Artificial Intelligence
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.
Artificial Intelligence
Global AI Summit Calls for Global Action to Guarantee AI Innovation is for the “Good of Humanity”
RIYADH, Saudi Arabia, Sept. 14, 2024 /PRNewswire/ — The Global AI Summit (GAIN) in Riyadh concluded on a high, after the summit welcomed more than 30,000 delegates from across the globe over three days. The live stream of the summit, organized by the Saudi Data and AI Authority (SDAIA), received 3.7m views.
Building on the success of previous editions, GAIN 2024 featured more than 450 speakers from 100 countries, participating in 150 sessions. It also witnessed over 25 launches and announcements, and facilitated the signing of over 80 agreements and Memoranda of Understanding (MoUs).
The summit has grown exponentially since its inception in 2020. Its growing prominence reflects the Kingdom of Saudi Arabia’s role in advancing AI capabilities as it positions itself as a global leader in this space.
The key output from the summit was the need for governments and policy makers to take global action to ensure that AI technology evolves for the good of humanity. Central to responsible evolution is an ethical framework and robust governance.
To support the advancement of AI ethics and governance, SDAIA announced the Riyadh Charter of Artificial Intelligence for the Islamic World in collaboration with the Islamic World Educational, Scientific, and Cultural Organization (ICESCO). This promotes ethical AI grounded in Islamic values and principles, as well as sustainable development through international cooperation.
SDAIA has played a pivotal role in forging key collaborations to strengthen local and regional AI solutions, signing MoUs with Microsoft Arabia to develop Arabic language models, IBM for a Center of Excellence in Generative AI technologies, and NVIDIA to scale AI infrastructure across the Kingdom.
The summit also marked several major milestones. Alongside the unveiling of ALLaM, the world’s most advanced Arabic Language Model, other diverse initiatives such as the Global AI Community, the THAKAI Platform, and guidelines for addressing deepfake technology.
Furthermore, the launch of the Generative AI Center of Excellence by the Digital Cooperation Organization (DCO), the agreement to open an International Center for AI Research and Ethics (ICAIRE) as a UNESCO Category 2 Center, further underscored the impact of GAIN 2024.
The summit itself provided the platform for companies from all over the world to showcase the latest AI technologies and innovations, including AI generated avatars, AI generated artwork, and even Robotic bar staff serving beverages.
The summit closed with an inspirational speech from the Director of Saudi Arabia’s National Information Center, His Excellency Dr. Esam Alwagait, in which he thanked participants:
“Your candid perspectives have not only inspired us with the vision of what lies ahead, but have also grounded us in the realities we must face. Together, we have not only imagined the future of AI, but have also made it real by addressing the challenges and identifying the enablers needed to truly unlock its potential.”
He added:
“It has been incredibly inspiring to see the world come together here in Riyadh, united by momentum to make AI work for everyone. The commitment to collaborative action has been evident throughout the summit.”
The success of GAIN 2024 ensures that the Kingdom’s AI infrastructure will be significantly strengthened and has cemented Saudi Arabia position at the center of global AI.
[email protected]
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Artificial Intelligence
Akuvox S567G Smart Indoor Monitor Has Received Google Mobile Service Certification
XIAMEN, China, Sept. 13, 2024 /PRNewswire/ — Akuvox has announced its S567G, an indoor monitor powered by Android™, to have received Google GMS certification. This certification ensures full support for Google Services, allowing users to download and update apps directly from the Google Play Store, including smart home control apps. It also enhances system security, protecting against malware and unauthorized access.
GMS certification involves comprehensive testing and approval by Google or a designated 3PL lab, validating security and compatibility to ensure seamless integration within the Android ecosystem. Receiving GMS certification underscores Akuvox’s leadership in the smart intercom industry. Building on its legacy as the pioneer of Android smart intercoms, Akuvox continues to elevate its Android systems with Google’s rigorous certification, offering clients flexible and sophisticated smart intercom solutions.
The S567G’s GMS certification ensures flawless operation with key Google apps like Chrome, Gmail, YouTube, Maps, and the Play Store. Edward Shi, Product Manager of the S567G, notes, “The positive feedback we’ve received from clients, even during testing, confirms that this device is transforming daily life. It’s more than just an intercom — it’s a versatile tool, even capable of functioning as a small TV. Our team has worked tirelessly to meet the highest standards, and I’m excited to see how it enhances smart living for our users.”
The S567G’s features extend beyond intercom functionality. With four HD speakers and a 1280 x 800 IPS LCD screen, it offers an exceptional audio-visual experience, redefining the concept of an indoor monitor. Whether for entertainment or smart home control, the S567G stands out as a versatile wall-mounted tablet, bringing innovation to every interaction.
About Akuvox
Akuvox is a global leading provider of smart intercom and smart home products and solutions. It is committed to unleashing the power of technology to improve people’s lives with better communication, greater security, and more convenience. Encompassing artificial intelligence, SIP, Android, cloud, security, and other advanced technologies, Akuvox continuously drives breakthrough changes in the industry and creatively delivers an unrivaled portfolio of smart intercom and smart home products and solutions. It has been deployed and used daily in more than 110 countries and regions, meeting customer needs in various vertical markets that range from residential to commercial, from healthcare to public safety.
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Artificial Intelligence
SeaBubbles Accelerates Sustainable Maritime Mobility with SmartBubble and Strategic Acquisition
SAINT JORIOZ, France, Sept. 13, 2024 /PRNewswire/ — SeaBubbles, French pioneer in zero-emission hydrofoils, strengthens its commitment to ecological transition with the launch of SmartBubble, new flying boat model combining cutting-edge technology with iconic design. This innovative vessel, designed to carry up to eight people at a speed of 16 knots (30 km/h), takes its passengers on a silent and environmentally friendly flight, ideal for water taxi services and urban transportation.
SmartBubble: Concentration of Technology and Design
Following the success of its first public line on Lake Annecy, where hundreds of passengers experienced the unique sensation of flying aboard The Bubble (4-seater model), SeaBubbles reaches a new milestone with the homologation of the SmartBubble (8-seater model) and its four patents, including retractable foils.
SmartBubble technology is geared towards energy efficiency. The submerged wings (foils) equipped with automatic flaps allow to fly at low speeds, saving 40% of energy required. This unique boat has just been presented afloat for the first time at the Cannes Yachting Festival.
SeaBubbles Strengthens Flight Control Expertise with Neocean Acquisition
SeaBubbles also announces the acquisition of Neocean technology, to accelerate the development of flight control expertise, specifically on “inverted T” foils. Neocean is renowned for developing the Overboat, foiling catamaran with proven stability and maneuverability.
SeaBubbles is a key player in hydrofoil navigation, technology that improves energy efficiency of boats, particularly electric ones. The flight control system is a central element of the flight experience: it is designed to ensure stable flight by dynamically and autonomously managing the mechanical inclination of the flaps on the trailing edges of the foils.
SeaBubbles: Vision for the Future
SeaBubbles’ ambition is to revolutionize urban and suburban maritime transport with more efficient and environmentally friendly boats. Examples such as the Calanques National Park, Norwegian fjords, alpine lakes or the canals of Amsterdam demonstrate a committed initiative towards the preservation of aquatic ecosystems by gradually banning the circulation of thermal boats.
“Foils significantly reduce the drag of our boats, allowing our hydrofoils to move more easily and with less energy than a conventional boat: a considerable gain in cost and energy,” explains Virginie Seurat, CEO of SeaBubbles. “The acquisition of Neocean marks a decisive turning point and prepares us for our industrialization phase. We are ready to redefine the pleasure of boating and offer boats that comply with increasingly stringent environmental standards, while offering unique sailing comfort – zero noise, zero waves, zero emissions.”
AxiCom for SeaBubbles, [email protected]
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