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Artificial Intelligence

Artificial Intelligence (AI) In Retail Market Is Predicted To Advance at a Stupendous CAGR Of 30.3% by 2033: Fact.MR Report

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Rockville, March 02, 2023 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, reveals that the global artificial intelligence (AI) in retail market is set to achieve a valuation of US$ 85 billion by 2033, expanding at a noteworthy 30.3% CAGR from 2023 to 2033.

Artificial intelligence in retail is ushering in a new era of how businesses track their operations to improve business strategies, give better outcomes, and communicate with customers in the digital world. Many established retailers around the world are dealing with rising costs, dissatisfied consumers, dwindling sales, and growing competition. As a result, retailers are implementing technology solutions to boost operational efficiency and improve customer interactions.

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The global artificial intelligence in retail market is rising rapidly due to factors such as greater knowledge of AI and big data analytics, increasing smart devices and internet users, growing amount of data in the retail industry, and strong government digitization programs. Moreover, the acceptance of an omnichannel or multichannel retailing strategy, enterprise requirements for streamlining business processes, untapped possibilities to boost sales efficiency, and the expanding need to improve end-user experience and capitalize on market dynamics are all contributing to global market growth.

Key Takeaways from Market Study

  • The global artificial intelligence in retail market stands at US$ 6 billion in 2023.
  • Worldwide demand for artificial intelligence technology in retail is anticipated to increase at a CAGR of 30.3% from 2023 to 2033.
  • The global AI in retail market is forecasted to reach US$ 85 billion by 2033.
  • North America captured 38.5% share of the global market in 2022.
  • Machine learning accounted for 30% of the global market share in 2022.

“AI is rapidly altering the retail industry by enabling businesses to personalize customer experiences, streamline supply chains, and boost operational efficiency. AI is also helping businesses obtain important insights into customer behavior and preferences, which can then be utilized to build more targeted and efficient marketing efforts,” says a Fact.MR analyst.

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Market Titans

  • Amazon Web Services
  • Salesforce.Com, Inc
  • Bloomreach, Inc
  • Google LLC
  • Intel Corporation
  • Microsoft Corporation
  • IBM Corporation
  • Oracle Corporation

Winning Strategy

Leading companies are concentrating on launching innovative solutions to broaden their presence and gain market share.

  • For example, Talkdesk, Inc. released an AI-based Talkdesk Retail Smart Service in June 2021, which provides automated self-service to customers and support personnel to focus on other significant revenue generation duties.

Competitive Landscape

Key providers of artificial intelligence for retail are constantly investing in innovative solutions. Furthermore, key players are using partnership, merger, and acquisition tactics to increase market share. Moreover, many start-ups are focusing on new developments to provide novel AI-driven solutions.

  • Niflr, an Indian start-up, is creating an automated platform for cashier-less checkout in retail businesses. The start-up’s software tracks customers and detects their interactions with shop merchandise using computer vision and AI. For example, when a customer selects an item off a shelf, the platform immediately scans and adds that information to the store bill. Customers save time by not having to line at checkout points, which improves in-store experiences.
  • Tiliter, an Australian start-up, is creating AI-powered product recognition software for retail grocery stores. The system integrates with existing POS systems and store cameras to allow accurate recognition of organic product marks. It also allows customers to check whether perishable items such as vegetables, fruits, and sandwiches are still fresh. Tiliter’s simple integration and capabilities, such as shopping bag identification and fraud prevention, enable shops to enhance their customers’ experiences.
  • Microsoft partnered with Infosys in September 2022. Under this partnership, the organizations hoped to enable enterprises to swiftly reinvent customer experiences, boost systems with cloud and data, and modernize processes.

Key Segments of AI in Retail Industry Research

  • By Offering :
    • Solutions
    • Services
  • By Type :
    • Offline
    • Online
  • By Technology :
    • Machine Learning
    • Natural Language Processing
    • Computer Vision
    • Other Technologies
  • By Deployment :
    • Cloud
    • On-premise
  • By Application :
    • Customer Relationship Management (CRM)
    • Supply Chain and Logistics
    • Inventory Management
    • Product Optimizations
    • In-Store Navigation
    • Payment and Pricing Analytics
    • Virtual Assistants
  • By Region :
    • North America
    • Latin America
    • Europe
    • Asia Pacific & China
    • Middle East & Africa

Regional Analysis

North America controls the majority of global revenue. To improve customer service efficiency, retailers in the region are concentrating on extracting accessible data on customer preferences. The United States is the leading market in North America. The country is currently investing heavily in AI technology. Due to the increased demand for technology, the United States is also seeing the emergence of new small businesses and start-ups.

Asia Pacific and Europe are following North America in terms of development. The retail industry in Asia Pacific is undergoing a fast transformation. As a result, there is a greater demand for modern technologies to enhance operations and the customer experience.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global artificial intelligence (AI) in retail market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.

The study divulges essential insights on the market based on offering (solutions, services), type (offline, online), technology (machine learning, natural language processing, computer vision, other technologies), deployment (cloud, on-premise), and application (customer relationship management (CRM), supply chain and logistics, inventory management, product optimizations, in-store navigation, payment and pricing analytics, virtual assistants), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Key Questions Covered in the Artificial Intelligence (AI) in Retail Market Report

  • What is the projected value of the Artificial Intelligence (AI) in Retail Market in 2023?
  • At what rate will the global Artificial Intelligence (AI) in Retail Market grow until 2033?
  • Which are the factors hampering the growth in the Artificial Intelligence (AI) in Retail Market?
  • Which region is expected to lead in the global Artificial Intelligence (AI) in Retail Market during 2023 to 2033?
  • Which are the factors driving the Artificial Intelligence (AI) in Retail Market during the forecast period?
  • What is the expected market value of the Artificial Intelligence (AI) in Retail Market during the forecast period?

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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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

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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

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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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