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Smart Retail Global Market Report 2023: Growing Adoption of Cloud Services in the Retail Sector Bodes Well for Future Expansion

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Dublin, Jan. 31, 2023 (GLOBE NEWSWIRE) — The “Smart Retail Market by Offering, Technology, Application, End User and Geography – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

The research report provides in-depth analysis of the smart retail market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global smart retail market is expected to reach $91.36 billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023-2030.

The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market.

The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.

Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2022, the hardware segment accounted for the largest share of the global smart retail market. The large market share of this segment can be attributed to the growing demand for IoT deployments for various applications in the retail industry, the increasing number of smart stores, and the growing investment in technology by retailers.

However, the software & analytics segment is projected to register the highest CAGR during the forecasted period. The enormous increase in the availability of customer data and the growing need for more accurate predictions of the future state of the business, coupled with increasing awareness of the importance of analytics solutions in the retail industry, are expected to drive the growth of this segment.

Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment accounted for the largest share of the global smart retail market. The growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and rapidly declining cost of Internet of Things sensors and hardware are the key factors driving the large market share of this segment.

However, the AI segment is projected to register the highest CAGR during the forecast period. The growth in the segment is driven by factors such as perpetually growing internet users and smart devices, increasing awareness about AI and big data & analytics, and government initiatives towards digitization.

Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2022, the store operations segment accounted for the largest share of the global smart retail market.

However, the customer experience management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.

Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarket segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risk, decrease costs, and increase revenue. However, the department store segment is projected to register the highest CAGR during the forecast period.

Market Dynamics

Market Drivers

  • Increasing Number of Smart Stores

Market Restraints

  • Lack of Technology Adoption in the Unorganized Retail Sector

Market Opportunities

  • Rising Cases of Shoplifting
  • Increasing Adoption of Disruptive Technologies to Forecast Future Market Trends

Market Challenges

  • Legal Concerns & Data Privacy Issues

Market Trends

  • Growing Adoption of Cloud Services in the Retail Sector
  • Advent of Computer Vision in the Retail Sector

Companies Mentioned

  • IBM Corporation (U.S.)
  • Intel Corporation (U.S.)
  • Microsoft Corporation (U.S.)
  • Honeywell International Inc. (U.S.)
  • PTC Inc. (U.S.)
  • NVIDIA Corporation (U.S.)
  • Amazon.com Inc. (U.S.)
  • NCR Corporation (U.S.)
  • PAX Global Technology Limited (China)
  • Ingenico (France)
  • Google LLC (U.S.)
  • Huawei Technologies Co. Ltd. (China)
  • Samsung Electronics Co. Ltd. (South Korea)
  • VeriFone Inc. (U.S.)
  • NXP Semiconductors (Netherlands)
  • Fiserv Inc. (U.S.)
  • Trigo Vision Ltd. (Israel)
  • Caper (U.S.)
  • Zippin (U.S.).

For more information about this report visit https://www.researchandmarkets.com/r/35xa2i-retail?w=12

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


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Artificial Intelligence

First Comprehensive Report on Public Web Data Released by Bright Data

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Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.

Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
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Artificial Intelligence

OSIA becomes an official International Telecoms Union (ITU) standard

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ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).

The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html 
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor.  More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/ 
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
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SciBase will present at the Redeye Medtech Event on April 24th

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STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.

On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
 

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