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AI In Food And Beverages Global Market Report 2023

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New York, Aug. 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “AI In Food And Beverages Global Market Report 2023” – https://www.reportlinker.com/p06480009/?utm_source=GNW
, Key Technology Inc., Greefa, Sight Machine Inc., Foodable Network LLC, Compac Sorting Equipment Ltd., Agco Corporation, National Recovery Technologies LLC, Max-AI, Buhler AG, QualySense AG, BoMill AB, Clarifai Inc., BBC technologies, and Intelligent X Brewing Co.

The global AI in food and beverages market is expected to grow from $4.46 billion in 2022 to $6.53 billion in 2023 at a compound annual growth rate (CAGR) of 46.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in food and beverages market is expected to reach $27.99 billion in 2027 at a CAGR of 43.9%.

The AI in food and beverages market includes revenues earned by entities by improving product development, creating more individualized marketing campaigns, optimizing pricing and promotions, and better understanding consumer preferences.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.The AI in food and beverages market consists of sales of management of the supply chain, best cleaning practices, and food safety monitoring processes.

Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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Artificial intelligence in food and beverages refers to the utilization of advanced artificial intelligence and machine learning techniques in the food and beverages sector to control food waste, deliveries, and food safety. Big data analytics and machine learning models are used by AI to derive practical insights about consumer demands and preferences that help with product creation.

North America was the largest region in the AI in food and beverages market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the AI in food and beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of AI in food and beverages are hardware and software.Hardware refers to the collective term for all of the internal and external devices and machinery that allow users to accomplish key tasks including input, output, storage, communication, processing, and more.

It’s critical for food makers to comprehend the particular hardware difficulties faced by the food sector. It is implemented by small enterprises, medium and large enterprises for food storing, consumer engagement, quality control, safety compliance, production and packaging, maintenance, and others by various channels including traditional marketing channels (offline) and online marketing channels by hotels and restaurants, food processing industries, and others.

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The growing number of startups in food and beverages is expected to propel the growth of the AI in food and beverage market going forward.A food and beverage startup refers to a brand-new company operating in the food industry that brings innovation into the space by creating new food processing solutions, improving food delivery, and eliminating food waste.

AI in food and beverage helps startups by analyzing the prevalent customer demands and desires and extracting useful insights pertaining to their needs that help to develop products.For instance, according to EMW Law, a UK-based commercial law firm, the number of new food and drink start-ups in the UK has increased 47% from 3,996 to 5,885 in 2021 compared to the previous year.

Therefore, the growing number of startups in food and beverages is driving the growth of the AI in food and beverage market.

Technological advancements are a key trend gaining popularity in the AI in food and beverages market.Companies operating in the AI in food and beverages market are adopting new technologies to sustain their position in the market.

For instance, in March 2023, Tastewise, an Israel-based software company launched TasteGPT, a chatbot technology.The chatbot is intended to speed up productivity for the company’s clients, which includes brands while cutting down on research and development periods.

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In a couple of seconds, TasteGPT can respond to queries from businesses on innovation and insight.

In July 2022, Diageo plc, a UK-based beverages company acquired Vivanda Inc. for an undisclosed amount. With this acquisition, Diageo will be able to apply FlavorPrint technology to more industries. Additionally, it will aid in the growth of their digital marketing and sophisticated analytics skills, giving them a better understanding of consumer taste preferences and opening up new doors for innovation and individualized customer experiences. Vivanda Inc. is a US-based provider of a customer engagement services platform for the food and beverage ecosystem operating in the AI in food and beverages market.

The countries covered in the AI in food and beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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The AI in food and beverage market research report is one of a series of new reports that provides AI in food and beverage market statistics, including the AI in food and beverage industry global market size, regional shares, competitors with an AI in food and beverage market share, detailed AI in food and beverage market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in food and beverage industry. This AI in food and beverage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06480009/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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Artificial Intelligence

ZTE highlights building solid foundations with full-stack intelligent computing solution at MWC Shanghai 2024

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SHANGHAI, June 26, 2024 /PRNewswire/ — ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of integrated information and communication technology solutions, will present innovative solutions and success cases in connectivity, computing power, industrial digitalization, and terminal devices at MWC Shanghai 2024, committed to building solid foundations with its full-stack and full-scenario intelligent computing solution.

In addition to exhibitions, ZTE will participate in various forums, sharing insights on trending topics, including AI, 5G, digitalization, etc. Meanwhile, the company will be hosting a series of launch events, showcasing its AI-powered eyewear-free 3D products and the Nebula Telecom Large Model.
Adhering to its “connectivity + computing” strategy, ZTE aims to create a dynamic ecosystem with industry partners, emphasizing openness and decoupling. Through continuous innovation, ZTE seeks to unfold an intelligent future.
Computing Power: Full-Stack Intelligent Computing as Efficient Foundation
ZTE provides a full-stack and full-scenario intelligent computing solution involving computing power, networks, capabilities, intelligence, and applications. With a full series of servers, high-performance storage products, lossless networks, and green data centers, ZTE has created a robust engine for diverse intelligent computing centers.
Connectivity: A New Era of 10Gbps Experience
Together with industry partners, ZTE continues to explore innovations in 5G-A technologies across different scenarios and industries, and empowers diversified new B2B and B2C services based on 10Gbps+ experience. Meanwhile, ZTE is also leading in global OTN technologies, and actively driving the evolution of all-optical connectivity, building 10Gbps networks for cities, and empowering smart life based on intelligent computing.
Industry: Phygital Convergence for Innovative Development
ZTE proposes the solution of “intelligent computing infrastructure + Digital Nebula,” facilitating phygital innovation and boost productivity in the intelligent era. ZTE has developed hundreds of exemplary projects in key sectors and ZTE Digital Nebula 3.0 has become the “super brain” of industrial digitalization, enabling customers and industry partners to foster a sustainable and intelligent ecosystem.
ZTE Mobile Devices: AI Full-Scenario Intelligent Ecosystem 3.0
With “AI for All” product strategy, ZTE has launched a full range of AI devices, including smartphones, tablets, laptops, PCs, and mobile internet products, dedicated to building AI Full-Scenario Intelligent Ecosystem 3.0. Emerging as a pioneer in cloud PCs, ZTE possesses a global user base of over 3 million.
For more information about ZTE’s highlights at MWC Shanghai 2024, please visit: https://www.zte.com.cn/global/about/news/zte-highlights-building-solid-foundations-with-full-stack-intelligent-computing-solution-at-mwc-shanghai-2024.html
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Email: [email protected]

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Artificial Intelligence

Comviva named a Visionary in the 2024 Gartner® Magic Quadrant™ for AI in CSP Customer and Business Operations Report

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NEW DELHI, June 26, 2024 /PRNewswire/ — Comviva, the global leader in customer experience and data monetization solutions, today announced that it has been named a Visionary in the 2024 Gartner Magic Quadrant for AI in CSPs Customer and Business Operations report.

Gartner defines the market of AI in communications service provider (CSP) customer and business operations as commercial off-the-shelf (COTS) products. They are either capabilities embedded in CSP-specific operational technology (OT) applications (such as channels, CRM and other business support system [BSS] applications) or industry-agnostic horizontal applications delivering AI/machine learning (ML)-based customer and business operations to CSPs. CSP customer and business operations refer to marketing, sales, customer acquisition, customer journey, billing and revenue management, revenue assurance, and related risk management. The scope of AI products covers data readiness, life cycle management of algorithms and their application to CSP customer and business operations.
Comviva’s vision is to revolutionize the telecommunications industry by harnessing the transformative power of AI and Generative AI. With AI use cases across its MobiLytix™ and BlueMarble solutions, Comviva is enabling businesses to create, manage, and deliver real-time personalization, contextualized customer experiences, and intelligence-driven commerce at scale. Comviva has been noted for its strength in content creation, natural language generation, decision intelligence and machine learning.
“To thrive in today’s digital economy, businesses must accelerate the adoption of AI and related digital technologies. Comviva’s greatest strength has been our intelligent platforms that deliver personalized experiences and engagement across the customer journey,” said Rajesh Chandiramani, CEO at Comviva. “We are excited by this recognition as we believe that this affirms our strategic direction and leadership in revolutionizing telecommunications with AI. Comviva’s strong position in the quadrant validates our commitment and progress toward leveraging next-gen technologies in our solutions to deliver exceptional customer experiences.”
Comviva integrates state-of-the-art AI technologies across its comprehensive product portfolio, driving innovation, enhancing customer experiences, and optimizing business operations for Communications Service Providers (CSPs) around the world.
Source: Gartner Magic Quadrant for AI in CSP Customer and Business Operations, by Pulkit Pandey, Amresh Nandan, Peter Liu, 4 June 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
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Sundeep Mehta, +91()9910030732, [email protected] 
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Artificial Intelligence

Jacobi releases Model Portfolio Tech to help investment firms capitalise on booming opportunity

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The search for technology to support model portfolio management and portfolio construction services is increasing as companies look to centralise and scale their model portfolio management and compete in a rapidly growing market.
LONDON, June 26, 2024 /PRNewswire/ — The utilisation of model portfolios among financial advisers has emerged as a transformative force, with staggering growth in model portfolios projected to continue over the next decade. And with good reason, they offer an efficient method for diversification, risk management, and portfolio construction, with personalisation features to match the unique financial goals and risk tolerances of clients.

Financial advisers are also increasingly turning to asset managers for assistance in managing the model portfolios they build and maintain for clients. Jacobi’s model management technology enables asset managers to scale the portfolio construction services they offer financial professionals. The technology enables a platform that can centralise performance and risk analytics, integrate investment workflows, and produce professional reports to share with clients.
An early adopter of Jacobi’s model technology, leading asset manager T. Rowe Price has seen improved process efficiencies and enhanced engagement with clients.
Chris Augelli, Head of Advisor Engagement & Portfolio Construction Solutions at T. Rowe Price, says:
“Jacobi’s technology has enabled us to work faster and handle the increasing demand for our portfolio construction services. Having the team on one common platform through Jacobi has facilitated collaboration in real-time, which has supported our effectiveness in meeting clients’ needs.”
Tanya Bartolini, Chief Revenue Officer at Jacobi, says:
“Our technology helps us partner with asset managers such as T.Rowe Price to scale and connect workflows, driving enormous efficiencies – and ultimately increasing their market distribution.”
About Jacobi
Jacobi Inc. is a global investment technology provider that streamlines multi-asset investment processes and enables portfolio design, analysis, and client engagement. Its unique “open architecture” platform allows users to tailor the platform by integrating their own code, models, data, analytics, and applications.
Founded in 2014, Jacobi provides its technology to top-tier investors across the globe, including some of the world’s leading asset and wealth managers, pension funds, asset owners, and investment consultants. 
About T.Rowe Price 
Founded in 1937, T. Rowe Price helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investments. T. Rowe Price manages $1.54 trillion in client assets as of May 31, 2024, and it serves millions of clients globally.
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