HALIFAX, NS, April 24, 2024 /PRNewswire/ — Global Spatial Technology Solutions (“GSTS” or “the Company”) announced that it has been awarded a contract for a Voyage Information System (VIS) by St. Lawrence Seaway Management Corporation (SLSMC) and Great Lakes St. Lawrence Seaway (GLS) to enhance joint management of bi-national waterways.

GSTS will provide predictions for VIS through OCIANA®, its proprietary, AI powered SaaS platform. OCIANA® is a cyber-secure and scalable system which has been developed in collaboration with, and is used by, ports, shipping lines, pilotage authorities, civil agencies and border security organisations.
At the heart of OCIANA’s offering is robust, predictive data analytics, powered by novel AI algorithms. OCIANA’s data integration framework will assimilate critical information from the Seaway Traffic Management System and GSTS data streams into a predictability model to accurately forecast vessel ETAs, thus providing improved management of voyages and eventually optimizing lockage schedules.
OCIANA® is a flexible platform designed to incorporate the intricate Locks System Rules, ensuring that all vessel movements adhere to safety and operational guidelines. While focusing on a specific segment of the St. Lawrence, vessel management is impacted by dynamic events stretching from the Atlantic approaches to the Great Lakes. The dynamic Lock Schedule Engine leverages various inputs, employing advanced algorithms to manage vessel traffic and schedule lockage, thus enhancing throughput and reducing delays. Through this innovation, OCIANA® will be well positioned to offer superior optimization capability to all major waterways.
“This project will demonstrate OCIANA’s capability to provide unparalleled planning and optimization in a highly dynamic environment impacted by multiple geographic, operational and environmental factors,” said Richard Kolacz, Chief Executive Officer, GSTS. “This award continues to illustrate the versatility of OCIANA® in facilitating enhancements to maritime safety, security and supply chain resilience globally.”
The Great Lakes Seaway system serves as a key supply chain, moving $66B in goods and supporting 356,000 jobs. Optimizing the flow of goods, in a highly dynamic marine trade environment, is crucial to the economies of Canada and the United States.
OCIANA® is configured to adapt to the evolving demands of maritime traffic management, with provisions for incorporating additional data sources and enhancing the Predictability Engine with emerging technologies such as weather machine learning models. GSTS continues to expand its offering to maritime and logistics stakeholders further enhancing its leading position in maritime digitalization and innovation.
About Global Spatial Technology Solutions (GSTS)Global Spatial Technology Solutions (GSTS) is a global maritime intelligence company delivering solutions to enhance decision making across the maritime and logistics industry. Our predictive solutions are enabled by a range of operational, environmental, vessel and cargo data to provide real-time decision making intelligence for ports, terminal operators, shipping lines, logistics companies, importers, exporters, national and international agencies as well as security organisations.
For more information and to explore opportunities to partner with us, contact us today.
Media Contacts: Danica Martis, GSTS, Email: [email protected]

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LONDON, April 24, 2024 /PRNewswire/ — Tquila today announced the launch and first close of the Tquila Paloma Fund (the “Paloma Fund”), with $40m of commitments representing two-thirds of its target capital raise of $60m.

Tquila is a global technology venture-building company, founded by James McHugh in 2010. Tquila has built a thriving portfolio of fast growth technology service businesses across multiple geographies including the US, EMEA, Japan and Australia, bringing a combination of investment with expertise across accelerated growth, talent acquisition and operations.
Tquila invests in companies from seed through to exit, either as stand-alone entities or with co-investment from consulting technology firms and software companies, creating over $1b of equity value since its inception. Its current portfolio includes businesses focused on Data, AI, ServiceNow, Microsoft Dynamics, Google Cloud, Salesforce, UiPath, AWS and Snowflake.
The Paloma Fund will accelerate the current portfolio, as well as expand Tquila’s investments into a broader range of technologies and geographies. 
Tquila has built an impressive team of industry and asset management experts to deliver on its strategy, including Carsten Jorgensen, former Chair and CEO of the Mittal Family Investment Office and Head of Investments at Inter IKEA Fund Management. Carsten will Chair the Paloma Fund and said that “The Paloma Fund reaching a solid first close in under six months is testimony to the unique opportunity Tquila offers investors and clients to partner with the in-demand software companies, and to a committed and talented group of tech entrepreneurs.”
James McHugh, founder and CEO of Tquila, former founder, CEO and Chairman of K2 Partnering Solutions said, “We are fortunate to have a world class team of entrepreneurs invested with, as advisors to, and as partners of — our inaugural fund.  All of us at Tquila are delighted to be working with Carsten and the Paloma Fund team. The experience, focus and professionalism they’ve brought to the group has allowed us to accelerate our opportunity and with that, growth.”
 

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CHICAGO, April 24, 2024 /PRNewswire/ — Conversational AI’s future is expected to include multimodal capabilities, improved natural language understanding, and tailored interactions with an emphasis on ethical and emotional intelligence. These systems will continuously learn from and adjust to user preferences as they satisfy societal requirements, automate more and more complicated jobs, and enable human-AI collaboration.

The Conversational AI Market is projected to grow from USD 13.2 billion in 2024 to USD 49.9 billion by 2030, at a compound annual growth rate (CAGR) of 24.9% during the forecast period, according to a new report by MarketsandMarkets™.
The conversational AI market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing integration of computer vision and voice recognition technology to facilitate more in-depth and personalized interactions. Exponential growth of focus on customer engagement and retention and increasing integration of AI chatbots in messaging services, and growing emergence of generative AI is also responsible for driving the market’s growth.
Browse in-depth TOC on “Conversational AI Market”
300 – Tables 78 – Figures310 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Billion)
Segments Covered
Offering, Deployment Mode, Business Function, Integration Mode, Conversational Agent Type, Vertical, and Region
Geographies covered
North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), OpenAI (US), Baidu (China), AWS (US), Artificial Solutions (Sweden), SAP (Germany), Oracle (US), Kore.ai (US), LivePerson (US), [24]7.ai (US), eGain (US), Amelia (US), Avaamo (US), Conversica (US), Haptik (India), Solvvy (US), Inbenta (US), Creative Virtual (UK), SoundHound (US), Kasisto (US), MindMeld (US), Gupshup (US), Twilio (US), Sprinklr (US), Boost.ai (Norway), Cognigy (Germany), Rasa (Germany), Saarthi.ai (India), Senseforth.ai (India), Yellow.ai (US), Exceed.ai (US), Clinc (US), Laiye (China), Rulai (US), Quiq (US), and Pypestream (US). 
By Software by technology, the ML segment registers for the fastest growing market during the forecast period.
By software by technology, the Machine Learning (ML) segment is expected to register the second largest market size during the forecast period. ML has revolutionized the conversational AI market, empowering software to engage in human-like conversations, understand natural language inputs, and deliver personalized responses. These ML-based conversational AI systems utilize algorithms to analyze vast amounts of data, enabling them to continuously learn and improve their understanding and interaction capabilities. Several ML-based software types exist in the conversational AI market, including chatbots, virtual assistants, and voice assistants.
By services, professional services to register for the fastest growing segment during the forecast period.
The professional services segment of the conversational AI market is growing rapidly. The professional services in the conversational AI market encompass a range of offerings designed to assist businesses in leveraging AI technologies to enhance their customer interactions and operational efficiency. These services are provided by specialized firms, consultants, and agencies with expertise in developing, implementing, and optimizing conversational AI solutions tailored to each client’s unique needs. One key aspect of professional services in conversational AI is strategic consulting.
By region, North America accounted for the largest market size during the forecast period.
The conversational AI market in North America has been experiencing robust growth, driven by several key factors. In North America, conversational AI solutions have experienced an uptrend in diverse industries, driven by several key factors, such as increasing demand for solution types for efficient customer support, customized interactions, and streamlined communication processes. A distinguished trend in North America is the fusion of generative and discriminative methods and hybrid conversational AI models, which ensure tasks such as language translation, picture classification, and NLP, boosting efficiency and effectiveness.
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Top Companies in Conversational AI Market
Microsoft (US), IBM (US), Google (US), OpenAI (US), Baidu (China), AWS (US), Artificial Solutions (Sweden), SAP (Germany), Oracle (US), Kore.ai (US), and other players. Startup/SMEs covered in the market include Twilio (US), Sprinklr (US), Boost.ai (Norway), Cognigy (Germany), Rasa (Germany), Saarthi.ai (India), Senseforth.ai (India), Yellow.ai (US), Exceed.ai (US), Clinc (US), Laiye (China), Rulai (US), Quiq (US), and Pypestream (US).
Recent Development
In January 2024, IBM Consulting is rolling out IBM Consulting Advantage, an AI services platform designed to support IBM consultants in delivering consistency, repeatability, and speed to their clients. It includes a portfolio of proprietary methods, assets, and assistants that leverage technology from IBM and strategic partners. When using aspects of IBM Consulting Advantage in an application design, development, and testing client pilot, early adopter teams saw productivity improvements of up to 50%.In January 2024, Google Cloud’s new conversational commerce solution, announced, can enable retailers to easily embed generative AI-powered virtual agents on their websites and mobile apps. Retailers can build virtual agents with helpful and nuanced conversations with shoppers using natural language and provide product options based on a shopper’s preferences.In January 2024, IBM announced its collaboration with SAP to develop solutions to help clients in the consumer packaged goods and retail industries enhance their supply chain, finance operations, sales, and services using generative AI. With a shared legacy of technology expertise and the completed work of embedding IBM Watsonx, an enterprise-ready AI and data platform and AI assistants, into SAP solutions, IBM is working with SAP to create new generative and traditional AI solutions to be focused on addressing the complexities of the direct store delivery business process and product portfolio management.In January 2024, Open AI introduced ChatGPT Teams. ChatGPT Team offers access to advanced models like GPT-4 and DALL•E 3 and tools like Advanced Data Analysis. It includes a dedicated collaborative workspace for any team and admin tools for team management.In February 2023, Microsoft released an upgraded version of Microsoft Teams Premium. The upgrade includes the most recent technologies, such as Large Language Models powered by OpenAI’s GPT-3.5, to make meetings more intelligent, personalized, and secure.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=49043506
Conversational AI Market Advantages
Increased consumer engagement results from interactive, tailored communication made possible by conversational AI.Conversational AI improves client happiness and loyalty by offering timely responses and tailored support.Routine processes like support requests and customer questions can be automated to improve efficiency and optimize business operations.Automation lowers the need for human involvement in monotonous tasks, which saves money in support and customer service operations.Through consumer interactions, conversational AI produces insightful data that may be utilized for marketing, product development, and decision-making.Without requiring a major increase in personnel, conversational AI solutions can expand to manage high volumes of questions and support requests.Conversational AI systems may work around the clock, offering clients support and assistance whenever they need it, in contrast to human agents.More meaningful interactions can result from conversational AI’s ability to provide customized responses based on past purchases, consumer preferences, and other pertinent information.Report Objectives
To define, describe, and predict the conversational AI market by offering (software and services), deployment mode, business function, integration mode, conversational agent type, vertical, and regionTo provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growthTo analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total marketTo analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the conversational AI marketTo analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile key players and comprehensively analyze their market rankings and core competencies.To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the conversational AI marketTo analyze the impact of recession across all the regions across the conversational AI marketBrowse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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