AI News, Business and industry
Artificial Intelligence Market Forecasts
Artificial intelligence (AI) within the consumer, enterprise, government, and defense sectors is no longer considered a technology that is “nice to have.” Tractica believes the global market has entered a new era where AI is viewed as an essential technology to driving improvements in quality, efficiency, and speed.
Although the market is still nascent and significant work remains to be done before AI becomes a mainstream technology, end users and solutions providers must identify the technologies and use cases where they want to invest in AI.
Tractica has added use cases spread across multiple industries, including energy, manufacturing, retail, consumer, transportation, public sector, media and entertainment, telecommunications, and financial services.
AI In Retail: What Artificial Intelligence Can Do For Retail Industry?
In this article, you can find, how artificial intelligence is used in retail industry, what are the applications of AI in retail, and the growth of AI retail market.
The use of artificial intelligence in the retail business allows retailers to offer an improved shopping experience to customers.
Using machine learning and deep learning techniques, AI apps for retail can provide valuable insights into data and offers personalized customer experiences. Now,
Using artificial intelligence technology, retail companies are creating virtual trial rooms and virtual shelves to offer a more personalized experience to online customers.
AI in retail industry not only improve shopping experience, but this virtual service also helps customers to select suitable products from a pool of fashion and apparel products.
These intelligent retail systems not only helps offline buyers but also saves valuable time for online buyers too.
Using AI, natural language processing, and analytics, retailers are focusing on providing quick and 24*7 support to its customers.
Locating products, getting a response for their queries, and product details are a few of the benefits of using AI virtual assistants inside stores.
Ranging from logistics and supply chain, in-store operations, marketing and sales to back-office operations, and on-store customer assistant services, robots are playing a vital role in retail businesses.
The best examples of artificial intelligence robots for the retail sector are: All the above applications are a few, but AI will completely control the retail industry in the coming years.
So, with my research, below are the few concepts that make sense in the future of retail stores: The above-given market values are estimated as per the secondary research using some sources.
Accordingly, machine learning in retail helps retailers in optimizing price structure, collecting customer information, and making efficient logistic decisions that reduce costs and build long-term relationships with customers.
We design and offer intelligence retail solutions and strive to transform your hazy business approaches to completely digital and automated.
Artificial intelligence in cars powers an AI revolution in the auto industry
Many major auto manufacturers are working to create their own autonomous cars and driving features, but we’re going to focus on relatively young tech companies and startups that have formed out of the idea of self-driving vehicles.
Location: San Jose, California How it's using AI in automotive: AutoX makes retail-based autonomous vehicles. The company's vehicles combine AI software, sensors, real-time cameras and thousands of test miles, both virtual and real, to ensure safe decisions on the road.
Location: Mountain View, California How it's using AI in automotive: Drive.ai is utilizing artificial intelligence to change current transportation systems with self-driving services. The vehicles are not only autonomous, they also communicate with drivers and pedestrians within the vicinity, such as displaying a sign to pedestrians indicating it will wait for them to cross.
The purpose of the fleets is to transport passengers along fixed routes that are more easily monitored than personal autonomous vehicles, which need to stay updated with changes that can impact driving, such as construction, speed limits, accidents and road closures.
Location: Boston, Massachusetts How it's using AI in automotive: Optimus Ride is a self-driving vehicle company that creates autonomous cars for geo-fenced locations. The company's smart, electric vehicles enable the implementation of more efficient and sustainable cities, freeing up parking, limiting the amount of cars on the road and decreasing environmental impact.
With over eight million autonomous miles driven to date, Waymo’s 360-degree perception technology detects pedestrians, other vehicles, cyclists, road work and other obstacles from up to 300 yards away.
Location: Foster City, California How it's using AI in automotive: While some companies are outfitting existing vehicles with self-driving capabilities, Zoox is creating their own autonomous vehicles from scratch. The cars are being produced to be a robotic rideshare vehicle.
Location: Bedford, Massachusetts How it's using AI in automotive: DataRPM, a subsidiary of Progress Software Corporation, provides anomaly detection and prediction solutions for a variety of industries. DataRPM’s machine learning technology gets to know a machine’s normal patterns of behavior and is able to predict future issues and breakdowns which saves time and money.
Some systems go beyond those already implemented in many major vehicle brands, being used by companies to re-train their commercial drivers and avoid collisions within their fleets.
Industry impact: CarVi is installed in existing vehicles and helps fleet companies track their vehicles, receive reports on vehicle performance, provide dashcam footage of events and cut their insurance premiums with overall safer drivers.
Nauto’s intelligent driver system reduces distracted driving that leads to collisions by assessing driver behavior. The system uses data to keep drivers attentive enough to avoid collisions and traffic violations.