features by processing queries and mining the metadata. This is done with the help of artificial intelligence. AI is used by the visual search engine to analyse, track, and predict growing shopping trends. This makes shopping better and keeps shoppers interested.

According to the 2020 report from Syte Visual Conception Ltd., almost 80% of shoppers start their shopping with a visual search. So, retailers who want to improve customer service and boost sales must now have AI-based search engines. AI-powered search features also help retailers learn important things about consumer trends and make good business decisions. In the next few years, retailers can expect to get a lot of information and growth opportunities from search engines that use AI.

DRIVING FACTORS:

Because they are so good at helping customers, chatbots that use artificial intelligence are becoming very popular in the retail industry. Chatbot helps customers have a better experience by giving them answers that are specific to them and fit their needs. Accenture insights found that in 2018, 91% of customers were more likely to buy from brands that gave them personalised recommendations and services.

The AI chatbots can understand what people say with the help of natural language processing (NLP) and machine learning (ML). These technologies let you know what customers want right now. It also helps the chatbot understand how customers feel and act, which helps the chatbot answer customer questions and build relationships. For example, Levi’s has a platform called Levi’s Virtual Stylist, which is a chatbot that makes suggestions to the customer. The bot asks users for basic information like size, fit, material, and even preferred brands so it can make quick suggestions. So, it is expected that the AI-powered chatbot will make AI more popular in the retail industry.

Key Segments Covered:

Top Market Players:
IBM Corporation, Microsoft, SAP SE, Amazon Web Services, Oracle, Salesforce Inc., Intel, NVIDIA, Google LLC, Sentient Technology, ViSenze, and others.

By Offering

  • Solution
  • Service

By Function

  • Operations-Focused
  • Customer-Facing
  • Other

By Type

  • Offline
  • Online
  • Other

By Application

  • Predictive Analytics
  • In-Store Visual Monitoring and Surveillance
  • Customer Relationship Management (CRM)
  • Market Forecasting
  • Inventory Management
  • Others

By Technology

  • Computer Vision
  • Machine Learning
  • Natural Language Processing
  • Other

Regions and Countries Covered

  • North America: (US, Canada, Mexico, Rest of North America)
  • Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
  • The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
  • Latin America: (Brazil, Argentina, Rest of Latin America)
  • Rest Of the World

Check out more related studies published by Contrive Datum Insights:

  • 4D Printing Technology Market – The 4D Printing Market was valued at USD 62.02 million in 2020 and is projected to grow at a CAGR of 41.0% over the forecast period 2022 to 2030. The North American market is expected to witness strong growth during the forecast period accounting for a major share of the overall market. 
  • 3D & 4D Technology Market – The global 3D & 4D Technology Market size was valued at USD 254.21 Billion in 2022 and is projected to reach USD 931.17 Billion in 2030, growing at a CAGR of 20.38% from 2023 to 2030. North America and Europe have well-developed markets for 3D/4D technology. The market is expected to grow the most in the Asia-Pacific region.
  • 3D Printed Jewellery Market – The Global 3D Printed Jewellery Market Was Estimated At USD 5.65 Billion In 2019 And Is Projected To Reach USD 5.65 Billion By 2026. During the time period predicted, North America will be responsible for 42% of the market’s growth.

Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on [email protected] or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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Artificial Intelligence

Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024

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HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.

Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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Artificial Intelligence

London Blockchain Conference Launches the No Future Campaign

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LONDON, April 26, 2024 /PRNewswire/ — The London Blockchain Conference is excited to announce the launch of its ground-breaking, ‘No Future Campaign’. This initiative aims to create a strong narrative surrounding blockchain technology by challenging perceptions and sparking conversations. By creating this platform, the campaign aims to instil a fear of missing out (FOMO) sensation among the audience, positioning the London Blockchain Conference as a gateway to securing a stake in the future and unlocking the potential of blockchain technology.

With a bold and evocative narrative theme, the campaign will initially confront the audience with a jarring reality check of “NO FUTURE” and then resolve the statement “WITHOUT BLOCKCHAIN” to spark curiosity and engagement with the optimistic revelation that blockchain holds the key to a prosperous future.
The ‘No Future Campaign’ started on 17 April 2024 with the London Blockchain Conference creating and executing content on/with media platforms and partnerships:
Wharf Life inserts (17/04/2024) – Print and a digital advert/editorial-sponsored pieces.Animations being released on paid and organic channels in a 3-week campaign.Alex Stein, Conference Director said, “The No Future Campaign is a call for individuals, enterprises, and governments to recognise the importance and role of blockchain in shaping the future. Through the London Blockchain Conference, we aim to educate and inspire attendees to understand and harness the potential of blockchain technology.”
The three-day London Blockchain Conference at the ExCel will bring together politicians, business leaders, and innovators. The conference will be running from 21 – 23 May 2024 and will focus on disruptive and real-world applications of blockchain technology and the impact it is having on politics, emerging technologies, and enterprises.
For more information about the ‘No Future campaign’, visit the London Blockchain Conference website.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE. 
 At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 
 
 

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